The global specialty chemicals market is forecast to grow at a CAGR of 5.33 percent between 2015 and 2020, according to a new report published by Mordor Intelligence.

Asia-Pacific takes the lion’s share of the global specialty chemicals market, followed by North America and Europe. Asia-Pacific is also forecast to be the fastest growing region for the forecast period, with a CAGR of 8.7 percent between 2015 and 2020, driven by growing middle-class demand for consumer goods.

Challenges to the industry include volatile raw material process and replacement due to technological advances.

Key players include BASF, AkzoNobel, Evonik, Henkel AG, Dow Chemicals, Exon Mobil, Chemtura, Albermarle, Ferro Corporation, Solvay, Huntsman International, Ecolab, PPG Industries and Ashland.