Published: January 2021 | Report Code: CM10644 | Available Format: PDF | Pages: 194
The global polymer market was valued at $533.6 billion in 2019, and is projected to witness a CAGR of 5.1% during the forecast period (2020–2030), to reach $838.5 billion by 2030. This is majorly attributed to the increasing demand for the product in the packaging, automotive, and electronics industries. Furthermore, plastics are those polymers that are highly demanded in the packaging industry, owing to their attributes, such as lightweight, flexibility, strength, transparency, impermeability, ease of sterilization, low cost, easy manufacturing, and great resistance to physical ageing and biological degradation.
The COVID-19 impact has been witnessed by every industry all over the globe. During the pandemic, the polymer industry has been impacted due to the reduction in demand and production of light vehicles, where polymer-based products are highly needed. Besides, other industrial sectors, such as packaging, food processing, personal care, and pharmaceutical, have continued to be in operation, which has generated the demand for polymers.
In 2019, the thermoplastics category accounted the largest share in the polymer market, on the basis of type. This is attributed to the increasing demand for thermoplastics in the food packaging industry, owing to their high mechanical strength, cost efficiency, and ease of manufacturing. Furthermore, these attributes have pushed the demand for thermoplastics in other industries, such as construction for lightweight structures, storage tanks, and window frames and panels.
The polyethylene category, based on base material, is projected to witness the fastest growth in the polymer market, during the forecast period. This can be fueled by an acceleration in consumer spending and manufacturing activities in various sectors, such as automotive, construction, and packaging. Owing to its relatively outstanding mechanical properties, such as high flexibility, good stability, high-heat resistance, and high-impact resistance, it is highly demanded for packaging products, tubing products, connectors, bottles, and plastic surgery implants.
During the historical period (2014–2019), the packaging industry dominated the polymer market, based on application. This is because polymers are replacing traditional materials, owing to their key properties, such as high flexibility, protective packaging, and high resistance to shock/vibration and surface abrasion. Besides, due to technological advancements by the addition of nanofillers in polymer matrices have enhanced the physical, mechanical, and barriers properties of the polymers, which have further pushed their demand in this category.
During the historical period, APAC led the polymer market, and the region is expected to retain its market dominance in the forecast period. The healthy growth of the regional market is primarily due to the high adoption of polymers in wide application areas of the automotive, construction, packaging, agriculture, electronics & electrical, and textile industries, in APAC. These application areas include flexible bottles, battery parts, film wrapping, bearings, gears, cams, bushings, handles, jacketing for wires and cables, safety helmets, and anti-corrosive seals. Furthermore, growth in the automotive and construction industries in India, China, and Indonesia, is expected to drive the demand for polymers. This is also attributed to their resistance to heat distortion, good electrical properties, low coefficient of friction, and high mechanical strength.
Historically, polymer products were disposed of after use, which led to the increased amount of waste accumulation in landfills, resulting in harmful environmental effects. With the passage of time, manufactures of polymers have started using advanced technologies in mechanical and chemical methods for recycling of these products. The major advantage of recycling of polymer materials is that it helps in reducing the cost of manufacturing, due to the reduction in consumption of new or fresh raw materials. Thus, optimal resource utilization through the recycling of polymer materials to reduce wastage and create a sustainable environment is the key trend being observed in the polymer market.
The rising adoption of lightweight materials as a replacement for conventional materials, such as ceramics and metals, has increased in the automotive and other manufacturing industries. This is majorly due to outstanding mechanical, electrical, and chemical properties, such as strength-to-weight ratio, elasticity, insulating and optical properties, and corrosion resistance. Further, it is estimated that around 10% reduction in weight of vehicle causes proportional reduction in fuel consumption, which leads to high volumetric adoption of polymers in automobiles, which, in turn, propels the polymer market globally.
The considerable rise in the use of smart polymers in the healthcare industry is due to the increase in demand for biosensors, artificial body parts, and hydrogels for targeted drug delivery. The demand for smart polymers witnessed a year-on-year (Y-o-Y) growth of around 14% in 2019. Behavior of smart polymers, such as chitosan, polysilamine, and poly(hydroxyproline), toward stimulus is non-linear in nature. They are strong yet flexible and biocompatible in nature. Owing to these characteristics, the demand for these polymers is expected to increase, which, in turn, drives the polymer market.
|Base Year (2019) Market Size||$533.6 billion|
|Forecast Period CAGR||5.1%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Impact of COVID-19, Company Share Analysis, Regional and Country Breakdown, Companies’ Strategic Developments, Key Offerings of Major Players, Company Profiling|
|Market Size by Segments||Type; Base Material; Application; Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||American Chemical Society, Chemical Industries Association, Color Pigments Manufacturers Association, China Plastics Processing Industry Association, Federation of Indian Chambers of Commerce & Industry, International Cast Polymer Alliance, International Monetary Fund, Japan Association for International Chemical Information, Personal Care Products Council, Saudi Arabia International Chemical Sciences Chapter of American Chemical Society, United Nations Comp Trade Database|
The global polymer market is fragmented in nature with presence of a large number of players, such as Exxon Mobil Corporation, BASF SE, Dow Inc., Covestro AG, Huntsman Corporation, Mitsui Chemicals Inc., Royal DSM, Eastman Chemical Company, and Evonik Industries AG.
In recent years, the players in the industry have adopted strategies, such as mergers and acquisitions, in order to stay ahead of their competitors. For instance:
The polymer market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Base Material
Based on Application
In 2030, the value of the polymer market will be $838.5 billion.
Packaging is the largest category under the application segment of the polymer industry.
The major polymer market drivers are increased replacement of conventional materials in automotive sector and rising use of smart polymers in healthcare industry.
APAC is the largest and fastest-growing polymer market.
Most polymer market players are adopting mergers & acquisitions strategy to sustain their business growth.
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