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How Is Rising Steel Production Propelling Graphite Market Growth?

A number of factors, such as the expanding electronics sector, burgeoning steel production, and soaring lithium-ion (Li-ion) battery demand, are expected to fuel the graphite market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will rise from $19,092.9 million in 2019 to $36,889.1 million by 2030. In recent years, the increasing usage of graphite in pebble-bed nuclear reactors, for generating electricity from uranium fuel, has become a prominent market trend.

At present, the graphite market is fragmented in nature with the presence of numerous industry players, such as Syrah Resources Ltd., SGL Carbon SE, Graphite India Ltd., Shanshan Corporation, HEG Ltd., Showa Denko K.K., Tokai Carbon Co. Ltd., and GrafTech International Ltd. Currently, these players are merging with and acquiring other companies to stay ahead of their competitors. For instance, in December 2019, Showa Denko K.K. completed the acquisition of Hitachi Chemical Ltd. for $8.8 billion. This acquisition aimed at consolidating the position of the former as a leading supplier of graphite to manufacturers of Li-ion batteries.

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Furthermore, the application segment of the graphite market is categorized into lubricants, electrodes, refractories, batteries, foundries, graphite shapes, and friction products. Among these, the batteries category is expected to demonstrate the fastest growth throughout the forecast period. This will be due to the surging production of electric vehicles (EVs) and hybrid electric vehicles (HEVs), especially in Europe and North America. Moreover, the booming demand for high-drain electronics, due to the soaring disposable income of people and escalating consumer expenditure, will also support the growth of the market in this category.

Thus, the rising crude steel production and the escalating demand for Li-ion batteries will boost the demand for graphite, worldwide, in the coming years.

What are Specialty Chemicals?

Specialty chemicals, also known as performance chemicals, are a category of chemicals that are produced for specific applications. These chemicals are designed to meet precise performance requirements and are often produced in small quantities.

These chemicals are adopted in different industries, such as agriculture, pharmaceutical, plastics & composites, automotive, electronics, and personal care. Specialty chemicals, also known as performance chemicals, are a category of chemicals that are produced for specific applications.

These chemicals are designed to meet precise performance requirements and are often produced in small quantities. These chemicals are adopted in different industries, such as agriculture, pharmaceutical, plastics & composites, automotive, electronics, and personal care.

The global industry of specialty chemicals is expected to reach USD 980,423.7 million by the end of this decade. Uses of Specialty Chemical Specialty chemicals can be used as ingredients to improve performance of the products or processes in numerous industries.

Here are some of the industries these chemicals are used heavily.

Pharmaceutical Industry
Specialty chemicals are also used as raw or intermediates materials throughout all stages of pharmaceutical manufacturing to create non-reactive, colorless, and odorless drug carriers, to purify raw materials, to improve characteristics, for instance, water solubility, and to assist in producing the final form of the medication, for example, capsules or tablets.

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Types of Specialty Chemicals
There are numerous types of specialty chemicals based on their functions or industries’ applications. One of the most used types of specialty chemicals is agrochemicals.

Some other types of specialty chemicals are:
• Adhesives and sealants: These chemicals are adopted to bond materials together and offer leak-proof sealing in numerous applications, for instance in packaging, automotive, and construction industries.

• Food additives: These chemicals are used as ingredients added to food products to improve their texture, taste, preservation, or appearance.

• Polymers: These chemicals are used in manufacturing elastomers, resins, and plastics.

Due to the diversified application of specialty chemicals in numerous industries and the increasing requirement of these chemicals in emerging economies, such as China and India, the demand for specialty chemicals will continue to rise in the years to come.

Emerging Trends and Applications in the Benzalkonium Chloride Market

Due to the increasing prevalence of acute and chronic diseases, growing geriatric population, and rising disposable income in emerging economies, the worldwide healthcare industry is expanding rapidly. This is expected to be the key factor to take the global benzalkonium chloride market to $1,301.1 million by 2030 from $525.0 million in 2019, at a 9.6% CAGR between 2020 and 2030.

This is because the compound is widely used as an antiseptic, antimicrobial preservative, solubilizing agent, disinfectant, and wetting agent in contact lens solutions. In addition, the benzalkonium chloride market is growing on account of the usage of this compound as an antimicrobial preservative in aqueous multidose nose, eye, and ear products.

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Benzalkonium Chloride Market Segmentation Analysis

In the coming years, the highest value CAGR in the benzalkonium chloride market, of 10.0%, on the basis of application, will be witnessed by the disinfectants category. There are stringent regulations requiring hospitals and diagnostic, research, biotechnology and pharmaceutical laboratories to be disinfected on a regular basis. Another factor driving the demand for disinfectants and, in turn, benzalkonium chloride, is the increasing incidence of hospital-acquired infections (HAI).

Till now, the North American benzalkonium chloride market has generated the highest revenue for companies offering this compound. With the growth in oil and gas exploration and production activities in Canada and the U.S., the usage of the compound as an inhibiter of the corrosion caused on underwater steel equipment by sulphate-reducing bacteria is rising. Another application of the compound in this sector is controlling the release of hydrogen sulphide gas, which results in oil souring.