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| Specialty Polymers Market |
Overview:
Specialty polymers are a class of polymers that have unique
solution properties that are used in a wide range of applications. They are
often manufactured by using a combination of synthetic approaches and
chemistries to optimize them for specific applications. Medical equipment
manufacturers are utilizing specialty plastics to improve their products and
add functionality. Electrosurgery uses electrical frequencies to cut or destroy
tissue and eliminates the need for surgical tools. These machines require robust housing to protect sensitive components. Specialty polymers such as
PEEK, PARA, and PPSU offer high mechanical strength and thermal performance for
demanding medical environments. Another specialty polymer that is growing in
popularity is PESU, a member of the sulfone family that offers the highest
tensile and flexural strength with excellent clarity.
Market
Dynamics:
Growing acquisitions
are estimated to augment the growth of the global Specialty
Polymers Market during the forecast
period. For instance,
Baker
Hughes' specialty polymer business was acquired by SK Capital Partners LP, in
July 2020. Moreover, rising costs and the complex fabrication of specialty
polymers are anticipated to restrain the growth of the global specialty polymers market during
the forecast period.
Impact
of COVID-19:
The pandemic was first reported in 2019, in China. The WHO
The pandemic affected the growth of many sectors globally. The outbreak also
affected the growth of several sectors globally. It had a huge impact on many
businesses around the world. The pandemic also affected the global economy.
Several sectors had to halt their manufacturing activities as there was a
shortage of raw materials during the lockdowns. The pandemic also led to
disruptions in supply chains. There was a shortage of labor in many industries.
All these factors led to a decrease in demand for specialty polymers. Thus, the
pandemic had a negative impact on the growth of the global specialty polymers
market.
Key Takeaways:
The global Specialty
Polymers Market is expected to witness
robust growth, exhibiting a CAGR of 7.0 % over
the forecast period, due to increasing product launches. For
instance, Arkema
launched a new series of recycled polyamides in October 2022. These will be produced
under the Virtucycle program in Italy.
Asia-Pacific is anticipated to
witness robust growth in the global specialty polymers market during
the forecast period, due to growing automotive
and electrical industries.
Key
players active in the global specialty polymers market are Covestro, 3M, Chemtura
Corporation, A Schulman, Braskem, Arkema Group, BASF SE, Ashland Inc., and
Associated Industries Inc.