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The Specialty Polymers Market size is projected to grow at a CAGR of 6.5% during the forecast period 2022-2027 and reach US$248.1 billion by 2027. Specialty Polymers are made from synthetic macromolecule polymers, natural polymers and semi-synthetic polymers. The advantageous qualities of specialty polymers include enhanced gas barrier performance, flame resistance and heat stability. As a result, they are frequently employed in a range of applications, such as the production of polymers, resins, monomers, intermediates and more. The flourishing growth of the automotive and building & construction industries is the prominent factor propelling the growth of the specialty polymers market. According to Statistics Canada, in 2020, the development of new residential projects under construction in Canada was 201,981 units and in 2021, it was 244,025 units, an increase of 20.8%.
Specialty Polymers Market: The Specialty Elastomers Segment Leads the Market
On the basis of the type, the Specialty Polymers Market can be segmented into specialty elastomers, specialty thermoplastics and others. The specialty elastomers type is evaluated to be the leading segment in the specialty polymers market in 2021. During the forecast period 2022-2027, the specialty elastomers segment is expected to grow at a CAGR of 6.7%. Specialty elastomers have the remarkable ability to regain their original size and shape after being significantly stretched. Natural rubber had the largest share of all the elastomers. Natural rubber has superior fatigue resistance and high tensile and tear strength compared to synthetic polymers. Natural rubber is frequently deployed in various engineering applications such as tires, printer rollers, agitators and other parts. Thus, during the anticipated period, this factor would support the market's growth.
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Specialty Polymers Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Specialty Polymers Market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 41.1% share of the total revenue earned by the market globally. The key variables driving the growth of the Asia-Pacific automotive industry include rapid industrialization, rising consumer income and other factors. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the production of the automotive vehicle in Asia-Pacific was 44,276,549 units and in 2021, it was 46,732,785 units, an increase of 6%. Therefore, the increasing automotive production in Asia-Pacific is fueling the demand for Specialty Polymers. This, in turn, is propelling the market growth.
Major Players in this Market
The major companies in the Specialty Polymers market include 3M, A Schulman, Arkema Group, Ashland Inc., Associated Industries Inc., BASF SE, Braskem, Chemtura Corporation, Covestro and Croda International PLC.
The key focus of the companies has shifted towards acquisition. In October 2021, Baker Hughes, a company based in the United States, sold its specialty polymer division to SK Capital Partners LLP. The main goal of this acquisition was to improve SK Capital Partners LLP's position in the Specialty Polymers market.