China's specialty chemicals will grow at an average annual rate of 7.1% from 2014 to 2019.

China Coatings Network
:
Recently, the 3rd IHS Asian Chemical Congress was held in Singapore, at which IHS Chemical said that the global market value of specialty chemicals reached about US$545 billion in 2014. Maoshi Guan, deputy director of chemicals at IHS, said the global specialty chemicals market has grown at an average annual rate of 4% over the past four years and is expected to grow at an average annual rate of 3.6% over the next five years. China's specialty chemicals market is expected to grow at an average annual rate of 7.1% in 2014-2019. Sales of specialty chemicals in North America reached $136 billion in 2014, accounting for 25% of the global market, China for 23%, Western Europe for 17%, Japan for 8%, other Asian countries for 14% and the rest of the world for 13%. MaoshiGuan said that in terms of the Chinese market, construction chemicals accounted for the largest share of the specialty chemicals market, accounting for 15% in 2014, followed by specialty polymers for 11%, specialty
coatings
for 6%, electronic chemicals and feed additives for 6%, plastic additives for 5%, catalysts, surfactants, water-soluble polymers and fragrances and fragrances for 4%, and other specialty chemicals for the remaining 35% of the market. As China begins to lose its price advantage in bulk chemicals, investment is shifting to specialized chemicals, and the Chinese government is supporting the development strategy for specialty chemicals. Demand for specialty chemicals in China is growing strongly as consumers' purchasing power increases. Maoshi Guan said that from 2014 to 2019, industrial and utility cleaners will be the fastest growing varieties in China's market demand for specialty chemicals, with an average annual growth rate of more than 12%, while demand for cosmetic ingredients will grow at an average annual rate of about 11% and nutritional demand will grow at an average annual rate of about 10%. The market demand for construction chemicals, lubricants, catalysts, water treatment chemicals, flavors and fragrances, and electronic chemicals will grow at an average annual rate of 6% to 9%. The market demand for paper chemicals and printing inks is growing at the slowest rate.