1 Global Specialty Chemicals Market Revenue and Market Share by Region (2018-2023)
In 2018, the total specialty chemicals global market revenue was 644,270 million USD. North America contributed 150,157 million USD, Europe added 162,921 million USD, and the Asia Pacific region led with 274,259 million USD. Latin America and the Middle East & Africa contributed 37,099 million USD and 19,835 million USD, respectively.
The revenue for 2023 shows continued growth, with the global market reaching 750,014 million USD. North America is projected to contribute 164,328 million USD, Europe 185,403 million USD, and Asia Pacific 332,106 million USD. Latin America and the Middle East & Africa are expected to contribute 43,951 million USD and 24,225 million USD, respectively. This data indicates a robust recovery and expansion in the specialty chemicals market, with Asia Pacific maintaining its position as the largest contributor.
Table Global Specialty Chemicals Market Revenue (M USD) by Region (2018-2023)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
North America | 150157 | 139249 | 118326 | 147821 | 156601 | 164328 |
Europe | 162921 | 150669 | 131323 | 165822 | 174892 | 185403 |
Asia Pacific | 274259 | 258681 | 216982 | 283834 | 310032 | 332106 |
Latin America | 37099 | 33971 | 30092 | 38842 | 41802 | 43951 |
Middle East & Africa | 19835 | 18587 | 16044 | 20494 | 22512 | 24225 |
Total | 644270 | 601158 | 512767 | 656813 | 705840 | 750014 |
North America’s market share has experienced a modest decline, starting at 23.31% in 2018, and is projected to slightly decrease to 21.91% by 2023. Europe has also seen a slight reduction, from 25.29% in 2018 to an estimated 24.72% in 2023. The Asia Pacific region has consistently held the largest share, with a slight increase from 42.57% in 2018 to a projected 44.28% in 2023, highlighting its growing dominance. Latin America has shown a minor increase from 5.76% to 5.86%, indicating a gradual growth. The Middle East & Africa, with the smallest share, has also seen a slight rise from 3.08% to 3.23%. Overall, the Asia Pacific region is the dominant contributor to the global market, while other regions maintain their presence with minor fluctuations.
Table Global Specialty Chemicals Market Revenue Share by Region (2018-2023)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E |
North America | 23.31% | 23.16% | 23.08% | 22.51% | 22.19% | 21.91% |
Europe | 25.29% | 25.06% | 25.61% | 25.25% | 24.78% | 24.72% |
Asia Pacific | 42.57% | 43.03% | 42.32% | 43.21% | 43.92% | 44.28% |
Latin America | 5.76% | 5.65% | 5.87% | 5.91% | 5.92% | 5.86% |
Middle East & Africa | 3.08% | 3.09% | 3.13% | 3.12% | 3.19% | 3.23% |
Total | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
2 North America Specialty Chemicals Revenue and Growth Rate (2018-2028)
The North America Specialty Chemicals market’s revenue declined from 2018 to 2020, with a significant dip in growth rate to -15.03% in 2020. A robust recovery is noted in 2021, with a 24.93% growth rate and revenue climbing to 147,821 million USD. The subsequent years show a more moderate growth rate, yet revenue continues to rise, reaching an estimated 164,328 million USD by 2023. Projections for 2024 to 2028 indicate a steady increase in revenue, with growth rates fluctuating between 4.23% and 5.99%, culminating in a projected 210,635 million USD by 2028.
Figure North America Specialty Chemicals Revenue (M USD) and Growth Rate (2018-2028)
2.1 North America Specialty Chemicals Market Trends Analysis Under Global Inflation
North America inflation rate for 2022 was 7.40%, a 3.36% increase from 2021. North America inflation rate for 2021 was 4.05%, a 3.07% increase from 2020. North America inflation rate for 2020 was 0.98%, a 0.91% decline from 2019. North America inflation rate for 2019 was 1.88%, a 0.47% decline from 2018. It is expected that the North American specialty chemicals industry will continue to be plagued by inflation for a long time to come.
In 2023, the U.S. economy exceeded expectations in three key areas: economic output growth, labor market flexibility, and slowing inflation. In October 2023, the International Monetary Fund (IMF) released its latest World Economic Outlook (WEO), providing an important opportunity to consider the performance of the U.S. economy in the context of the global outlook. U.S. progress in economic growth, labor markets and inflation has rippled around the world and remains an important source of global economic strength.
3 Asia Pacific Specialty Chemicals Revenue and Growth Rate (2018-2028)
Asia Pacific Specialty Chemicals market’s revenue begins with a decline from 274,259 million USD in 2018 to 216,982 million USD in 2020, accompanied by a significant drop in the growth rate to -16.12% in 2020. A robust recovery is evident in 2021, with revenue jumping to 283,834 million USD and the growth rate peaking at 30.81%. The growth rate moderates to 9.23% in 2022, with revenue reaching 31,0032 million USD, and is projected to continue at a steady pace, rising to 332,106 million USD in 2023.
Looking ahead, the forecast from 2024 to 2028 suggests a consistent upward trend in revenue, with a slight variation in growth rates. The market is expected to grow from 362,726 million USD in 2024 to 494,227 million USD in 2028, with growth rates fluctuating between 7.43% and 9.22%.
Figure Asia Pacific Specialty Chemicals Revenue (M USD) and Growth Rate (2018-2028)
3.1 Asia Pacific Specialty Chemicals Market Trends Analysis Under Global Inflation
The Asia-Pacific region remains a key driver of global growth in 2023, despite facing headwinds from changing global demand from goods to services and tighter monetary policies. The region is expected to grow by 4.6 percent in 2023, up from 3.9 percent in 2022. However, growth is projected to slow to 4.2 percent in 2024 and 3.9 percent in the medium term, as China’s structural slowdown and lower productivity growth in many other economies dampen the region’s potential. Inflation is expected to decline in 2024 and stay within central bank target ranges in most countries, a faster pace of disinflation than in other regions. Risks to the outlook have become more balanced than they were six months ago, although they still lean to the downside.
4 Europe Specialty Chemicals Revenue and Growth Rate (2018-2028)
In 2018, the Europe Specialty Chemicals market was valued at 162,921 million USD, however, a robust recovery was seen in 2021, with revenues climbing to 165,822 million USD and a substantial growth rate of 26.27%.
The period from 2022 to 2023 shows a more moderate growth, with revenues reaching 174,892 million USD in 2022 and an estimated 185,403 million USD in 2023, accompanied by growth rates of 5.47% and 6.01% respectively. Looking ahead, the forecast from 2024 to 2028 indicates a steady upward trajectory in revenue, with a slight variation in growth rates. This overall trend underscores the European Specialty Chemicals market’s resilience, with a strong rebound in 2021 and a projected continuous revenue increase through 2028, marking the region as a significant player in the global specialty chemicals sector with a promising outlook for steady expansion.
Figure Europe Specialty Chemicals Revenue (M USD) and Growth Rate (2018-2028)
4.1 Europe Specialty Chemicals Market Trends Analysis Under Global Inflation
After a severe energy price shock caused by Russia’s invasion of Ukraine in 2022, Europe now faces the difficult task of restoring price stability while ensuring strong green growth in the medium term. Economic activity has started to cool and inflation to fall as a result of monetary policy action, phasing-out supply shocks, and falling energy prices. Sustained wage growth could, however, delay achieving price stability by 2025. Failing to tackle inflation now will risk additional growth damage in a world exposed to structural shocks from fragmentation and climate change. These global headwinds add to Europe’s long-standing productivity and convergence problems. The European specialty chemicals industry will continue to face inflationary pressure in the future, and corporate profits will be affected.
5 Global Specialty Chemicals Revenue and Market Share Forecast by Region (2023-2028)
In 2023, the North America market is projected to generate 164,328 million USD, with a steady increase expected to reach 210,635 million USD by 2028. Europe’s market is also on an upward trajectory, starting at 185,403 million USD in 2023 and anticipated to rise to 248,164 million USD by 2028. The Asia Pacific region is forecasted to begin at 332,106 million USD in 2023 and is expected to experience significant growth, ending at 494,227 million USD in 2028, marking it as a key contributor to the global market.
Table Global Specialty Chemicals Revenue (M USD) Forecast by Region (2023-2028)
| 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
North America | 164328 | 171275 | 179388 | 187767 | 199020 | 210635 |
Europe | 185403 | 195990 | 207671 | 218532 | 232059 | 248164 |
Asia Pacific | 332106 | 362726 | 393014 | 422254 | 460046 | 494227 |
Latin America | 43951 | 46975 | 49807 | 52552 | 55831 | 58885 |
Middle East & Africa | 24225 | 25924 | 27767 | 29630 | 31811 | 33999 |
Total | 750014 | 802890 | 857647 | 910735 | 978767 | 1045911 |
In 2023, the Global Specialty Chemicals market is distributed across regions with North America holding a 21.91% share, Europe at 24.72%, and Asia Pacific leading with 44.28%. Fast forward to 2028, the market share projections show a slight shift. North America’s share is expected to decrease to 20.14%, while Europe’s share will also see a minor decline, settling at 23.73%. The Asia Pacific region is projected to increase its dominance, rising to 47.25%, reinforcing its role as a key player in the market.
Table Global Specialty Chemicals Revenue Share Forecast by Region (2023-2028)
| 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
North America | 21.91% | 21.33% | 20.92% | 20.62% | 20.33% | 20.14% |
Europe | 24.72% | 24.41% | 24.21% | 24.00% | 23.71% | 23.73% |
Asia Pacific | 44.28% | 45.18% | 45.82% | 46.36% | 47.00% | 47.25% |
Latin America | 5.86% | 5.85% | 5.81% | 5.77% | 5.70% | 5.63% |
Middle East & Africa | 3.23% | 3.23% | 3.24% | 3.25% | 3.25% | 3.25% |
Total | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
