The Specialty Chemicals Market in US is being driven by Increasing demand for recycled plastics
The Specialty Chemicals Market in US is expected to grow at a CAGR of 3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 29.9 billion. In the US specialty chemicals market, bio-based chemicals, including bio-lubricants and biodegradable plastics, are gaining significant traction as eco-friendly alternatives to their petroleum-based counterparts. Bio-lubricants, derived from renewable feedstocks such as plant-based oils and sugar, undergo processes like fermentation, ultrafiltration, and crystallization. These environmentally-friendly lubricants contribute to reduced VOCs and toxic gas emissions from vehicles, thereby preserving atmospheric ecological balance. The US market is prioritizing the advancement of bio-based lubricants, with a focus on green, sustainable solutions and energy-saving resin systems. North America leads as the largest consumer of bio-lubes by volume. Almost all exclusive bio-lubricant suppliers are situated in the US, emphasizing the market's commitment to this eco-conscious trend.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Adhesives, Electronic chemicals, Water treatment chemicals, Specialty mining chemicals, Others) Variant (Specialty coatings, Catalysts, Specialty pigments, Antioxidants, Others) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Specialty Chemicals Market in US Research Report
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The Specialty Chemicals Market in the US encompasses a wide range of sectors including Construction, Water Treatment, Electronics Chemicals, Process Technology, Flavors and Fragrances, Processed Food and Beverages, Detergents, Cosmetic Chemicals, Plastic and Rubber Additives, Adhesives, Cosmetic Ingredients, Lubricating Oil Additives, Specialty Oilfield Chemicals, Water Treatment Chemicals, Textile Chemicals, Advanced Ceramic Chemicals, Textiles, Ink Additives, Industrial Cleaners, Disinfectants, Hand Sanitizers, Antimicrobial Biocides, Fungicides, Artificial Intelligence, and Hygiene Products. These industries rely on specialty chemicals for various applications, contributing significantly to the market's growth.
The specialty chemicals market in the US encompasses businesses specializing in high-value-add chemicals used in the production of various industries. This sector includes manufacturers of fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, market expansion will be fueled by the increasing preference for specialty adhesives and sealants, which are experiencing significant demand across multiple sectors, such as construction, water treatment, electronics, and food and beverage industries. These high-performance materials offer superior functionality and durability, making them indispensable in modern manufacturing processes. The global specialty chemicals market is anticipated to grow substantially due to this trend, as well as advancements in process technology and the rising demand for user-friendly, eco-friendly, and sustainable products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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