Specialty Polymers Market Detailed Analysis with Forecasts Growth 2022-2031
The global specialty polymers market is expected to record a CAGR of over 7% during the forecast period. The major factors driving the market studied are the increasing applications in the construction and electronic industries, commercialization of lightweight polymers for automotive and aerospace applications, and the increasing availability of feedstock derived from natural gas and crude oil processing.
– Fluctuating operational costs to derive feedstock and technological obsolescence due to constantly changing end-user needs are expected to hinder the growth of the market studied.
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– Emerging specialty polymer technologies in a myriad of industrial applications and prolific commercialization of engineered polymer and specialty film products are likely to act as opportunities to the market studied over the forecast period.
Key Market Trends
Automotive & Transportation Industry to Dominate the Market
– Owing to their suitable properties, such as excellent thermal resistance, wear resistance, ease of processing and designing, and fatigue endurance, specialty polymers are extensively used in the automotive and transportation industries.
– These materials are reliable and safe for use in vehicles due to their exceptional thermal resistance. They provide sophisticated aesthetic appeal to vehicles, at competitive prices.
– With the rise in demand for lightweight and fuel-efficient cars, the use of polymers has increased in automotive parts for replacing heavy metals, in order to reduce weight. It has been estimated that every 10% reduction in vehicle weight results in a 5-7% reduction in fuel usage.
– As specialty polymers play a key role in automobile manufacturing, the demand for these materials is increasing with the rising sales of vehicles across the world.
– The automotive polymer composite industry fosters economic activity indirectly throughout the supply chain of a vehicle, and through the payrolls paid both by the industry itself and the consumers. The light vehicle industry is an important customer for various specialty polymers, and there exists a significant competition, especially with aluminum and steel.
– Thus, with the rise in the quantity of polymers being used during the manufacturing of automobiles, and with the increasing demand for lightweight vehicles, the usage of specialty polymers is expected to increase in the automotive and transportation sector.
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.
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– In Asia-Pacific, the market is dominated by China. As China is one of the emerging economies witnessing healthy economic growth, its government’s policies have been in line with the proposed objectives to implement economic reforms, thus ensuring healthy growth of the country during the forecast period.
– China is mainly focusing on increasing the production and sales of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved, is expected to increase the share of electric vehicles to 20% of the total new car production for China, by 2025.
– Specialty polymers are widely used in the automotive, electronics, and semiconductors industries. Hence, with robust growth in these industries, and government support, the demand for specialty polymers is projected to increase at a healthy pace during the forecast period.
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