Polymer Gel Market overview:
Polymer Gel Market is expected to surpass the market value of over USD 55 billion by the year 2024 while registering a CAGR of 6% during the forecast period.
The three dimensional cross-linked polymer network structure of polymer gels that can also undergo significant deformation is one of the main characteristics driving the growth of the polymer gel market globally. The combination of their distinctive physiochemical properties along with the display of a range of stimuli-responsive actions to external environmental changes has added to a great extent to the development of the market in the past few years.
The wide-range of applications of polymer gel market include several end-use industries such as personal care, robotics, pharmaceuticals, paints & coatings, food, and healthcare. The rising levels of health consciousness among the masses coupled with the emergence of complex diseases and infection based disorders has fast tracked the demand for polymer gel in the production of personal care and hygiene products. The applications commonly observed in the healthcare domain are sanitary pads, diapers, wet wipes, burn treatment, bandages, and face masks among others. The application scope for polymer gel covers an extensive range of products in the personal care industry as well. This demand in the personal care industry is inspired by the increasing focus on personal well-being and maintenance of a trendy lifestyle. As a result of these factors, the cosmetics industry has emerged as one of the foremost consumers in the polymer gel market. Moreover, an extensive level of investment by the governments is likely to offer a lucrative opportunity for the personal care product manufacturers globally to launch their facilities in this market.
The key strategic moves being initiated by the noteworthy industry players include product launches, capacity expansions, and supply agreements that are being leveraged upon to expand the market share in the forecast period dramatically. Additionally, advantageous foreign direct investment (FDI) policies offered by the emerging economies for this market are among one of the significant drivers of the market.
Segmental Analysis
The segmentation of the polymer gel market is carried out on the basis of type, raw material, form and end use industry. On the basis of raw material, the market is segmented into Poly Vinyl Alcohol (PVA), Poly Acrylic Acid (PAA), Poly Acrylonitrile (PAN) and Silicon. The Poly Acrylic Acid (PAA) is responsible for the major share of the market in 2017 and is estimated to reach USD 7,833.3 million. By Type, the market is segmented into Hydrogel and Aerogel. The hydrogel segment controlled the market in 2017. Nevertheless the aerogel is projected to expand at a high CAGR of 8.69 percent in the forecast period. The end-use industry comprises of healthcare, oil & gas, building & construction, cosmetics & personal care, agriculture, water treatment and electrical & electronics. The cosmetics & personal care is controlling the market is expected to achieve the value mark of USD 4,785.2 million till 2023. The form based segmentation of the market consist of semi-crystalline, particle, amorphous, blanket, and monolith. The semi-crystalline form is expected to grow at a maximum CAGR of 7.26 percent by 2023.
Detailed Regional Analysis
The polymer gel market covers regions around the world such as Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to be the major market for polymer gel over forecast period. This is primarily due to the altering lifestyle of the people in this region and promising government policies implemented by the emerging economies i.e. China, India, and South Korea. India is expected to appear as a significant revenue pocket and a strong market for polymer gel in the review period due to growing emphasis of policymakers on refining health index of the people in their country. Following the Asia Pacific region, the North American region is the next major region in this market. The Europe region is another considerable region in this market, after the North American region. The Latin America and the Middle East & Africa region holds a relatively small share in this market.
Competitive Analysis
The market includes a substantial number of the well-known Tier-1 and Tier-2 companies, along with a considerable incidence of small and medium scale industries. The vital companies in this market are implementing collective approaches and business tactics to increase a significant revenue and market share. LG Chem Ltd., Evonik Industries AG, BASF SE, Nippon Shokubai Co., Ltd., Sumitomo Seika Chemicals Co., Ltd., Aspen Aerogels, Inc., Archer Daniels Midland Company, SNF Holding Company, KATECHO, INC., Cabot Corporation, Chemtex Speciality Limited, and Aerogel Technologies, LLC among others are a few of the important players functioning in the polymer gel market.
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