The opaque polymers market is projected to grow from USD 1.70 Billion in 2017 to USD 2.82 Billion by 2022, at a CAGR of 10.7% during the forecast period. This growth is primarily driven by an increase in the prices of TiO2 pigments and rise in demand for decorative and architectural paints & coatings. Styrene acrylic-based opaque polymers are increasingly preferred for the development of paints & coatings. The increasing demand for decorative and architectural paints in the construction industry is further driving the growth of the opaque polymers market. The consumption of opaque polymers in both, developed and emerging countries, has been increasing in recent years.
The opaque polymers market has been segmented on the basis of type into solid content 30% and solid content 40%. The solid content 30% segment accounted for the largest share of 65.2% of the opaque polymers market in 2016, in terms of volume. Moreover, solid content 30% is the fastest-growing type segment of the opaque polymers market. This growth can be attributed to the high demand for solid content 30% opaque polymers in the paints & coatings application, owing to the increased drying time of these polymers. In addition, solid content 40% opaque polymers are used in detergents and personal care product formulations.
Based on application, the opaque polymers market has been segmented into paints & coatings, personal care, and detergents. The paints & coatings application segment accounted for the largest share of the opaque polymers market in 2016. This application segment is projected to grow at the highest CAGR during the forecast period both, in terms of value and volume. The rising demand for decorative paints in the construction industry is driving the growth of the opaque polymers market in paints & coatings application.
Asia Pacific, North America, Europe, South America, and the Middle East & Africa are considered as key regions in the opaque polymers market. Asia Pacific is the largest market for opaque polymers. Economic development in Asia Pacific countries and increased investments in the construction and personal care industries are key factors projected to drive the growth of the opaque polymers market in this region. The opaque polymers market in China, India, the US, and Brazil are also witnessing growth, owing to the increasing construction activity in these countries. However, lower performance of opaque polymers as compared to TiO2 pigments in manufacturing industrial paints is acting as a restraint to the growth of the opaque polymers market.
Key players operating in the opaque polymers market include The Dow Chemical Company (US), Arkema (France), Ashland (US), Interpolymer Corporation (US), and Organik Kimya (Turkey). These players are focused on the adoption of key growth strategies such as expansions, new product launches, acquisitions, and joint ventures to strengthen their market position and widen their customer base. For instance, in 2016, The Dow Chemical Company (US) established a polymer manufacturing facility in Saudi Arabia to enhance its regional presence in the opaque polymers market. Moreover, in 2017, the company merged with DuPont (US) to cater to the increased demand for opaque polymers from the construction industry. Such worthy developments undertaken by companies have contributed to the growth of the opaque polymers market.