The Market Demand for Coating Adhesives Decreases
SRI Consulting, a leading business research service for the global chemical industry, recently predicted. The global specialty chemicals market will continue to grow in 2022. But the growth rate was significantly slower than in 2021.
Emerging markets will continue to lead the growth of the global specialty chemicals market. But developed regions will show weakness. In particular, two major varieties in the field of specialty chemicals — paint/coatings and adhesives/sealants.
The global specialty chemicals market will grow at an average annual rate of about 4% by market value until 2024, according to the latest data from SRI Consulting. China will lead the way with an annual growth rate of 7.3%. The rest of Asia, excluding Japan, grew at 5 percent. The Middle East and Africa region grew 4.3 percent. In Central and South America, growth was 4.2%. Growth in central and eastern Europe was 4.1 percent. Japan grew 3.3 percent. North America grew 2%. Growth in Western Europe was the slowest at 1.3 percent.
SRI Consulting expects the paint and coatings market in developed regions to remain weak in 2022. But the Chinese market will grow by more than 10 percent. The global adhesives and sealants market is growing at 2% ~ 4%. China will grow by about 9 percent.
The surfactant market demand in developed markets will grow by about 1%. Emerging markets are growing at 4-7%. Mining chemicals, catalysts, and electronic chemicals will be the fastest growing categories in the specialty chemicals segment.
The market in Western Europe and North America will grow by 5 to 9 percent. Emerging markets are growing at 6-10%. The catalyst market in developed regions will grow by 6 to 7 percent. The Chinese market will grow by about 10%. The global electronic chemicals market will grow at an average annual rate of 5%-8%.
According to SRI, demand for specialty chemicals varies by region, especially in emerging markets.
In China, the fastest growing demand is for high-performance thermoplastics and imaging chemicals. In the Middle East and Africa, the fastest growth is in mining chemicals and lubricant additives. Demand for construction chemicals in the Middle East will also grow rapidly. Buoyed by strong investment growth in the region. Demand for mining chemicals and printing inks grew fastest in Central and South America, while demand for mining chemicals and plastic additives grew strongest in Central and Eastern Europe.