Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The polymer blends & alloys market is estimated at USD 4.4 billion in 2022 and is projected to reach USD 6.6 billion by 2028, at a CAGR of 6.7% from 2023 to 2028. Factors driving the markets can be attributed to properties of polymer blends & alloys, rising applications from emerging economies, technological advancements, and others.
The PC-based polymer blends & alloys is projected to register the highest CAGR during the forecast period
The PC-based segment dominated the overall polymer blends & alloys market, both in terms of value and volume in 2022. PC-based blends & alloys have excellent thermal stability, toughness, and dimensional stability, and therefore they have become commercially important. PC polymers are compatible with various polymers. Commonly used PC-based blends are PC/ABS, PC/PET, and PC/PBT blends and alloys. PC-based blends are used in applications such as automotive, electronics, business machines, medical equipment, optical media, and consumer appliances. PC polymers produce lighter, stronger, and more durable components that are used on automotive parts. PC-based blends provide all the necessary properties to manufacture lightweight, durable, and more economical vehicles, meeting consumer requirements.
The automotive end-use industry accounted for the largest share of the overall polymer blends & alloys market
The polymer blends & alloys market, in terms of value, was dominated by the automotive industry in 2022. The automotive industry uses engineered polymers and their blends in a wide range of applications. Many types of polymer blends are used in more than a thousand different parts of all shapes and sizes. polymer blends & alloys have been directed at the replacement of conventional materials, most typically, metals. Although plastic raw materials can be more expensive than metals on a weight basis, they are often more reasonable when the final manufactured cost is considered. This is because plastic parts can unify many purposes into fewer parts. They usually need less complex assembly (e.g., they are amenable to snap fitting and ultrasonic welding) and can be handily formed (by injection molding) into complex finished shapes, even integrating textured high gloss surfaces. In use, they are extra corrosion resistant and lighter in weight than metals, which is particularly crucial for fuel economy in automotive applications.
During the forecast period, the polymer blends & alloys market in Asia Pacific region is projected to register the highest market share
Asia Pacific led the polymer blends & alloys market in 2022 due to the presence of large electronics industry and growth in various end-use industries in the region. China dominates the production capacities due to lower tax rates and the availability of labor and raw material. Many European and North American companies have shifted their focus to China and India for the production of different chemical products to cater to the demand from the Asia Pacific market. The Asia Pacific region is already the prime market for global electrical & electronics and consumer & appliances, attracting the demand for polymer blends & alloys. Japan is also a manufacturing hub for innovative products with investments in R&D and innovation centers. Major local engineering plastics manufacturers such as LG Chemical (South Korea) and Mitsubishi Engineering-Plastics Corporation (Japan) are also engaged in new product developments for existing applications.
Competitive Landscape
- Americhem
- Arkema
- Asahi Kasei Corporation
- Axel Polymers Limited
- Bada AG
- BASF SE
- Celanese Corporation
- Chemieuro
- Chimei Corporation
- Covestro AG
- Daicel Corporation
- Foster Corporation
- INEOS Styrolution Group GmbH
- JSR Corporation
- LG Chem
- LyondellBasell Industries N.V.
- Mitsubishi Engineering-Plastics Corporation
- Polykemi
- Radici Partecipazioni Spa
- Romira GmbH
- SABIC
- Trinseo
Premium Insights
- Demand from Automotive Applications to Drive Market
- PC-based Segment Accounted for Largest Share
- Automotive Segment Led Market in 2022
- India to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Polymer Blends Replacing Traditional Materials and Base Polymers in End-Use Applications
- Growth of End-Use Industries
- Increasing Demand for Manufacturing Lightweight Vehicles
- Laws and Regulations Enforced by Governments
Restraints
- High Processing and Manufacturing Costs
- Fluctuations in Prices of Raw Materials
- Limited Treatment Plants and Lack of Expertise in Recycling Polymer Waste
Opportunities
- Growing Demand for EVs
- Increasing Penetration of Polymer Blends & Alloys in Consumer Goods
Challenges
- Volatility of Crude Oil Prices
- High Costs of Recycled Plastics
- Existence of Alternate Products with Identical Properties
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 201 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.4 Billion |
| Forecasted Market Value (USD) by 2028 | $6.6 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
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