Global specialty polymers market demand is expected to be fueled by the growth of the construction and electronics industry. In addition, escalating demand for high performance polymers in special environments for their improved endurance limit, corrosion resistance, electrical insulation, resistance to wear and thermal stability is likely to contribute towards growth of the specialty polymers market over the forecast period. However, volatility in prices of raw materials for the manufacture of specialty polymers is expected to act as a key restraining factor for the market. Constantly changing needs of the end-use industries along with technological advancements in the application sectors also poses a challenge for the specialty polymers market players to follow the changes and modify their products likewise. Aforementioned nature of the industry may present the market with significant growth opportunities over the next few years.
Specialty polymers are polymeric additives which are used to induce desired properties in polymers for enhanced performance. These are currently used in less quantity but are charged at a premium price from the consumer. Specialty polymers may be used in a wide range of industries including construction, electronics, pharmaceutical, and automotives. Construction and electronics were the largest application segments accounting for majority demand for specialty polymers in 2013 and are expected to be the fastest growing in the following period.
The major share of the specialty polymers market was accounted by Asia Pacific in 2013 owing to the growing construction, automotive and electronics industry. China and India are the leading consumers in the region due to the increased construction & infrastructure activities and rapidly growing automotive industry. Asia Pacific is expected to witness the fastest growth in the market demand over the forecast period owing to increased government spending on infrastructure and increasing industrialization activities in the region. India is expected to witness high growth rates in the market demand for specialty polymers owing to the “Make in India” campaign which is encouraging foreign players to set up manufacturing facilities in India.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.