New York, Nov. 02, 2023 (GLOBE NEWSWIRE) — The global specialty chemicals market size is projected to grow at a CAGR of over 7% from 2023 to 2035. The market is expected to garner a revenue of USD 24 billion by the end of 2035, up from a revenue of USD 13 billion in the year 2022. The rising demand for clean energy is expected to drive the market growth. Renewables accounted for 19.8 percent of electricity output in 2020, with hydro and wind accounting for the vast proportion. This is predicted to climb to 35% by 2030. Wind and solar are predicted to account for the majority of the increase.Carbon-cutting policies encourage the use of renewable energy in place of fossil fuels. Solar and wind electricity are the two most pure renewable fuels. Solar panels and wind turbines are being manufactured with the use of specialty materials. These innovative material systems have superior features such as low density and a longer life span. Higher performance, ease of processing, recycling capability, and lower cost. This material solution delivers excellent aerodynamic performance, decreases gravity forces, and reduces material deterioration throughout the operational stage

(GlobeNewsWire)