The global polymer alloys market size is anticipated to witness remarkable growth in the forthcoming years. The structural characteristics of polymer alloys make them useful in the manufacturing of automobile parts. The continuous expansion of the automobile industry is likely to augment the growth of the polymer alloys market. Fortune Business Insights™ has presented this information in an upcoming report titled, “Polymer Alloys Market, 2022-2029”.
As per the report, the market is gaining immense popularity due to several reasons. For instance, the increasing working population is driving the demand for personal vehicles. Polymer Alloys are used to manufacture plastic bumpers, automotive hose covering, rubber plates, etc. The escalating demand for personal vehicles is anticipated to fuel market growth in the forthcoming years.
Key Players in the Global Polymer Alloys Market are:
The Dow Chemical Company
Mitsubishi Engineering-Plastics Coporation
Asahi Kasei Corporation
Daicel Polymer Ltd.
The Lubrizol Corporation
Ovation Polymers Inc.
On the basis of type, the market bifurcates into PPO/PPE-based alloys and PC-based alloys. On the basis of application, the market segments into electrical & electronics, automotive, oil & gas, etc. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
The report provides an exhaustive analysis of the market.
The report follows bottom-up and top-down approaches to market research.
The report highlights key trends in the global market.
The report highlights new product launches, technological advancements, etc., in the market.
The report highlights the competitive landscape of the market and provides rankings of key players in the market.
Drivers & Restraints-
Rising Purchasing Power & Growing Demand of Vehicles to Bolster Market Growth
The continuously expanding demand for personal vehicles coupled with the swelling automotive industry across the globe is likely to augment the global polymer alloys market growth. The advent of electric vehicles and their rising adoption is expected to propel market growth further.
Furthermore, the enhancing safety standards across the globe are growing the emphasis on improving manufacturing grades. This is likely to augment the market growth.
The increasing purchasing power is augmenting the demand for automotive. This is likely to augment the market growth for polymer alloys.
The rising FDI in developing nations is likely to expand the automotive industry and thereby propel the growth of the polymer alloys market.
Additionally, the product is used as a core material in manufacturing smartphones, tablets, laptops, etc. The swelling electric & electronics industry is anticipated to complement market growth in the forthcoming years.
However, the volatile prices of the product and increasing market competition are likely to hinder the market growth.
Asia Pacific is likely to dominate the global polymer alloys market share. The rising purchasing power augments the demand for vehicles. The expanding automotive industry and the increasing FDI in emerging countries like India, Japan, China, etc., in the automotive industry, are likely to bolster market growth.
North America is anticipated to occupy a large share in the global market. The increasing demand for SUVs and minivans is likely to augment the sales of personal vehicles in the region and propel the market growth for polymer alloys.
Europe is projected to witness substantial growth. The increasing adoption of electric and hybrid vehicles, increasing government restrictions on using fossil-fuel-based vehicles, and rising government initiatives regarding the adoption of electric hybrid vehicles are likely to augment the market growth in Europe.
The Middle East & Africa is likely to witness steady growth. The development of new production technologies for the product is likely to augment market growth in the forthcoming years.
Latin America is anticipated to observe moderate growth. The increasing number of manufacturing industries propel are likely to fuel market growth.
Key Players Emphasize on New Product Launches to Fulfill Unmet Demand
The market is fairly fragmented and comprises several regional and global players. The key players have a strong emphasis on research and development activities and the launch of new products. The key players also focus on acquisitions, mergers, expansions, collaborations, etc., to strengthen their market position. Most recently, Polyscope Polymers launched a new engineering thermoplastic alloy in July 2019. The injection moldable polymer called XILOY SO2315 is aimed to fulfill the needs of the microfluidic medical-test device segment.
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