Global Specialty Polymers Market - Segmented by Type, End-user Industry and Region - Growth, Trends and Forecast (2018 - 2023)
The global specialty polymers market is expected grow at a significant rate during the forecast period, majorly driven by the growing applications in the construction and electronics industries. Specialty polymers are additives that are used to enhance the desired properties of polymers. They display specialized properties that make them preferable over conventional polymers. Specialty polymers are categorized under specialty chemicals and are suitable for a wide range of applications.
Growing Applications in Construction and Electronic Industries
The global construction market is expected to double within a decade. Asia-Pacific accounts for around 45% of the global construction industry and is expected to increase at a stable rate. Emerging economies and rapid industrialization in Asia-Pacific countries are driving the demand for construction services, primarily in emerging markets, like Indonesia, Malaysia, Philippines, Thailand, and Vietnam. The Chinese construction companies are increasing activity in the fast-growing markets of Asia-Pacific, Africa, and the Middle East, forming consortia to bid aggressively on large infrastructure projects. Apart from that, various applications of specialty polymers in the electrical and electronics industry are found in display technologies, like LCD and plasma display panels, coatings, memories, in mobile electronics, etc. Among these applications, semiconductor and memory applications of specialty polymers, followed by display technological applications are prominent.
Fluoroelastomers to Dominate the Market
Fluoroelastomers are fluorine-based high-performance synthetic rubbers, which have exceptional resistance to a broad spectrum of oils, fluids, chemicals, and gases, at elevated temperatures and in severe environments. Fluoroelastomers are being increasingly used in automotive, aerospace, petrochemical, and electrical & electronics industry. Automotive and aerospace industries constitute the major end-user segment, where fluoroelastomers are widely used in engine shaft sealing, diaphragms, packing, hoses, and other areas where good heat resistance and oil resistance is required. They are also used in fiber optic cables as jacketing materials. The oil and gas industry uses fluoroelastomers as sealing and contaminant solutions for extreme climates. Overall, their demand is expected to grow significantly in the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific is expected to display the fastest growth in the specialty polymers market over the forecast period. The expanding automotive and electrical industries in China and India, combined with infrastructural development is expected to drive the specialty polymers market in the region. Moreover, economic growth and increasing per capita income are some of the major factors that are triggering the growth of the specialty polymers market in Asia-Pacific.
Major players are BASF SE, Ashland, Croda, Evonik Industries, PolyOne, and Rhodia, amongst others.
Reason to Purchase the Report
To understand the impact of various product type on the market.
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating product type and end-user industry in the market.
Identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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