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The COVID-19 outbreak this year has affected various segments of the global specialty chemicals industry to varying degrees
.
The report pointed out that the market value of the global specialty chemicals industry reached US$615 billion in 2019, an increase of 2.
4% over 2018
.
According to IHS Markit, in 2019, North America was the second largest consumer market in the world, with the largest market share in biocides, corrosion inhibitors, cosmetic chemicals, food additives, industrial and utility cleaners, lubricant additives, oilfield chemicals, printing inks, surface active consumption of synthetic lubricants and synthetic lubricants
.
Because many industrial and consumer markets rely on specialty chemicals, the specialty chemicals market is closely tied to the rate of economic growth
.
IHS Markit noted that there may be some recovery in the specialty chemicals market in the third quarter, driven by the reopening of some regional economies, but uncertainty remains high
.
The report shows that specialty polymers are still the largest specialty segment in 2020, accounting for about 9% of the global specialty chemicals market value, followed by electronic chemicals, industrial and utility cleaners
.
IHS Markit pointed out that the sharp decline in crude oil demand will lead to a decline in the demand for specialties in the exploration, production and refining process
.
IHS Markit expects that the global economic recovery after 2020 will promote the recovery of growth in the specialty chemicals industry
.
IHS Markit pointed out that despite this, global economic conditions are still the main indicator of industry demand for the industry in the next five years.
Restoring future economic growth, Brexit and the outcome of the trade agreement between the UK and EU,
etc.
The report notes that the specialty chemicals industry is in a transitional period and is less and less dominated by North American, Western European and Japanese companies
.
In addition, consumption of specialty products in China and other emerging markets in Asia is growing faster
.
Manufacturing of products such as automobiles and electronics is also expanding significantly in these regions
.
The report shows that the higher growth rate of specialty chemicals in emerging market regions is mainly driven by trade liberalization, the spread of processing technology, the breaking of multiple economic barriers, the rapid growth of Asia's newly industrialized economies, and the improvement of living standards in these countries
.
Per capita consumption of specialty products in emerging markets remains low compared to developed regions
.
Still, "the global chemical industry's center of gravity is shifting to the Middle East, where there are cheap petrochemical feedstocks, while labor costs in Asia are still relatively low and economies are growing rapidly
," IHS Markit said
.
Specialty producers in North America, Europe and Japan are constantly looking for growth opportunities in developing regions
.
Many companies have established production facilities in Asia and elsewhere, and some producers in China and India have become key players in some specialty chemicals markets, IHS Markit said
.
As competition intensifies and mature products are generalized, innovation remains the key to competition
.
