Condensation polymerization is a chemical reaction where monomers join together to form a polymer while simultaneously releasing small molecules, often water or alcohol, as byproducts. This process is crucial in forming a variety of polymers with unique properties, and it typically involves functional groups such as hydroxyl, carboxylic acid, or amines that react to create bonds. The resulting polymers can exhibit significant structural diversity based on the monomers used and the reaction conditions.