The global specialty polymers market was valued at USD XX billion in 2015, and is likely to reach USD 72.57 billion by 2020, growing at a CAGR of 5.94% during the forecast period (2017 - 2022).
Specialty polymers are polymeric that are added to the polymers to enhance their physical properties and performance. They aid in improving the fatigue and wear resistance; chemical and heat resistance; corrosion, weathering and abrasion protection; biocompatibility, fire resistance, and fluctuating temperature resistance.
As a result, their usage in both industrial and commercial applications is consistently increasing.
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The specialty polymers are used in various applications such as automotive and transportation, consumer goods, building and construction, adhesives, sealants, and coatings, electrical and electronics, medical and safety, and others.
Construction and electronics are the largest application segments accounting for the major demand for specialty polymers in 2014; additionally, they are expected to be the fastest growing products in the forecast period. They are also used in aircraft interior cabin applications, including seating, passenger service units, stow bins and air grilles.
In electrical applications, they are used to manufacture switches and sockets. Some other applications of specialty polymers include water treatment, paper processing, mineral sequestering, textile processing, personal care products, pharmaceuticals, drug delivery, petroleum production, enhanced oil recovery, coatings & inks additives and sensors.
The market is driven by number of factors such as increasing disposable income in the emerging economies, especially in Asia-Pacific, and growing application in electronics and construction industry. However, this market faces certain drawbacks, such as volatility in raw material prices, and limited technological advancements.
The aforementioned factors may act as a roadblock for the growth of the market.
The global specialty polymers market, on the basis of type can be broadly segmented into specialty elastomers, specialty composites, specialty thermoplastics, and specialty thermosets. The market has also been segmented on the basis of polymers into polyamides, polycarbonate, polyketones, polyurethanes, polyphtalamides, polyamide-imide, polytherimide, polyimides, polysulfones, polyetherimide, polyesters, and others.
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Furthermore, the market has also been segmented on the basis of geography into Asia-Pacific, North America, Europe, South America, and Middle-East and Africa. Asia-Pacific is expected to show lucrative growth on account of economic development, along with increasing disposable income, thereby contributing to the growth of numerous industries including automotive, construction and infrastructure in China and India.
Moreover, increasing high government spending on infrastructure and robust industrialization in the region is expected to stimulate market growth.
Furthermore, the increasing usage in aerospace industry will offer numerous opportunities in the growth of the global specialty polymers market. Some of the major companies dominating the market for its products and services are Ashland, BASF, Croda, Evonik Industries, PolyOne, Rhodia, and Solvay Group.
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