Demand for polymer fillers to reach US$53.10 bln by 2020 at CAGR of 3.3%

10-May-16

The global polymer filler market is estimated to reach US$53.10 bln by 2020, registering a CAGR of 3.3% between 2015 and 2020, as per Research and Markets. The rising demand of organic fillers such as natural fibers, wood flour, and hemp has forced automotive, construction, and packaging industries of various countries to initiate the use of polymer fillers. High-quality optical properties, improved impact strength, and ability to replace expensive plastic resins make it the preferred material for various applications. The rising demand for low-cost fillers in countries, such as China, and India, is projected to increase their demand in the coming years. The Indian government has started investment promotion programs to assist companies that are developing and manufacturing salts, oxides, and silicates pushing the growth of this market upward. The Chinese government is focusing on the growing manufacturing sector that is driving the consumption of plastics-related products, domestically and hence increase the demand for polymer fillers in the Asia-Pacific region. Asia-Pacific was the largest and North America was the second-largest market for polymer fillers in 2014. Asia-Pacific also registered the highest growth rate between 2015 and 2020. Innovations, developments, and demand in the consumer industries for better products are directly affecting the rise in the use of polymer fillers. The excessive growth and innovation, along with industry consolidations, are projected to ascertain a bright future for the industry in the region. The high demand in Asia-Pacific is due to growth in the building & construction as well as packaging industries in the last few years. There is an increase in the use of polymer fillers for building & construction, packaging, and automotive industries in Asia-Pacific due to the continued industrialization and rise in the manufacturing sector of the region.