Market Trends of Polymer Filler Industry
This section covers the major market trends shaping the Polymer Filler Market according to our research experts:
Increasing Demand from Building & Construction Industry
- Polymer filler is a material which is added to polymer in order to reduce the cost and improve the physical and chemical properties of the compound by replacing expensive resins.
- The growing demand for environment-friendly construction materials is increasing the demand of polymer fillers in building & construction industry and thus, propelling its market during the forecast period.
- Additionally, the popularity of calcium carbonate fillers is increasing in the construction applications owing to which polymer filler market is expected to grow at a brisk pace.
- Furthermore, the building & construction industry is growing at a rapid pace owing to increasing population and rapid industrialization and urbanization. This is likely to increase the demand of polymer fillers and thus, stimulate the polymer filler market.
- The building & construction industry is expected to grow at a CAGR of over 4% during the forecast period and is expected to reach USD 10.5 trillion by 2023. This is likely to provide ample opportunities for the polymer filler market to grow during the forecast period.
- Owing to all the above-mentioned factors for polymer filler, its market is expected to grow rapidly over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for polymer filler during the forecast period. In countries like China & India, owing to increasing demand from various end-user industries such as automotive, packaging, and construction & building, the demand for polymer filler has been increasing in the region.
- The growing demand of high strength and low weight materials in electric vehicles to increase the efficiency of electric vehicles is expected to boost the demand of polymer filler in the region.
- Also, the rapid growth in the manufacturing sector in countries like China & India is increasing the demand for composite plastics and consequently propelling the polymer filler demand.
- Additionally, the demand for polymer filler is growing in the packaging applications as the packaging materials made using polymer fillers are easy to seal and also help in keeping the food fresh for longer duration.
- The Asia-Pacific electric vehicles market is projected to register a CAGR of over 20% during the forecast period and is expected to reach USD 350 billion by 2027. This is likely to provide lucrative opportunities for the polymer filler market to grow during the forecast period.
- Some of the major companies operating in Asia-Pacific region are - Imerys and 20 Microns Limited.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for polymer filler during the forecast period.
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