Global Functional Polymer Market: An Overview
The global functional polymers market is expected to expand at a healthy growth rate during 2018-2026. The market is witnessing a rising demand for functional polymers, due to their diverse application as catalysts, reagents, protecting groups, and many others. Their additional mechanical stability and functioning reactions are key to end-user industries. Additionally, these polymers can also be molded in physical shapes and for enhancing chemical reactions, thanks to their flexible industrial nature.
Their wide ranging applications include washing agents in agriculture and medicine. Growing demand for dyes is also driving growth for the functional polymer market. Functional polymers offer a wide variety of benefits for coloring hair through properties such as thermal stability, biocompatibility, chemical stability, solvent resistance, and great color fastness. The functional polymer market is also witnessing growth due to functional and surface coatings. Polymer coating provide an added advantage of superior protection and adherence from corrosion. Furthermore, polymer’s use as a catalyst for a wide variety of chemical reactions in industries are likely to generate considerable growth for the functional polymer market in the near future.
Global Functional Polymer Market: Notable Developments
- According to a new study, polymer-based Nano medicine can revolutionize the treatment of cancer in the near future. As per the study published in the Journal of American Chemical Society (JACS), polymer and Nano medicine combination results in negligible immunotoxicity and high level of therapeutic performance for cancers. Researchers in the study developed a theranostic supramolecular polymer using β-cyclodextrin as the host. This advanced potion delivered superior ant metastasis capability, and antitumor performance. This development can propel the functional polymer market significantly, thanks to a growing number of cancers worldwide.
- Polymer based techniques are widely being experimented in the medical sector. A recent study has paved way for artificial limbs, guided by light. A new polymer based material mechanism enables shrinking of materials and changes in shape as needed. The study presented at American Chemical Society’s national meeting, the researcher said, they can apply the new polymer in any 3D network and turn it into a stimuli-responsive material. Growing research and development activities such as these driven by growing interest in polymers are expected to create significant opportunities for many players in the functional polymer market.
Global Functional Polymer Market: Key Trends
The global functional polymer market is expected to expand significantly in the near future, thanks to a rising demand for lightweight material. The materials are rising in demand due in automotive and aerospace industries as well. Additionally, increased in medical applications and depleting petrochemical resources are also expected to drive growth for the functional polymer market.
Growth of bio-based functional polymers is also a positive sign for the functional polymer market. These polymers, derived from agricultural feedstock such as potatoes and corn is lowering dependency on petrochemicals through products such as polybutylene succinate (PBS), polyethylene terephthalate (PET), polyethylene (PE), and polypropylene (PP).
Global Functional Polymer Market: Regional Outlook
The global functional polymer market report will be divided into several main regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The functional polymer market is expected to grow significantly in North America due to growing investment in medical breakthroughs, and growing demand in 3D applications. Additionally, rising automotive and defense related applications are also expected to drive growth in Asia Pacific region in the functional polymer market.
Global Functional Polymer Market: Competitive Dynamics
The global functional polymer market is a competitive and fragmented landscape. Increased innovation and low cost initial investments are driving growth for the functional polymer market in many regions. Some key players in the functional polymer market are Schneider Electric, Honeywell, Federal Signal Corporation, WERMA Signaltechnik, Larson Electronics, and Eaton.
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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