The polymer fillers market is estimated to capture a valuation of US$ 36.2 billion in 2023 and is projected to reach US$ 56.2 billion by 2033. The market is registering a CAGR of 4.5% during the forecast period.
How is Automotive Sector Driving the Global Market?
The automotive sector is significantly driving the global market by increasing the demand for durable, stiff, and strong polymer fillers. The demand for polymer fillers is increasing in the automotive sector for various parts, including engine components, dashboards, fenders, and interior trim.
Manufacturers in the automotive sector develop lightweight vehicles and are rapidly surging the global market. Polymer fillers reduce the weight of automotive components and improve fuel efficiency. These filters are reduced maintenance costs and enhance the shelf life of components.
The automotive sector is rapidly growing in developing countries, including China and India. The automotive industry is raising the global market by developing high-strength and fuel-efficient vehicles. These polymer fillers enhance performance and promote sustainability and electrical conductivity.
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Key Takeaways:
- The polymer fillers market is estimated to capture a valuation of US$ 56.2 billion with a CAGR of 4.5% during the forecast period.
- In the historical period, the market secured a valuation of US$ 34.7 billion with a CAGR of 2.4% in 2022.
- The United States is leading the global market by registering a share of 9.9% by 2033.
- Japan is capturing a significant share of 8.2% of the global market during the forecast period.
- With a share of 3.4%, Germany is registering a fueling global market by 2033.
Key Players are Upsurging the Global Market
The key players in the global market are developing innovative products by investing in research and development activities. These key players are developing organic materials to improve the quality and performance of polymer fillers and promote sustainability. The key players are adopting various marketing strategies, including mergers, acquisitions, collaborations, partnerships, agreements, and product launches.
The key companies are developing organic and inorganic polymer fillers such as carbon black, talc, silica, and glass fibers. They are producing several types of polymer fillers through new and advanced technologies. A few of these companies are Evonik Industries Inc, Huber Engineered Materials, SA Minerals Technologies Inc, and Cabot Corporation.
Recent Developments in the Global Polymer Fillers Market are:
- In 2021, Evonik Industries AG announced its acquisition of Porocel Group. This acquisition took place to expand Evonik’s business with the expertise and technology of Porocel Group.
- In 2021, Huber Engineered Materials launched its new manufacturing of carbonate production in Georgia. This expansion took due to growing demand by end-use industries, including plastics and coatings in the country.
- In 2020, Cabot Corporation launched its new product LITX G700 series. This newly launched series is designed to enhance the safety of car batteries and improve their performance.
- In 2020, Minerals Technologies Inc announced its newly launched product named Synthetic Magnesium Hydroxide. It is designed to promote sustainability and alternate option towards traditional flame retardants.
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Polymer Fillers Market by Category
By Product Type:
- Organic Fillers
- Natural Fibers
- Carbon, Others
- Inorganic Fillers
- Oxides
- Hydro-oxides
- Salts, Silicates
- Others
End Use Industry:
- Automotive
- Building & Construction
- Electrical & Electronics
- Industrial Products
- Packaging
- Others
Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East and Africa
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