Specialty polymers market is expected to witness significant growth owing to increasing applications in electronics and construction industry mainly in Asia Pacific. In addition, growing usage of specialty polymers in wide range of industries including pharmaceutical, automotives and cosmetics is expected to drive demand over the next six years. Increasing consumption in automotive applications primarily in engineering thermoplastics and specialty films is expected to augment market growth.
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Asia Pacific is expected to show lucrative growth on account of economic development along with increasing disposable income, thereby contributing to the growth of numerous industries including automotive, construction and infrastructure in China and India. Moreover, increasing high government spending on infrastructure and robust industrialization in the region is expected to stimulate market growth. However, volatility in raw material prices fluctuation in prices of raw materials is expected to restrain market growth over the next six years.
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Rising demand for high performance polymers as a result of its superior properties including corrosion resistance, resistance to wear, endurance limit, electrical insulation and thermal stability is expected to propel market growth over the forecast period. Key market players include Evonik Industries, Ashland, BASF, Croda, Specialty Polymers Inc., PolyOne, The Dow Chemical Company,, Solvay Group, 3M, Alpek, AmeriLux International, A.Schulman, DSM and Arkema. Solvay Group offers a wide range of innovative specialty polymers for sustainable and green coatings.
In December 2014, Solvay introduced a wide range of water-based (PVDC) polymers primarily for marine and protective coatings industry. BASF offers wide range of polymers used in pharmaceuticals and cosmetic industry. DSM provides polymers which find applications in medical devices and healthcare consumer products.
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