Global Specialty Polymer Market

Specialty Polymer Market Overview

The global specialty polymer market size was estimated at USD 79.5 billion in 2023 and is projected to hit around USD 150 billion by 2032, progressing at a CAGR of 6.6% during the forecast period from 2023 to 2032.

Specialty Polymer Market Trends

The specialty polymer market is poised for a bright future, offering opportunities across a range of industries such as automotive, building and construction, adhesives and sealants, electrical and electronic, medical, aerospace, and marine. Liquid crystal polymers are becoming increasingly popular due to their expanding use in the construction and electronics fields. There is a rising demand for high-performance polymers in specific environments where durability, thermal stability, corrosion resistance, and wear resistance are essential. These factors are fueling growth and advancement within the specialty polymer market.

Global Specialty Polymer Market

Size, by Product, - (USD Billion)

Engineering Thermoplastics (ET)

High-Performance Thermoplastics (HPT)

Specialty Films (SF)

others

Other Products

The Market will Grow

At the CAGR of:

6.6%

The Forecast Market

Size for in USD:

$150 Billion

Specialty Polymer Market Dynamics

Drivers

Expansion of the aerospace sector

The aerospace sector is experiencing significant growth in North America and Europe, leading to an expansion of the worldwide market. Polymers are favored in aerospace applications due to their various engineering design benefits. These advantages include precise strength characteristics resulting in weight savings of 20–40%, quick process cycles, the ability to meet required dimensional stability, lower thermal expansion, and superior fatigue properties compared to metals and ceramics. Polymers are the preferred material for many aircraft applications, offering high strength-to-weight ratio, corrosion resistance, and long-term durability in harsh environmental conditions.

The construction industry's growing demand

Specialty polymers have become an essential element in the construction industry when it comes to utilizing these materials. Their technical, design, and structural advantages have led to their widespread adoption in the construction of walls and flooring, ensuring maximum strength. The continuous advancements in construction technology have further broadened the range of applications for these construction polymers. As a result, major chemical corporations are increasingly drawn towards the building polymer sector due to its cost-effective production, manageable profit margins, and easy raw material procurement. This aspect is expected to drive the market's growth in the foreseeable future.

Restraint

Limiting Specialty Polymers Market Growth

Variations in the prices of raw materials utilized in the production of specialty polymers are a key factor hindering market expansion in the projected timeframe. This leads to increased production expenses which impede market growth. Additionally, stringent government policies regarding the utilization of specific types of specialty polymers, particularly those with dangerous substances, further limit the progression of market figures. Furthermore, the lack of knowledge in emerging economies regarding the advancements in specialty polymers in comparison to metal and glass also obstructs widespread market acceptance globally.

Challenges

High cost as well as complex fabrication of specialty polymers

Specialty polymers come at a considerable cost. The manufacturing process involved is complex and requires advanced technology. Moreover, the price of these polymers fluctuates depending on various factors, such as market conditions. Additionally, a major drawback is the intricate fabrication process. Unlike their substitutes, these polymers can be easily damaged upon impact, as they lack the same level of durability. Even though the external appearance may remain intact, the internal structure of an object made from specialty polymers can dissolve. This poses a significant challenge and adds to the expenses of repairing such materials. Consequently, these factors will impede the expected growth of the market within the projected timeframe.

Opportunities

The rise in the automotive sector

The global expansion of the automobile industry is expected to drive market growth in the coming years. According to the International Organization of Motor Vehicle Manufacturers, 91.7 million automobiles were produced in 2019. The increasing demand for hybrid, electric, and lightweight cars is projected to play a key role in the market's growth. The necessity for lightweight vehicles is fueled by the growing emphasis on reducing pollution and improving fuel efficiency. Engineers and vehicle manufacturers are seeking materials that enhance the design, functionality, and manufacturability of machined and molded components. Special blends of modern polymers are enhancing magnet wire insulation and slot liners in hybrid, electric, and plug-in hybrid vehicles. In recent years, many companies have introduced advanced polymers to cater to the needs of their clients. Solvay, a major player in the market, offers specialty polymers to enhance transmission downsizing, powertrain efficiency, electrification, and weight reduction. These advancements are expected to further boost market expansion in the years to come.

Global Specialty Polymer Market

Share, by end user, (USD Billion)

79.5 Billion%

Automotive

Electronics

Industrial

Consumer Goods

Other End-Users

150 Billion

Total Market Size

USD (Billion),

6.6%

CAGR

-

Specialty Polymer Market Segments

• by type

1. Engineering Thermoplastics (ET)
2. High-Performance Thermoplastics (HPT)
3. Specialty Films (SF)
4. Others

• by application

1. Automotive
2. Electronics
3. Industrial
4. Consumer Goods
5. Others

• by end use

1. Automotive
2. Building and Construction
3. Adhesives and Sealants
4. Electrical and Electronics
5. Medical, Aerospace
6. Marine
7. Other

Specialty Polymer Market Key Players

• Dow Chemical Company
• SABIC
• Solvay Group
• Eastman Chemical Corp.
• Arkema Group
• Master Bond
• Wacker Chemical Corp.
• SuPont Plastics, Polymers & Services, Inc.
• Croda International Plc
• ExxonMobil Chemical Company
• PolyOne Corporation
• Ashland Inc.
• Ester Industries
• AGC Chemicals Inc.
• 3M Advanced Materials Division
• Celanese Corporation
• Specialty Polymers Inc.
• Clariant
• Daiken Corporation
• BASF
• Evonik Industries

Specialty Polymer Market Recent Development

New York, July 27, 2020 – Funds advised by SK Capital Partners, LP (“SK Capital”), a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, today announced it has signed a definitive agreement to acquire the specialty polymers business from Baker Hughes.

The Woodlands, Texas, June 1, 2021 – Nexeo Plastics, LLC (“Nexeo Plastics”), a leading global thermoplastics resin distributor and an affiliate of GPD Companies, Inc. (“GPD”), today announced that it has acquired Nevicolor S.p.A. (“Nevicolor” or the “Company”), a leading Italian distributor and compounder of thermoplastics. Terms of the transaction were not disclosed.

Essen, Germany, March 4, 2024 – Evonik is selling its super absorbents business to the International Chemical Investors Group (ICIG). A corresponding agreement has been signed, and employees at the German sites were the first to be informed accordingly this morning. The purchase price (enterprise value) is in the low triple-digit million-euro range.

Global Specialty Polymer Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

6.6%

The Forecast Market

Size for in USD:

$150 Billion

Conclusion

The global specialty polymer market is set for substantial growth, driven by rising demand across various industries such as automotive, construction, electronics, medical, aerospace, and marine. Innovations in high-performance polymers, particularly liquid crystal polymers, are gaining traction due to their superior properties like durability, thermal stability, and corrosion resistance. The aerospace and construction sectors are significant growth drivers, with specialty polymers being favored for their engineering benefits and cost-effective production. However, challenges such as fluctuating raw material prices, stringent regulations, and the complex manufacturing process pose hurdles. Despite these challenges, opportunities in the expanding automotive sector and ongoing investments in advanced polymer technologies are expected to propel the market forward. Key players like Dow Chemical Company, SABIC, and Solvay Group are at the forefront of these advancements, contributing to the market's dynamic growth landscape.

Global Specialty Polymer Market TO (USD BN)

CAGR OF

6.6%

Global Specialty Polymer Market

150 Billion%