Specialty Polymers Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Specialty Elastomers, Specialty Composites, Specialty Thermoplastics, Specialty Thermosets, and  Other Types), By End-user Industry (Automotive and Transportation, Consumer Goods, Building and Construction, Coatings, Adhesives, and Sealants, Electrical and Electronics, Healthcare, and Other End-user Industries), and Region

Specialty Polymers Market size was valued at US$ 85.6 billion in 2023 and is poised to grow at an 6.7% CAGR from 2024-2030. Specialty polymers are proprietary polymers, resins, monomers, and intermediates which include products that are based on proprietary curing technologies or chemistries, or that are designed for specialized applications such as Ionic Polymer Metal Composites (IPMC), Liquid Crystal Polymers (LCPs), Synthetic Polymer Membranes, Smart Hydrogels, and Dendritic Polymers. An increase in house sales and new project launches have led to a rise in the demand for coatings, sealants, and construction chemicals. The increasing demand for healthcare, electrical, and electronics is leading the market recovery over the last two years.

The market was negatively impacted by the COVID-19 outbreak in 2020. Owing to the pandemic scenario, several countries went into lockdown, which led to supply chain disruptions, work stoppages, and labor shortages. However, the market has been recovering well since restrictions were lifted. Moreover, the major factors driving the market studied are the increasing applications in the construction and electronic industries, the commercialization of lightweight polymers for automotive and aerospace applications, and the growing availability of feedstock derived from natural gas and crude oil processing. However, fluctuating operational costs to derive feedstock and technological obsolescence due to constantly changing end-user needs are expected to hinder the market's growth.

Further, the emerging specialty polymer technologies in various industrial applications and prolific commercialization of engineered polymer and specialty film products are likely to act as opportunities for the market studied over the forecast period. Owing to their suitable properties, such as excellent thermal resistance, wear resistance, ease of processing and designing, and fatigue endurance, specialty polymers are extensively used in the automotive and transportation industries. These materials are reliable and safe for vehicles due to their exceptional thermal resistance. They provide sophisticated aesthetic appeal to cars at competitive prices. With the rise in demand for lightweight and fuel-efficient cars, polymers use increased in automotive parts to replace heavy metals to reduce weight. It is estimated that every 10% reduction in vehicle weight results in a 5-7% reduction in fuel usage. As specialty polymers play a crucial role in automobile manufacturing, the demand for these materials is increasing with the rising sales of vehicles worldwide.

Specialty Polymers Market Key Developments

• In October 2022, Evonik collaborated with two new partners to distribute the group's high-performance polymers. TER Chemicals took over the distribution of VESTOSINT polyamide 12 powders across Europe, the Middle East, and Africa (EMEA). Biesterfeld Performance Rubber GmbH handles the distribution of VESTENAMER rubber additives in the EMEA region (except Italy).
• In October 2022, Arkema announced a new series of recycled polyamides produced under the Virtucycle program at a recycling center In Italy, partially or fully recycled Rilsan polyamide 11, Rilsamid polyamide 12, and Pebax polymers.