ALBANY, New York, May 11, 2017 /PRNewswire/ --
The price volatility of raw materials for Superabsorbent Polymers is reflecting upon the competitive landscape of the global Superabsorbent Polymer Market, says Transparency Market Research (TMR) in a new report. To address this, leading producers, namely Evonik Industries, LG Chem Ltd., BASF SE, Nippon Shokubai Co. Ltd., and Sumito Seika Chemicals Co. Ltd. have made heavy investments for the production of raw materials needed for these polymers.
"Looking forward, the introduction of bio-based superabsorbent polymers has extended gainful opportunities for key manufacturers," says analyst at TMR. The eco-friendly nature of these polymers have led to their increased applications across a host of industries such as agriculture, medical and healthcare, and pharmaceuticals.
The global superabsorbent polymers market reached an opportunity of US$184.7 mn in 2014. Displaying a CAGR of 6.80% from 2015 to 2023, the market is expected to be worth US$327.4 mn by 2023.
Need to Increase Agricultural Output Boosts Application of Superabsorbent Polymers for Water Retention
The growing global population is necessitating increased food production for their food needs. Hi-tech farming techniques are yet to be commonly used in underdeveloped and developing countries and rapid depletion of soil water has impacted crop yield significantly putting farmers in a tight situation. On top of this, global warming has affected climate severely, causing drought-like situations in several parts of the world.
Superabsorbent polymers have the property to absorb huge amounts of liquid, including water. This is leading to their increased use in farming for water retention needs. On top of this, superabsorbent polymers have the property to support plant survival in mountains, deserts, and dry lands that are subject to water depletion issues.
The application of superabsorbent polymers in agriculture is expected to remain strong over the forecast period. However, high cost of raw materials may limit their adoption to some extent, anticipates TMR.
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On the other hand, the emergence of bio-based polymers, driven by the increasing environmental concerns and sustainability is expected to extend opportunities for players in this market. Furthermore, the potential applications of bio-based polymers in agriculture, medical and healthcare, and pharmaceuticals are also expected to benefit the growth of superabsorbent polymers market.
Asia Pacific to Display Fastest Growth in Global Market
The global superabsorbent polymers market is divided into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2014, North America stood as the leading consumer of superabsorbent polymers with almost 30% share in the global market. Technical advancements in farming techniques leading to the early adoption of these polymers is also contributing to the dominance of this region.
North America is expected to retain its lead position until the end of the forecast period in 2023. However, Asia Pacific, which stood third in 2014 is expected to pace up growth. The region is expected to display the fastest growth rate over the forecast period. The need to increase agricultural output to feed the rising population in the region is driving farmers to adopt modern agricultural techniques. This, in turn, is fuelling the demand for superabsorbent polymers in Asia Pacific.
Europe is also anticipated to contribute substantially to the revenue of the global superabsorbent polymers market. France and Germany are the top consumers of agricultural superabsorbent polymers in the region.
The review presented in based on the findings of Transparency Market Research report, titled "Superabsorbent Polymer Market for Agriculture - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023."
Research Press Release: http://www.transparencymarketresearch.com/pressrelease/sap-market.htm
The global superabsorbent Polymer Market for agriculture is segmented into:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
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- Medical Superabsorbent Polymers (SAP) Market: http://www.transparencymarketresearch.com/medical-superabsorbent-polymers-market.html
- Itaconic Acid Market: http://www.transparencymarketresearch.com/itaconic-acid-market.html
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SOURCE Transparency Market Research