Growing Construction Activities Globally to boost Specialty Polymers Market Growth

 

Specialty Polymers Market by Type (specialty elastomers, specialty composites, specialty thermoplastics, specialty thermosets, and other types), end-user industry (automotive and transportation, consumer goods, building and construction, coatings, adhesives and sealants, electrical and electronics, healthcare, and other end-user industries), Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Specialty Polymers Market is estimated to be valued at reach US$ 77.71 billion in 2022 and is expected to exhibit a CAGR of 7.34 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Specialty polymers are classified by their capability to retain required mechanical, heat, and chemical actions when subjected to tough surroundings, such as high temperature, high pressure, and oxidation chemicals. Collagen, Chitosan, Dextran are some of the specialty polymers.

Competitive Landscape:

Key players involved in the growth of global Specialty Polymers Market are Evonik Industries AG, 3M, Arkema Group, Solvay and BASF SE.

Market Key Drivers:

The rising growth of construction activities across the globe is leading to the development in construction industry which is expected to augment the growth of global Specialty Polymers Market. For instance, in 2022, construction work started at the Keystone Trade Center, with an investment of US$1,500 million construction project.

Increasing demand of automobiles is anticipated to drive the growth of the global Specialty Polymers Market. For instance, as per the OICA, in 2020, the global automotive manufacture was 77,711,725 units and in 2021 around 80,145,988 automobile units were produced.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Specialty Polymers Market due to the rise in pandemic cases. The surge in pandemic had led to the delay in supply chain, disruption in the production of raw materials and the closure of manufacturing and production units. Lack of staff and halt in the supply of raw materials has impeded the market growth.

Key Takeaways:

The global Specialty Polymers Market is anticipated to exhibit a CAGR of 7.34 % during the forecast period due to rise in manufacturing facility. For instance, In June 2019, Royal DSM recently started a new production line for Arnitel high-performance specialty polymers at its service in Emmen.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Specialty Polymers Market due to rise in automobile production, increasing construction activity, rising approvals and launches and increasing investments. For instance, as per OICA, in 2020, the manufacture of light commercial vehicles in Asia-Pacific was 4,668,333 units and in 2021, around 5,099,264 units of fuel-efficient vehicles.