Polymer Blends and Alloys Market size is forecast to reach $5.3 billion by 2025, after growing at a CAGR of 5.40% during 2020-2025. Polymer blends and alloys are being used in different applications due to their unique physical and mechanical properties such as lightweight, strength, heat resistance, durability, chemical stability, thermal stability, recyclability, and dimensional stability that cannot be achieved by any other material. There is an increasing demand of polymer blends and alloys as they are cost effective and they are versatile alternative to the traditional materials in the market. These extensive characteristic properties of polymer blends and alloys are anticipated to enhance the overall growth of the polymer blends and alloys market substantially.
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By Type – Segment Analysis
The Polycarbonate based blends and alloys segment holds the largest share in the polymer blends and alloys market in 2019, owing to properties such as corrosion resistant, dielectric stability, and thermal resistance. PC based blends and alloys are mainly used in commercial applications such as electronic components and construction materials as they are lightweight and immune to corrosion. These factors are estimated to lead rapid utilization of polymer blends and alloys in the market during the forecast period.
By End Use – Segment Analysis
The automotive application holds the largest share in the polymer blends and alloys market in 2019 and is growing at a CAGR of 5.90%, owing to its wide usage in production of automotive hose covering, propane gas hose, rubber plate, and manufacturing of plastic bumpers. In June 2017, Clean Energy Ministerial launched a campaign EV30@30 to accelerate the utilization of electric vehicles across the globe. This led to increased number of electric vehicles and is anticipated to further increase the manufacturing of electric vehicle in the coming years. The increased usage of Polycarbonate and acrylonitrile-butadiene-styrene based polymer alloy in manufacturing various interior and exterior automotive components requires polymer alloys, which will drive the polymer blends and alloys market.
By Geography – Segment Analysis
Asia Pacific holds the largest share in the polymer blends and alloys in 2019 up to 30%, owing to economic growth and significant industrialization in the region. In 2018, According to OICA the automotive production in India, Thailand, Indonesia and Malaysia has increased up to 5174645, 2167694, 1343714 and 564800, i.e., 8.0%, 9.0%, 10.3% and 12.2% higher than previous year due to rising per capita income of the individuals which further led to massive demand for advanced automotive machines manufacturing in the APAC region. There is an increasing demand for polymer blends and alloys in APAC as they offer manufacturers and designers with benefits such as corrosion resistance, high strength-to-weight ratios, dimensional stability, heat resistance and durability. According to Department for Promotion of Industry and Internal Trade (DPIIT), the Indian automotive industry has attracted Foreign Direct Investment (FDI) worth US$ 22.35 billion during the period April 2000 to June 2019, which is likely to influence the growth of the polymer blends and alloys market in APAC region.
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Drivers – Polymer Blends and Alloys Market
Polymer blends and alloys are cost effective and versatile alternative to traditional materials such as wood, glass and metal. The manufacturers in various regions are willing to invest extra capital on products that guarantee them quality and efficiency over high cost. There is an upsurge to replace traditional metals and glasses by lightweight materials such as polymer blends and alloys to deliver better superior and economic products in the market which acts as a driver for the polymer blends and alloys market.
Polymer blends and alloys are extensively being used in the automotive applications for manufacturing engineering plastic products such as bearings, pump impeller, valves, electrical components, gears and others, as they offer an outstanding balance of toughness, impact resistance and durability over a broad range of temperatures. The compounds of HDPE/nylon alloys with molybdenum sulfide are being extensively used in the bearing applications. Mixtures of polymer such as rubber are being used in the automotive industry for manufacturing tires to improve ductility and impact resistance through craze formation. According to OICA in 2018, there has been an increase of 3.0% in the production of passenger vehicles in North America region. Therefore the increasing production of automotive in various region acts as a driver for the polymer blends and alloys market.
Challenges – Polymer Blends and Alloys Market
Almost 127 countries have adopted some legislation to regulate the usage of plastics, as it leads to increased land pollution, marine pollution and recyclability issue. Compatibilization of polymer blends has become a threat due to the increased demand of recycled and bio products from the consumers as it is not possible to completely separate the plastic waste. All these factors are likely to decrease the production and consumption of plastic in the near future, thereby hampering the global polymer blends and alloys market. The high processing and manufacturing cost of polymer alloys also acts as a restrain for the market in the near future.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the polymer blends and alloys market. In 2019, the market of polymer blends and alloys has been consolidated by the top five players accounting for xx% of the share. Major players in the polymer blends and alloys market are Saudi Basic Industries Corporation, E. I. du Pont de Nemours and Company, Covestro AG, A. Schulman Inc., Mitsubishi Engineering Plastics Corp., Daicel Polymer Ltd., Asahi Kasei Chemical Corporation, BASF SE, Japan Synthetic Rubber Co., Ltd., Celanese Corporation and Chi Mei Corporation among others.
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