European Specialty chemicals market is anticipated to exhibit a CAGR of 3.7% during the forecast period. The growing use of specialty chemicals in the end-user industries is a key factor driving the European specialty chemical market. In the automobile industry, specialty chemicals are mainly used to perform specialty coating on the vehicles. As per the European Chemical Industry Council (CEFIC), the specialty chemical held the major share of more than 27.0% in the EU chemical sales.
As per the International Organization of Motor Vehicle Manufacturers, around 20.8 million units of vehicles were sold in Europe in 2019. The major automotive players including Volkswagen, Daimler, BMW, Robert Bosch, Peugeot, Renault, Volvo, and Continental AG that have their headquarters in Europe. Thus, the high production of automobiles is also expected to further boost the regional demand for specialty chemicals in Europe. Germany and UK are projected to hold a significant share in the European specialty chemical market. According to the Society of Motor Manufacturing & Traders (SMMT), the automotive industry in the UK contributes approximately $22.7 billion per year to the region’s economy. The well-established automobile industry of the UK is anticipated to promote the growth of the specialty chemical market in Europe.
Browse the full report description of "European Specialty Chemicals Market Size, Share & Trends Analysis Report By Product Type (Agrochemicals, Cleaning Chemicals, Construction Chemicals, Electronic Chemicals, Food Additives, Adhesive & Sealants, Specialty Coatings, Surfactants, Paper & Textile Chemicals, Lubricants & Oilfield Chemicals, Polymers & Plastic Additives, Others) Forecast Period 2020-2026" at https://www.omrglobal.com/industry-reports/european-specialty-chemicals-market
Market Coverage
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected segment
European Specialty Chemicals Market Report Segment
By Product Type
European Specialty Chemicals Market Report Segment
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