Global Polymer Filler Market is anticipated to reach USD 62.54 billion by 2024. Polymer filler is a material are added to polymer formulation to decrease the cost of compounds or improvise on properties. The factors that propel the growth of the polymer fillers market include use of low-density fillers in the automotive industry, stringent environmental regulations, increasing demand for organic fillers, and low cost.
Growth Drivers:
The polymer filler industry is anticipated to grow at a significant CAGR of 5.1% in the upcoming period as the scope, product types, and its applications are increasing across the globe. A new trend that is helping to boost the growth of polymer filler market that have a direct impact on the dynamics of the industry, includes growing demand for lightweight plastic products for automotive applications and growing consumption of Nano-filler for polymers.
Type Outlook:
Polymer filler industry may be explored by type, polymer type, application, and geography. The market may be explored by type as Organics (Natural fibers), Inorganics (Hydro-oxides, Oxides, Salts, Metals, Silicates, and Other types (graphite, wood flour, PTFE, polyester, and aramid fibers)). The “Inorganic Fillers” segment led the polymer fillers market in 2016 and is anticipated to maintain its dominance by 2024.
The key factors that could be attributed to the growth of market include rising demand for low-cost fillers in the developing countries such as India and China, high development and increase in manufacturing of oxides, salts, and silicates, increasing investments in the chemical processing segment.
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Application Outlook:
Based on polymer type, the polymer fillers industry could span thermoplastic, elastomers, and thermoset. The key applications that could be explored in the market include Electrical & Electronics, Automobile, Industrial, Building & Construction, Packaging, and Others. The “Building & Construction” segment led the market of polymer filler in 2016 and is anticipated to maintain its dominance by 2024. The key factors that could be attributed to the growth of market include growing demand for high strength low weight material in the segment, stringent regulations pertaining to vehicular emission, and robust growth in the manufacturing segment.
End-Use Outlook:
- Automobile
- Building & Construction
- Electrical & Electronics
- Industrial Products
- Packaging
Regional Outlook:
Asia-Pacific accounted for the major market share of the polymer filler in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include growth in the building & construction and packaging industries, increased automotive production, and rise in the use of polymer fillers. Asia-Pacific is followed by North American region owing to rising demand for lightweight polymer composites in the U.S.
Prominent Companies:
Some of the key players that fuel the growth of the polymer filler industry comprise 20 Micron Limited, Quarzwerke group, Omya AG, GCR group, Hoffman Minerals, IMERYS S.A., Minerals Technologies, LKAB group and Unimin Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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