Specialty Polymers Market Will Play Crucial Role For Various Industries Growth In Near Future!!

Posted by Rajkumar on March 2nd, 2023

Specialty polymers are used to enhance the ideal physical properties of polymers and enhance their performance, and they are classified under the segment of specialty chemicals. Moreover, as compared to conventional polymers, the demand for specialty polymers is increasing due to their specialized properties such as thermal stability, electrical insulation, enhanced endurance limit, and high flame, corrosion, and heat resistance. Thus resulting in their wide scale usage as insulating materials in various applications, driving the growth of the specialty polymers market. They are used in various end-use industries, such as electronics, automotive, medical, cosmetics, marine, agriculture, aerospace, and construction, among others.

For example, in April 2019, Solvay launched specialty polymers for applications in sustainable mobility, energy, and healthcare. Moreover, in April 2018, Solvay launched three specialty polymer filaments that promise to introduce game-changing performance for 3D-printed parts. Thermoplastic polymers, polymer composites, conducting polymers, liquid crystal polymers, biodegradable polymers, and electroluminescent polymers are common types of polymers. Different specialty polymers exhibit different properties, thus making each suitable for a unique set of applications. The demand for specialty polymers has increased due to the increasing applications in various end-use industries.

This in turn is also expected to augment the growth of the specialty polymers market. Market players are adopting various inorganic strategies, such as product launch, expansion, merger and acquisition, etc., to meet the increasing demand. For example, in February 2019, Nouryon (formerly AkzoNobel Specialty Chemicals) planned to expand its offering to customers in the personal care market with bio-based polymers through an exclusive global supply agreement with specialty polymers maker Itaconix. Moreover, technological advancements along with the ever-changing needs of the end-users has become a challenge for the market players to follow the changes and modify their products likewise.

The aforesaid nature of the industry may present the specialty polymers market with significant growth opportunities in the coming future. The growing population in countries such as South Korea, Japan, China, and India has led to increasing urbanization, thus resulting in the rampant growth of electronic, construction, and automotive industries in these regions. This in turn is also expected to propel the market growth in these regions. Volatility in prices of raw materials for the manufacture of specialty polymers is expected to act as a major restraining factor for the specialty polymers market. However, despite the relatively high cost of such polymers, they are indispensable in a wide range of industries due to their unique properties.