According to our latest report, the Polymerization Initiator Market is expected to reach USD 5.05 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.5% between 2022 and 2028. An increase in demand from several end-use industries like automotive, food processing, and building & construction is anticipated to drive the market growth.
- The persulfate segment is projected to grow at a significant CAGR over the forecast period. The persulfates release oxygen and that is why compounds are used as oxidizing and initiators agents. The appearance of persulfate types is based on the oxidation requirements and price because the functional characteristics of these materials remain the same, these are used interchangeably in most of their applications.
- The polypropylene segment is estimated to hold a considerable market share in 2021. It is strong as compared to polypropylene copolymer as well as has excellent chemical resistance. Polypropylene is used in several applications such as pipes, healthcare, electrical products, and automotive is fuelling the market growth.
- North America is expected to hold a significant share in 2021. The US and Canada are known as big markets for polymerization initiators in North America.
Some of the major players in the Polymerization Initiator Market include - Arkema (France), BASF (Germany), Celanese (US), AkzoNobel (Netherlands), United Initiators (Germany), Adeka Corporation (Japan), and LANXESS (Germany).
Big players in the industry are focusing on widespread distribution networking. The competitors have strong Research & Development and produce high-performance polymers to end-users requirements.
Increasing production of polymer with high investment in research and development domain for improvement of polymerization processes is driving the market growth. Additionally, polymerization initiators are wide application in several industries coupled with the usage in chain-growth polymerization like radical polymerization for regulating initiation through light or heat are factors fuelling the market growth. On the contrary, factors such as the increasing cost of raw materials required coupled with safety concerns of initiators are factors pulling the market growth down.
Asia Pacific is expected to grow at the fastest CAGR. The growth in this region is due to the largest consumer base of initiators and increasing production of polymers in countries India, China, and Japan. In addition to this, the easy availability of low-cost labor in countries like Indonesia, India is an additional advantage.