LOS ANGELES, June 20, 2019 (GLOBE NEWSWIRE) -- The global cyclic olefin copolymers market is estimated to grow at CAGR above 4.3 % over the forecast time frame 2019 to 2026 and reach the market value around USD 865 billion by 2026.
Due to their useful characteristics in the pharmaceutical packaging sector, the demand for cyclic olefin copolymers has increased. Cyclic olefin copolymers have characteristics that safeguard a product against unfavorable circumstances such as humidity. Blisters are used by pharmaceutical companies as they are environmentally friendly and do not respond with chemicals.
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Due to their superior chemical and physical features, the demand for cyclic olefin copolymers has also increased. They are utilized to improve or enhance the outstanding performance of normal olefin resins.
In 3D printing in the microfluid sector, cyclic olefin copolymers are employed. They are pure, clear, transparent in UV and have superior chemical resistance. Cyclic olefin copolymers are suitable for biological and medical microfluidics.
Emerging material in microfluidics are an emerging material. Cyclic olefin copolymers are anticipated to satisfy the increase in health industry demand. The printer is intended for ease of use, so that fluid-shelled systems such as sensor boards, chips, valves, fluid collectors, connectors, and medical devices can be prototyped quickly.
Cyclic olefin copolymers are 5 times more expensive than ordinary plastics. Cyclic olefin copolymers cannot be afforded main packaging material by small and medium-sized medical care and packing players.
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The manufacturing of cyclic olefin copolymers is currently small because they are costly to produce and have restricted applications. The related prices are therefore high. Furthermore, owing to low demand, companies are reluctant to increase manufacturing capacity.
A labyrinth of legislation and regulations enforced on different products, from drugs and medical devices to the smallest element for packaging such products, characterizes the healthcare industry. The most requested plastic used in healthcare and packaging becomes cyclic olefin copolymers and creates fresh possibilities for producers and distributors. With a growing amount of packaging businesses amassing them as a barrier material to adopt the opportunity for innovation in the cyclic Olefin landscape, ARC provides a comprehensive evaluation of growth opportunities that shape the future of that industry.
The increasing demand for cyclic olefin copolymer resins primarily stems from the necessity of an effective resin with elevated chemical resistance and optical transparency that replaces costly PAN-based polymers, commonly recognized in the medical packaging industry as part of the Barex brand. The use of barrier products, including Ethylen vinyl alcohol (evoh), has also affected sales of PAN in the food packaging industry, and this trend has spread through the pharmaceutical packaging sector by the increase in the use of cyclic olefin copolymers.
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Despite legislative limitations on the change of medical packing materials, original equipment manufacturers (OEMs) in the health industry switch from PAN-based polymers to cyclic olefin copolymers. In the coming years, the demand for packaging materials with superior chemical quality will only increase, as the cyclic olefin copolymer use in the packaging industry is likely to expand rapidly.
In different end-user sectors such as healthcare, packaging, electronics and optics the demand for cyclic olefin copolymers has been high. In 2018 the packaging industry, which had a value of about 205 million dollars, consumed almost 20 kilograms of cyclic olefin copolymers. The packaging space is likely to stay the most profitable end-use sector for market players in years to come, with over a third of the worldwide sales share of cyclic olefin copolymers.
Key Players & Strategies
The global cyclic olefin copolymers market is conquered by four major players that operate. The top four players —ZEON CORPORATION, TOPAS Advanced Polymers GmbH, Mitsui Chemicals, Inc., and JSR Corporation. TOPAS Advanced Polymers GmbH operate in Germany, while JSR Corporation, ZEON CORPORATION, and Mitsui Chemicals, Inc. in Japan.
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