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Polymer Market Overview
Recent trend observed in the global polymer market is increasing demand for polymers in different industries, including building and construction, packaging, consumer goods, electronics and telecommunication, and automotive. These industries are primarily substituting paper, glass, and metals with polymers, owing to their low weight and cost. The market has seen a significant growth in developing countries such as India, China, and Brazil, as consumers’ purchasing power is increasing. Also, population of these countries are increasing, which increase the demand for essential products, which in turn, is driving the market growth.
Polymers are basically heavy molecules that are made with a combination of simple units of molecules called monomers. The properties of these compounds depend upon their bonds as well as the length of the chain. They are both natural and synthetic in nature. The natural ones are made of natural substances like rubber, resins, and gums, whereas the synthetic ones are manufactured by polymerization of several monomers. In this report, the polymer market is segmented on the basis of type, product, application, and region.
On the basis of type, the polymer market is categorized into thermoplastics, thermosets, and elastomers. Among these, the thermosets category holds the maximum share in the market, owing to its superior properties. For example, thermosets are harder as compared to others, stronger as the strength between their covalent bonds is high, and they cannot be broken easily. Also, they have better stability as compared to the thermoplastics or elastomers. They are mainly used in making acrylic resins, polyesters, and vinyl esters.
Based on product, polymer market is classified into polyethylene, polyvinyl chloride, polypropylene, polystyrene, polyamide, polyurethane, and polyacrylamide. The most widely used product in the market is polyethylene due to its various usage in packaging industry such as packaging of juices and milk, and consumer goods; and in fiber and textile industry for manufacturing of apparels.
On the basis of application, the polymer market is categorized into packaging, electronics, food, petrochemicals, healthcare, building and construction, electronics and communication, and transportation. Among these, the packaging application holds the maximum share in the market, as packaging involves in every sphere of life, which includes food packaging, pharmaceuticals packaging, medical packaging, and others.
Based on region, the polymer market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Globally, Asia-Pacific and North America are the major consumers for these compounds in the market. Economic growth of the Asian countries is the major factor contributing toward the growth of the market. Also, increasing growth of the electronics market in India and developing infrastructure industry in China are other factors boosting the market growth.
Polymer Market Dynamics
Major factors driving the growth of the polymer market are increasing demand for the compounds from electronics and electrical sector, need for light weight automotive, and superior properties. Polyphenylene sulphide, nylon 46, polythiazide, and polycyclohexylenedimethylene terephthalate are the major forms of polymers that are used in the electrical and electronics industry. These can withstand high temperature and can also withstand surface mount technology, making them most preferable in the market. The compounds can reduce weight of automobile to a substantial amount, which in turn, would result in better fuel efficiency of the automobile.
Plastic recycling is also another factor that drives the growth of the polymer market, as recycling reduces plastics in waste stream. Moreover, plastic recycling involves the recovery of waste plastics by reprocessing them into useful products.
Major restraining factor affecting the polymer market is stringent regulations by the regulatory bodies of various governments. For example, in December 2018, the European Union banned the usage of single use plastics as these single use plastics cause a lot of pollution and takes 1,000 years to decompose. Apart from these, the single use plastics cause a lot of pollution in oceans.
Polymer Market Competitive Landscape
Some of the major players operating in the global polymer market include The Dow Chemical Company, LyondellBasell Industries N.V., Exxon Mobil Corporation, SABIC, BASF SE, INEOS AG, Eni S.p.A., Chevron Phillips Chemical Company LLC, and LANXESS.
The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.