Specialty Chemicals Market Key Players and Production Information analysis with Forecast 2023

The global market for specialty chemicals is expected to expand at a CAGR of 4.7% within a forecast period from 2015 to 2023. This market is expected to reach US$871.5 bn by the end of 2016 and US$1,210.1 bn by the end of 2023.

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Europe and North America are showing a significant reduction in the consumption of coated papers, causing a downturn for providers of paper chemicals in the two regions. Both regions are evolving in the sense of text and media and moving towards the digital medium for the dissemination of information and news. This is having a visible impact on the paper industry and consequently, the specialty chemicals players that focus on paper coatings.

Multiple paper coating manufacturers have had to change product types or even shut down due to the reduction in demand, which includes Resolute Forest Products, Inc., which had to shut down its Laurentide Mill in 2014.

The competitive arena for specialty chemicals is extremely fragmented as most companies prefer to sign short term contracts for these chemicals from local manufacturers. BASF SE, The Dow Chemical Company, and Bayer AG – the top three providers of specialty chemicals in the world – collectively held only 10.6% of the market value in 2014.

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