North America specialty chemicals market was valued at US$ 240.28 billion in 2018 and is projected to reach US$ 370.23 billion by 2027; it is expected to grow at a CAGR of 5.1% from 2019 to 2027. The constantly progressing manufacturing sector tends to adopt advanced technologies and products, which fuels the growth of the specialty chemicals market in this region.
Specialty chemicals or performance chemicals are used in the manufacturing of finished products to improve the process. The chemicals are used in a wide range of verticals such as automotive, construction, agriculture, industrial manufacturing, and consumer goods, as per their performance or function. Specialty chemicals are extensively used in relatively small amounts in the production of adhesives, inks, plastics, coatings, cosmetics, and cleaning products. In the construction sector, these chemicals are applied in numerous applications to impart additional protection from environmental hazards, reduce water and cement quantities utilized during construction, and enhance the lifetime of construction chemicals.
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Key Vendors are Involved in Industry-
SOLVAY S.A., Albemarle Corporation, Ashland Inc., BASF SE, Evonik Industries AG, LANXESS, Akzo Nobel N.V., HENKEL AG AND CO. KGAA, Koninklijke DSM N.V., and The Dow Chemical Company.
U.K is dominating the Specialty Chemicals Marketdue to the technological advancements and increasing security concerns. United Kingdom (UK) economy is a market-orientated and highly developed. In terms of nominal GDP, the UK is the world’s fifth-largest national economy and North America’s second-largest after Germany. The service sector contributes close to 80% of its GDP with financial services is one of the most important sectors. The UK is also a member of the North Americaan Union, the Commonwealth, G7, G20, and IMF among many others. Currently, the UK has by far the strongest ecosystem for the adoption and growth of advanced technologies such as artificial intelligence and blockchain.
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