The global polymer filler market is expected to reach USD 62.54 billion by 2024, according to a new report by Grand View Research, Inc. the surge in demand for low-density fillers with better impact strength is likely to propel the market growth. Polymer fillers are likely to emerge as a cheaper alternative to costly plastic resins over the forecast period. Increasing demand for low-cost fillers from various end-use industries in both developed and emerging countries such as the U.S., Germany, India, China, etc. is expected to propel the market growth.
Stringent regulations pertaining to automotive pollution has forced automotive manufacturers in the U.S. and Europe to use lightweight materials for manufacturing. Development of novel low-density fillers is expected to propel the market growth.
Inorganic fillers were the leading product segment and accounted for 78.9% of total market volume in 2015. However, organic fillers are expected to witness a brisk growth of 5.6% over the forecast period. Increasing environmental concerns have attracted more industries to opt for organic filers rather than traditional inorganic fillers. Abundant availability along with renewable nature of the natural fibers such as wood, cellulose, etc. is also expected to have a positive impact on the market growth.
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Further key findings from the study suggest:
- Global Polymer Filler Market demand was 31.75 million tons in 2015 and is expected to reach 49.72 million tons by 2024, growing at CAGR of 5.1% from 2016 to 2024
- Automotive and building & construction collectively accounted for over 40% of total market volume in 2015. Increasing demand for high strength plastic composites in all these end-use industries is expected to drive the market growth. Automotive is also expected to witness the highest growth of 5.9% over the forecast period.
- Asia Pacific emerged dominated the global market with demand share exceeding 45% in 2015. Burgeoning building & construction industry along with favorable governmental regulations in India, China, Indonesia, and Thailand is likely to drive the regional market. Increasing demand for lightweight polymer composites in the U.S. is expected to propel the North American market over the forecast period.
- Key market players include Quarzwerke group, 20 Micron Limited, GCR group, Omya AG, Imerys S.A., Hoffman Minerals, Minerals Technologies, Unimin Corporation, LKAB group. Global polymer fillers industry is fragmented in nature, and the threat of new entrants is high due to lower initial investment. Despite presence of a large number of market players, the value chain is mainly dominated by end-use industries as most of the polymer composites are manufactured considering the application requirements.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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