The global manufacturing and economic slowdown will hit the specialty chemicals market this year, as spending declines 4% to $451 billion worldwide this year.

In a recent report, analysts at SRI Consulting forecast that “these economic conditions will continue until sometime in 2010 and then gradually improve…The specialty chemicals market in 2010 is estimated to reach about the same size as in 2008 and then gradually climb during the next three years to reach $530 billion in 2013.”

SRI says the specialty chemicals end-use segments that have been hard hit by the recession include construction chemicals, electronic chemicals, plastics additives, textile chemicals and specialty polymers. However, other markets such as cosmetic chemicals, food additives, and industrial and institutional cleaners have suffered much less from the downturn and are bright spots for specialty chemicals makers.