Specialty polymers are used as polymer additives to enhance the ideal properties of polymers and enhance their performance. These chemicals are more costly than the commodity chemicals. Specialty polymers are classified in specialty chemicals segment. These chemicals are preferred over conventional polymers due to their specialized properties such as high corrosion resistance, enhanced endurance limit, electrical insulation, thermal stability, and high heat and flame resistance. These polymers are widely used as insulating materials in various applications.
Specialty polymers are used in various end-use industries such as automotive, electronics, marine, cosmetics, medical, aerospace, agriculture, and construction. Electroluminescent polymers, conducting polymers, biodegradable polymers, liquid crystal polymers, polymer composites, and thermoplastic polymers are among the widely used specialty polymers. Each specialty polymers shows different properties, which is suitable for particular applications.
Specialty Polymers Materials Market Taxonomy
On the basis of product type, the global Specialty Polymers materials market is segmented into:
On the basis of end-use industry, the global Specialty Polymers materials market is segmented into:
In spite of being relatively expensive, specialty polymers are indispensable in a wide range of industries due to their unique properties. Thermoplastic polymers are widely used in manufacturing electrical parts such as sockets and switches due to their high heat and flame resistance properties. Also, thermoplastic polymers are used to manufacture bulletproof glass for automotive application. Biodegradable polymers find major use in medical and agricultural end-use industries. In the medical industry, biodegradable polymers are largely used in controlling drug delivery. These polymers are also used widely in manufacturing films, molded bottles, and coated paper. Conducting polymers are polymers that have the ability to conduct better heat than other polymers, and are used in application requiring high heat conductivity. Electroluminescent polymers are widely used in display panels for LED screens for television, mobiles, and PC, among others. These are also used for color pixels in ink jet printing. Liquid crystal polymers (also known as Kevlar) are widely used in manufacturing body armor, and protective clothing.
Specialty Polymers Market Outlook – Asia-Pacific is the fastest-growing region in specialty polymers market
Asia Pacific is projected to be the fastest-growing market for specialty polymers during the forecast period. The growing automotive, construction, and electronic end-use industries in countries such as India, China, Japan, and South Korea are major drivers escalating growth of the specialty polymers market in the region. The growing infrastructure development and growth in disposable income are fueling growth of specialty polymers market in the region. Also, rampant economic growth and shifting of manufacturing units of key players such as BASF and The Dow Chemical Company to Asia Pacific, in order to capitalize on lucrative growth opportunities, in turn creates a highly conducive environment for growth of the specialty polymers market in the region. Rampant infrastructure development, growing building & constructing activities due to rise in population, and growth in sales of consumer goods are projected to further fuel growth of the specialty polymers market in the region.
The fluctuating crude oil (the basis feedstock for specialty polymers) is a major restraint for market growth. Low focus of players on R&D activities, which subsequently results in low technological advancements in manufacturing specialty polymers are other major restraints in the market. Some of the major companies operating in the global specialty polymers materials market are Croda International Plc, Evonik Industries, BASF, Solvay Group, Specialty Polymers Inc., PolyOne Corporation, AmeriLux International LLC, The Dow Chemical Company, Clariant, Arkema Group, 3M, A.Schulman, Inc., Ashland Inc., and Koninklijke DSM N.V..
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