The global specialty chemicals industry is embarking on a new growth phase

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The 25th National \"Safety Production Month\" in 2026: Everyone should talk about safety and know how to handle emergencies; identify and address potential risks and hazards. -------------------------------------------------- The global specialty chemicals market is at the starting point of a new round of growth. According to market research firms, the global specialty chemicals market is expected to reach $834.97 billion in 2026, with a compound annual growth rate of 5.5%. Against the backdrop of a continuously expanding market scale, the specialty products industry is shifting from growth in scale to structural optimization, advancing simultaneously along three main paths: focusing on high-growth niche segments, strategic restructuring by industry leaders, and shifting production capacity toward areas with higher added value. 　　S&P Global expects the annual compound growth rate of electronic chemicals to reach 7% between 2026 and 2030, with electronic chemicals used in semiconductors showing the strongest growth. Electronic specialty gases are one of the segments in the specialty chemicals industry that currently enjoys the highest level of prosperity. Electronic specialty gases are electronic-grade gases with a purity of over 99.99%; they belong to the core materials in the field of electronic chemicals and are also referred to as the lifeblood of the semiconductor industry. As the AI industry continues to thrive, there is a strong demand for AI chips and high-end memory chips, resulting in a shortage of many key products in the electronic specialty gases market. Executives from multiple specialty gas producers said that orders on hand have increased significantly, and their production lines are operating at high capacity. 　　Tungsten hexafluoride is a key deposition material in the manufacture of memory chips and advanced logic chips, and it is also one of the main products driving the high demand for electronic specialty gases at present. Affected by the withdrawal of some production capacity overseas and the continuous expansion of downstream memory chip production, the supply-demand gap has widened, pushing product prices upward. The production capacity of major international specialty gas suppliers is generally at full capacity. The health of the industry is also reflected in the capital market; since the beginning of this year, the stock prices of major global suppliers of electronic specialty gases have generally risen, and the valuation of the industrial gases sector has continued to improve, reflecting the market’s consensus on sustained growth in demand for semiconductor materials in the long term. 　　In the corporate sector, Germany’s specialty chemicals giant Evonik Industries has become a flagship example of the recent recovery in industry confidence. On June 26, Evonik released its preliminary results for the second quarter, forecasting an adjusted EBITDA of 600 million to 650 million euros, which exceeds the market average estimate of 567 million euros. Based on this, the company has significantly raised its full-year performance forecast for 2026; the adjusted EBITDA forecast range has been increased from 1.7 billion to 2 billion euros to 2 billion to 2.2 billion euros. Previously, Evonik reported sales of 3.43 billion euros in the first quarter of 2026, a 9% decrease year-on-year. Its net profit amounted to 125 million euros, marking a significant year-on-year drop of 46.4%. From a halving of profits in the first quarter to a stronger-than-expected recovery in the second quarter, Evonik’s performance turnaround reflects a gradual improvement in demand in the specialty chemicals market. 　　However, not all specialty chemicals companies are starting on an equal footing in the recovery. For the full year 2025, Lanxess generated revenue of €5.673 billion, a 10.9% decrease compared to the previous year. Its EBITDA within its core business operations fell from €614 million in the prior year to €510 million. The company expects business to start recovering not before the second half of 2026, and its full-year guidance disappointed investors. 　　Solvay is also under pressure due to weak demand; its adjusted EBITDA for the first quarter of 2026 was 219 million euros, which is in line with market expectations. However, its full-year performance forecast fell short of expectations, leading to a 7.5% drop in the stock price. Solvay has closed its plant in Salins-les-Bains, France, and restructured its two plants in Germany; it will focus in the short term on specific growth opportunities such as bicarbonates and electronic-grade peroxides. 　　The varying performance among the giants in the specialty chemicals sector is a micro reflection of the industry’s structural adjustments: companies that focus on high-growth segments are the first to benefit, while those reliant on traditional end-market sectors are still waiting for a turning point. 　　Amidst divergent performance, M&A and consolidation in the specialty chemicals industry are accelerating simultaneously. On June 16, Olin, the global leader in chlor-alkali products, merged with Huntsman, a company specializing in polyurethane materials. The new company has a total market value of over $12 billion, and it will integrate the entire value chain related to chlor-alkali products, epoxy resins, polyurethanes, amine-based chemicals, and advanced materials. 　　In terms of capacity expansion, Dow Chemical announced a series of targeted investment projects in June, with an overall investment amount of around $100 million expected by the end of 2027, aimed at increasing its global manufacturing capacity for specialty silicone products, with a focus on applications in transportation, electronics, and healthcare. Meanwhile, Evonik is also accelerating its capacity expansion efforts. In April, Evonik officially commissioned its expansion project for the special amines production facility in Nanjing. This project significantly enhances Evonik’s supply capabilities in the fields of polyurethane and epoxy resin applications.