A polymer is a class of synthetic or natural substance that is composed of macromolecules. They form the basis of minerals such as quartz, diamond, and feldspar. Polymers also include man-made materials such as concrete, paper, glass, plastics, and rubbers.
The growing demand for polymers can be attributed to the growth of end-use industries such as automotive, packaging, transport rails, telecommunication, and infrastructure from emerging economies. The increase in adoption of polymer-based products is mainly due to the lightweight, strength, and design flexibility offered by them.
However, the global demand for the polymer is expected to witness a substantial growth over the coming years due to several factors, including the rise in demand for plastics across several vertical industries such as food and beverages and packaging.
The Business Challenge[spacer height=”20px”]
The client– A leading player in the chemical industry, specializing in the manufacturing of polymers
Objective– To identify market segments with the most potential and address their specific needs to improve the overall market share. The primary intention was to focus on product development, marketing, and resource usage in segments with the most potential to multiply their service and marketing efficiency.
An international player in the chemical industry, specializing in the polymer manufacturing, wanted to implement precise market segmentation based strategies. As such the client approached our team of experts to leverage the use of Infiniti’s market segmentation solutions to gain detailed market insights.
The client also wanted to forecast and classify the demand in the global polymer market based on several factors such as demand category and regional distribution. The polymer manufacturing company also wanted to leverage the use of Infiniti ’s market segmentation solution to better understand the target market’s preferences and opportunities.
Their primary intention was to identify and segment the characteristics of the underlying market segments and use the extracted data for profitable and effective marketing. Additionally, the client also wanted to develop a strategic business plan to support the conclusion based on market segmentation.
Results– The market segmentation engagement unearthed a series of findings that played a key role in enhancing their local and global strategies. Our solution also helped the polymer manufacturer in understanding the global scenario and the competitive environment of the polymer manufacturing market space, which, in turn, assisted them in making better strategic marketing decisions and enhance their overall business growth.
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The Journey[spacer height=”20px”]
The market segmentation experts at Infiniti carried out extensive research comprising of interviews and discussions with leading stakeholders across the chemical industry to help the client improve business efficiency. The experts at Infiniti further compiled information from a wide array of secondary sources such as paid industry databases, company presentations, and industry forums to help the client understand the global competitive scenario.
The Solution and the Business Impact[spacer height=”20px”]
Using primary data collected from approximately 200 channels, along with several secondary sources of information, Infiniti’s market segmentation experts evaluated the size and growth rate of the polymer manufacturing sector. With the help our solution, the client was able to determine customer needs, evaluate the competitive landscape, and analyze the value chain economics.
The market segmentation engagement also enabled them to improve their customer retention strategies by focusing on the most profitable customers. Leveraging market segmentation also offered detailed insights on market segments and opportunities in the market. Furthermore, this engagement provided information on the economic, competitive, and political environment in different segments, which influence the growth of the market. The solution offered also helped the client to improve their overall organizational performance by enhancing their business strategies.
Polymer market trends[spacer height=”20px”]
- 3D printing technology– The emergence of 3D printing technology has brought substantial changes in the polymer sector. Several leading players in this sector have already adopted this technology and implemented it in their processes. Also, the emergence of industrialized 3D printing will affect a number of different operations within the polymer industry.
- Climate protection initiatives– Climate protection initiatives fuel sustainability practices within the polymer sector. Also, leading manufacturers of thermoplastic elastomers among other polymer manufacturers are currently developing sustainability practices to keep future generations safe from the negative impact of poor climate control. Moreover, technological innovations with a focus on renewable resources are also being developed to overcome such challenges.
- New processing trends and innovations– Major innovations that have taken place in the global polymer market space are the reuse of similar materials in different packaging and one-time use without needing costly sterilization. Also, some of the targets within the polymers market are to integrate more components into smaller packages and to develop low cost, high-quality products.