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.
- 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.
- In Asia-Pacific, the market is dominated by China. As China is one of the emerging economies witnessing healthy economic growth, its governmentŐs 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.
The global specialty polymers market is fragmented in nature. The major companies include 3M, Arkema Group, BASF SE, Evonik Industries AG, and Solvay, among others.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Applications in the Construction and Electronic Industries
4.1.2 Commercialization of Lightweight Polymers for Automotive and Aerospace Applications
4.1.3 Increasing Availability of Feedstock Derived from Natural Gas and Crude Oil Processing
4.2.1 Fluctuating Operational Costs to Derive Feedstock
4.2.2 Technological Obsolescence due to Constantly Changing End-user Needs
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1.1 Specialty Elastomers
5.1.2 Specialty Composites
5.1.3 Specialty Thermoplastics
5.1.4 Specialty Thermosets
5.1.5 Other Types
5.2 End-user Industry
5.2.1 Automotive and Transportation
5.2.2 Consumer Goods
5.2.3 Building and Construction
5.2.4 Coatings, Adhesives, and Sealants
5.2.5 Electrical and Electronics
5.2.7 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 A Schulman
6.4.3 Arkema Group
6.4.4 Ashland Inc.
6.4.5 Associated industries Inc.
6.4.6 BASF SE
6.4.8 Chemtura Corporation
6.4.10 Croda International PLC
6.4.11 Elantas GmbH
6.4.12 Endurance Technologies Limited
6.4.13 Evonik Industries AG
6.4.14 Hexion Inc.
6.4.15 Huntsman Corp.
6.4.16 Koninklijke DSM NV
6.4.18 S&E Specialty Polymers LLC
6.4.20 Speciality Polymers Pvt Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emerging Specialty Polymer Technologies in a Myriad of Industrial Applications
7.2 Prolific Commercialization of Engineered Polymer and Specialty Film Products
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.