Polymer Blends & Alloys Market by Type (PC, PPE/PPO-Based Blends and Alloys), Application (Automotive, Electrical and Electronics, Consumer Goods), and Region (Europe, North America, Asia Pacific, and RoW) - Global Forecasts to 2028
Polymer Blends and Alloys Market
The global Polymer Blends and Alloys Market was valued at USD 4.4 billion in 2022 and is projected to reach USD 6.6 billion by 2028, growing at a cagr 6.7% from 2023 to 2028. Over the world, the polymer blends & alloys market is expanding significantly, and during the forecast period, a similar trend is anticipated.
The demand for polymer blends & alloys has been driven by several factors, They offer versatility, design flexibility, making them ideal for creating durable and attractive products. The major applications of polymer blends & alloys include automotive, electrical and electronics, consumer goods, and others.
In the electrical and electronics industry, polymer blends & alloys are widely used in the manufacturing of electronic devices, connectors, housings, and insulation components. These materials offer excellent electrical insulation, thermal management, and design flexibility required for the fast-paced electronics market. Polymer blends & alloys are used in a variety of packaging applications, including food packaging, beverage packaging, and pharmaceutical packaging. They can provide excellent barrier properties to moisture, gases, and chemicals. Polymer blends & alloys are used in a variety of construction applications, including pipes, window frames, and roofing materials. They can provide excellent strength, durability, and resistance to weather conditions.
Attractive Opportunities in Polymer Blends & Alloys Market Trends
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Polymer Blends and Alloys Market Dynamics
Driver: High demand for superior and lightweight polymer blends & alloys products
Polymer blends & alloys provide designers and engineers with greater design flexibility compared to traditional materials. They can be molded into complex shapes, allowing for innovative designs and streamlined production processes. Moreover, multiple functions can be integrated into a single component, reducing the number of parts and assembly time, and enhancing overall product performance and efficiency. Thus, this superior characteristics driving the demand for Polymer blends and alloys.
Restraint: High processing and manufacturing cost
High processing and manufacturing cost of polymer blends & alloys is acting as a barrier in the mass-adoption of polymer blends & alloys in various applications. Plastics manufacturers need to provide better and more economic materials with superior combinations of properties as a replacement for traditional metals and polymers. The compatibility testing of two polymers increases the cost of polymer blends. This is most apparent in cost-competitive markets such as consumer products and appliances, especially when product manufacturers have to worry about matching low-cost overseas suppliers. The high cost of polymer blends & alloys is expected to act as an impediment as the applications where high performance characteristics are not required will chose commodity plastics and base polymers owing to their low prices instead of polymer blends and alloys.
Opportunity: Increasing demand from emerging markets
Asia Pacific economies such as China and India are growing rapidly. South Asian countries such as Thailand and Malaysia also have growth potential along with globalization of economy. The primary driver behind their growth is ever-growing population. With developing economies, per capita income has also been increased in these countries. With growing population, end-use industries such as automotive & transportation, electrical & electronics, consumer appliances, and medical devices are growing. These industries have shown very healthy growth in past five years and this scenario is expected to remain same in the future too. Growth of the automotive sector has resulted in increased demand for polymer blends and alloys.
Challenge: Growing competition and Stringent regulations
The polymer blends & alloys market is in a growing competition phase, with numerous players operating in the market. This makes it challenging for new entrants to establish a foothold in the market. The polymer blends & alloys market is subject to various regulations and standards regarding product quality, safety, and environmental impact. Compliance with these regulations can be a challenge for manufacturers, especially small and medium-sized enterprises.
Based on the application, the consumer goods segment is estimated to account for the fourth largest market share during the forecast period
Based on the application type of consumer goods segment is estimated to account for the fourth largest market share. Polymer blends & alloys are commonly used in the production of appliances such as refrigerators, washing machines, air conditioners, and kitchen appliances. They provide durability, impact resistance, and aesthetic appeal to the appliance components, including housings, handles, knobs, and buttons. Polymer blends & alloys find extensive use in consumer electronics and gadgets such as smartphones, tablets, laptops, televisions, and gaming consoles. They are utilized in casings, bezels, buttons, and other structural components, providing lightweight solutions, design flexibility, and improved impact resistance. These factors will contribute to market growth.
Based on type, the PC based blends & alloys segment is anticipated to register the highest CAGR
Based on type, the market is segmented into PC, PPE/PPO, and others. PC-based blends and alloys offer properties such as ease of processability, toughness, and dimensional stability. PC-based alloys are produced using PC and ABS, due to their characteristics such as impact resistance, stiffness, low temperature impact, ductility, and flame retardance. These blends are used in consumer appliances such as TV & LED frames, electronics, and other digital products. Due to these factors, the PC based blends & alloys type of Polymer blends & alloys is expected to witness the highest CAGR between 2023 and 2028.
Europe to hold the third largest market share during the forecast period
Polymer blends & alloys are extensively used in Europe across industries such as automotive, electrical and electronics, packaging, construction, and consumer goods. Europe's strong manufacturing base, focus on innovation, and commitment to sustainability drive the widespread adoption of these materials. Polymer blends & alloys contribute to lightweight and fuel-efficient automotive components, advanced electronics, sustainable packaging solutions, energy-efficient construction materials, and durable consumer goods. Their versatility, design flexibility, and environmental benefits align with Europe's emphasis on innovation, sustainability, and meeting consumer demands. This factors driving the polymer blends & alloys in the region.
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Key Market Players
The polymer blends & alloys market is dominated by a few globally established players such as Covestro AG (Germany), BASF SE (Germany), Celanese Corporation (US), LG Chemical (South Korea), INEOS Styrolution Group GmbH (Germany), JSR Corporation (Japan), LyondellBasell Industries Holdings B.V. (US), Mitsubishi Engineering-Plastics Corporation (Japan), SABIC (Saudi Arabia), Daicel Corporation (Japan), Asahi Kasei Corporation (Japan), and CHIMEI (Taiwan) among others, are the key manufacturers that secured major contracts in the last few years. Major focus was given to the contracts and new product development due to the changing requirements across the world.
These companies are pursuing a variety of inorganic and organic strategies in order to gain a foothold in the polymer blends & alloys market. The research includes a detailed competitive analysis of these key players in the polymer blends & alloys market, including company profiles, recent developments, and key market strategies.
Polymer Blends and Alloys Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2022 |
USD 4.4 billion |
|
Revenue Forecast in 2028 |
USD 6.6 billion |
|
CAGR |
6.7% |
|
Market size available for years |
2018–2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Value (USD billion/million), Volume (Kiloton) |
|
Segments Covered |
By Type, By Application, Region |
|
Geographies covered |
Europe, North America, Asia Pacific, and RoW |
|
Companies covered |
Celanese, Covestro AG, BASF SE, JSR Corporation, LyondellBasel, Mitsubishi Engineering-Plastics Corporation, SABIC, Daicel Polymer Ltd., Asahi Kasei Chemical Corporation, CHIMEI Corporation, INEOS Styrolution Group, LG Chem, Americhem, Foster Corporation, Chemieuro, Axel Polymers Ltd., Arkema, Radici Group, TRINSEO, Bada AG, ROMIRA GmbH, and Polykemi |
The study categorizes the polymer blends & alloys market based on Type, Application, and Region.
By Type:
- PC
- PPO/PPE
- Others
By Application:
- Automotive
- Electrical & Electronics
- Consumer Goods
- Others
By Region:
- North America
- Asia Pacific
- Europe
- RoW
Recent Developments
- In March 2023, SABIC announced a new partnership with Covestro to develop and commercialize new polymer blends & alloys for the automotive industry. The partnership will focus on developing materials with improved performance and sustainability.
- In September 2022, Mitsubishi Engineering-Plastics Corporation acquired the assets of a German company Polymer Alloys GmbH which specialize in the production of polymer alloys for use in electrical and electronic applications.
- In January 2021, Celanese and RTP Company, a global compounder of custom engineered thermoplastics, announced a collaboration to develop new thermoplastic compounds. The partnership aimed to combine Celanese's polymer expertise with RTP Company's compounding capabilities to bring innovative polymer blends & alloys to the market.
Frequently Asked Questions (FAQ):
Which are the major companies in the polymer blends & alloys market? What are their major strategies to strengthen their market presence?
Some of the key players in the polymer blends & alloys market are Covestro AG (Germany), BASF SE (Germany), Celanese Corporation (US), LG Chemical (South Korea), INEOS Styrolution Group GmbH (Germany), JSR Corporation (Japan), LyondellBasell Industries Holdings B.V. (US), Mitsubishi Engineering-Plastics Corporation (Japan), SABIC (Saudi Arabia), Daicel Corporation (Japan), Asahi Kasei Corporation (Japan), and CHIMEI (Taiwan) among others, are the key manufacturers that secured contracts, deals in the last few years. Contracts and deals were the key strategies adopted by these companies to strengthen their position in the polymer blends & alloys market.
What are the drivers and opportunities for the polymer blends & alloys market?
The need for polymer blends & alloys has increased significantly around the world, particularly in Asia Pacific, North America, followed by Europe, where the major polymer blends & alloys manufacturers are present. Rising R&D efforts and growing technological advancement in manufacturing are anticipated to accelerate market expansion globally.
Which region is expected to hold the highest market share?
Asia Pacific dominated the market share in 2022, showcasing strong demand for polymer blends & alloys from this region. Well-established and prominent manufacturers in this region include LG Chemical (South Korea), Daicel Corporation (Japan), Asahi Kasei Corporation (Japan), Mitsubishi Engineering-Plastics Corporation (Japan).
What is the total CAGR expected to be recorded for the polymer blends & alloys market during 2023-2028?
The CAGR is expected to record a CAGR of 6.7% from 2023-2028.
How is the polymer blends & alloys market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing business. .
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The study involves two major activities in estimating the current market size for the polymer blends & alloys market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. This research involves the extensive use of secondary sources and databases, press releases of companies, Bloomberg, and Factiva to identify and collect information useful for a technical and market-oriented study of the polymer blends & alloys market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. The primary sources are mainly industry experts from related industries and preferred suppliers, manufacturers, distributors, technologists, standards & certification organizations, and organizations related to all segments of the value chain of the polymer blends & alloys industry. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering polymer blends & alloys and information from various trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the polymer blends & alloys market, which was validated by primary respondents.
Secondary research has been used to obtain key information about the supply chain of the polymer blends & alloys industry, the market's monetary chain, the total pool of key players, market classification & segmentation according to industry trends to the bottom-most level, and regional markets. It has also been used to obtain information about the key developments that have taken place from a market-oriented perspective
Primary Research
Extensive primary research was conducted after obtaining information regarding the polymer blends & alloys market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from polymer blends & alloys industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using the polymer blends & alloys industry, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of polymer blends & alloys and future outlook of their business which will affect the overall market.
The Breakup of Primary Research :
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|
COMPANY NAME |
DESIGNATION |
|
Kruger Industries |
Product Development Head |
|
BASF SE |
CEO & Founder |
|
Covestro AG |
Polymer Blends & Alloys Consultant |
|
LyondellBasell |
Sales Head |
Market Size Estimation
The research methodology used to estimate the size of the polymer blends & alloys market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in polymer blends & alloys in different applications of the polymer blends & alloys industry at a regional level. Such procurements provide information on the demand aspects of the polymer blends & alloys industry for each application. For each application, all possible segments of the polymer blends & alloys market were integrated and mapped.
Polymer Blends & Alloys Market Size: Botton Up Approach
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Polymer Blends & Alloys Market Size: Top Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Polymer blends are physical mixtures of polymers and provide a means of combining the useful properties of the constituent components to achieve economic or property advantage polymers are blended to develop a broad range of materials, dilute high-cost engineering resin with a low-cost polymer, and form high performance materials to serve various industries. Properties of polymer blends include tensile strength, flame retardance, impact strength. Compatible polymer blends, miscible polymer blends or multiphase copolymers are termed as polymer alloys, which have same properties as the polymer blends. Polymer alloys are polymeric materials exhibiting macroscopically uniform physical properties throughout their whole volume.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To define, describe, segment, and forecast the size of the polymer blends & alloys market based on type, application, and region
- To forecast the market size of segments with respect to various regions, including North America, Europe, Asia Pacific, and RoW, along with major countries in each region
- To provide detailed information about key factors (drivers, restraints, opportunities, and challenges) influencing market growth
- To analyze technological advancements and product launches in the market
- To strategically analyze micromarkets, with respect to their growth trends, prospects, and their contribution to the market
- To identify financial positions, key products, and key developments of leading companies in the market
- To provide a detailed competitive landscape of the market, along with market share analysis
- To provide a comprehensive analysis of business and corporate strategies adopted by the key players in the market
- To strategically profile key players in the market and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
- Additional country-level analysis of the polymer blends & alloys market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in Polymer Blends & Alloys Market