R&D for new product development requires substantial capital and workforce.Established global agrochemical companies spend as much as 9%-11% of their revenue in the agrochemicals area.In 2015, specialty chemicals accounted for more than 30% of total chemicals sales in the EU. In 2015, Germany was the largest specialty chemical producer in Europe, followed by France, the Netherlands, and Italy.In total, these countries accounted for more than 65% of the specialty chemicals sales in the EU. The supportive industrial policies, such as secure energy supply for large projects by the government has helped Germany maintain a sustainable growth and competitiveness in the region.The Middle East and Africa is also expected to display strong growth, owing to the growing manufacturing sector in this region. The efforts on industrial diversification followed by the local governments and expansions in the regional manufacturing sector will drive the market for specialty chemicals during the forecast period.

By type, organic pigments accounted for the largest proportion of the market with around 22% in 2015. The segment will post the highest growth rate among other types of pigments and sustain its market share over 2016-2020.By end use, the paints and coatings segment was the largest segment for specialty pigments, accounting for a share of 32% in 2015. The plastics segment will post the highest growth rate among other end-user segments over the forecast period.By region, APAC was the largest market for specialty coatings, accounting for a share of over 40% in 2015. The region will sustain its market position and grow considerably over the forecast period. The growth in infrastructure development and automotive industries are fostering the market growth in the region.The need for product differentiation in the fast-moving consumer goods (FMCG) industry will drive the consumption of specialty pigments in the packaging segment.Regulations regarding the emission of volatile organic compounds (VOCs) from solvents are a noteworthy challenge. However, the eco-friendly alternatives are expected to be introduced over the forecast period.

Construction chemicals are a type of specialty chemicals used during the course of construction. These chemicals impart additional protection to structures such as residential buildings, industrial structures, dams, and bridge against environmental conditions, structural life, and to minimize the amount of raw material required. China has emerged as the leading market for construction chemicals since 2000, globally.

Sterilized packaging by plastic materials accounted for 63.09% in 2015. The plastics mainly used for sterilized packaging are polyethylene terephthalate (PET),polyvinyl chloride (PVC), polypropylene (PP), and high impact polystyrene (HIPS).Polyvinyl chloride accounted for 40% of the total plastic materials used for sterilized packaging in 2015, and PET accounted for 36%.Sterilized packaging products made of PVC have passed critical toxicology,biological, and physiological testing. Use of PVC in pharmaceutical packaging cutsdown costs for manufacturers by 40%-50% compared with other forms of plastics.The sterilized packaging market in North America is set to grow during the forecast period due to rise in the healthcare industry. The US healthcare industry accounted for $3 trillion in 2015. A major function of the healthcare industry is packaging. The healthcare industry in North America was valued at $26.23 billion in 2015 and is expected to reach $34.44 billion in 2020, growing at a CAGR of 5.6%.The market for sterilized packaging in Asia-Pacific (APAC) will be driven by the growth in the drug-device combination product market in APAC, which is estimated to grow at CAGR of 7.51% during the forecast period.

Water-soluble fertilizers are applied to crop through the irrigation water. The global market for water-soluble fertilizers improves the Return on Investment (ROI) and also helps in fulfilling farmers’ and consumers’ demands, from the health and economical viewpoint, with rising per hectare production of quality agricultural entities.Availability of more efficient fertilizer spreaders with better features will also contribute to the market's growth during the forecast period. Government support to increase mechanization in the agricultural sector is leading to an increase in the sales of relatively higher priced versions of mounted and trailed fertilizer spreaders,propelling the market growth.

乘政策与产业转移之风，电子化学品国产化正当时。电子化学品是应用于电子工业的精细化工产品。目前高端电子化学品主要被美国、欧洲、日韩的企业所垄断，低端电子化学品部分实现了国产化。

随着化工品价格下跌和市场风险偏好降低，化工行业关注的标的逐渐转移到有业绩支撑且增速较确定的标的，我们重点推荐万润股份，万润股份一季度业绩有望底部回升，2 月份全球液晶面板出货面积同比增速回升至 17%左右，公司液晶材料板块业绩将恢复，沸石材料装置开工负荷逐渐提升，OLED 材料为主题催化剂，随时可能被点燃，重点推荐。其他成长股推荐康得新（估值低，业绩增长确定性强）。

本周据申万化工监测的 92 种化工品价格，本周环比上涨品种占 28%（上周为 20%），持平占 33%（上周为34%），下跌占 38%（上周为 46%），油价反弹，化工品整体平均涨跌幅约为-0.74%。涨幅前五的分别为苯胺（+8.2%）、氨纶 44dtex 长丝（+5.7%）、国际天然气（+5.2%）、国际尿素（+5.0%）、纯苯（+4.6%），跌幅前五的产品分别为东南亚丁二烯（-22.9%）、国际硝铵波罗的海 FOB（-8.5%）、国际硝铵黑海 FOB （-8.5%）、轻质纯碱（-6.1%）、锦纶 FDY(-5.6%)。

本周监测的 125 个产品中有 42 个产品价格上涨，28 个产品价格下跌。涨幅排前的分别为：国内 LDPE（12100 元/吨，+11.52%）、苯胺（9250 元/吨，+8.19%）、己内酰胺（12800 元/吨，+6.67%）、韩国纯苯 FOB（850 美元/吨，+5.85%）、钛精矿（1950 元/吨，+5.41%）；跌幅排前的分别为：轻质纯碱（1550 元/吨，-6.06%）、重质纯碱（1750 元/吨，-5.41%）、磷酸一铵（1800 宜化，-5.26%）、尿素波罗的海（210 美元/吨，-4.55%）、双酚 A（11200 元/吨，-4.27%）。