09 May 2013 09:16 [Source: ICIS news]
TAIPEI (ICIS)--The global specialty chemical market will on average grow at 3.7% per year for the next five years, increasing from $489bn (€372bn) last year to $587bn in 2017, an industry consultant said on Thursday.
"Asia is the largest consumer, accounting for 44% of the world's specialty chemical market in 2012," said Masahiro Yoneyama, senior director at IHS Chemical in Japan.
Yoneyama was speaking at the Asian Petrochemical Industry Conference (APIC 2013) which runs on 9-10 May in Taipei, Taiwan.
Overall demand for specialty chemicals will grow at a higher rate in developing countries, especially in Asia, he said.
China's demand for specialty chemicals is expected to grow by 8.4% annually through to 2020, while Japan will register growth of 1.1% per year in the same period.
Demand for specialty chemicals in North America is expected to grow by 2.3% on average per year through to 2020, while demand in Western Europe is expected to rise by 1.2% annually.
Yoneyama said the global specialty chemical market is highly fragmented, with demand of the top 10 specialty chemicals accounting for 58% of overall consumption.
This includes demand for the production of cleaners, oil field chemicals, surfactants, flavours and fragrances, water-soluble polymers, food additives, specialty polymers, catalysts, water management chemicals and construction chemicals, he said.
"None of them [specialty chemicals] has above 8% of the market share," Yoneyama added.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections