Market Size of Specialty Polymers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Specialty Polymers Market Analysis
The global speciality polymers market is expected to record a CAGR of over 7% during the forecast period.
The market was negatively impacted by the COVID-19 outbreak in 2020. Owing to the pandemic scenario, several countries went into lockdown, which led to supply chain disruptions, work stoppages, and labour shortages. However, the sector is recovering well since restrictions were lifted. An increase in house sales and new project launches have led to a rise in the demand for coatings, sealants, and construction chemicals. The increasing demand for healthcare, electrical, and electronics is leading the market recovery over the last two years.
- The major factors driving the market studied are the increasing applications in the construction and electronic industries, the commercialization of lightweight polymers for automotive and aerospace applications, and the growing 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 market's growth.
- Emerging specialty polymer technologies in various industrial applications and prolific commercialization of engineered polymer and specialty film products are likely to act as opportunities for the market studied over the forecast period.
- Asia-Pacific emerged as the largest market and is expected to witness the highest CAGR during the forecast period. This dominance of Asia-Pacific is attributed to the high demand in countries such as China, Japan, and India.
