Tokyo, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Recently Announced Report on “Polymers Market (By Product; By Material; By Application; By Process) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.
A polymer is a big molecule made up of several repeating monomeric building blocks. There are two different kinds of polymers: synthetic and natural. Natural polymers, including rubber, resins, and gum, are derived from organic materials, whereas synthetic polymers are created by the polymerization of monomers. Numerous chemical and physical characteristics, including hardness, viscoelasticity, and a propensity to form semi-crystalline structures, are displayed by polymers. Due to the fact that polymer is one of the chemical products that is most often used in virtually all sectors, the global market for polymers is rising. The relevance of the polymers market is being influenced by the growth of the retail industry and the flourishing e-commerce industry's need for more packaging materials.
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Key Insights:
- Asia pacific region has captured 44% revenue share in 2021.
- Asia pacific is growing at a notable CAGR of 7.9% from 2022 to 2030.
- By type, the thermoplastics segment has accounted 43% market share in 2021.
- By material, the polyethylene segment has captured major market share in 2021 and growing at a CAGR of 7.4%.
- By process, the injection molding segment is poised to grow at a CAGR of 6.9% from 2022 to 2030.
Regional Snapshots
The biggest market share was held by the Asia-Pacific in the polymers market during the forecast period. The strong expansion of the regional market is largely attributable to the widespread use of polymers in Asia Pacific's automotive, construction, packaging, agricultural, electronics & electrical, and textile sectors.
Flexible bottles, battery components, film wrapping, bearings, gears, cams, bushings, handles, jacketing for wires and cables, safety helmets, and anti-corrosive seals are a few examples of these application areas. In addition, expansion in the construction and automotive sectors in China, Indonesia, and India is anticipated to increase demand for polymers. This is also attributable to its excellent mechanical strength, low coefficient of friction, superior electrical characteristics, and resistance to heat distortion.
The expansion of this market in the Asia Pacific area is being driven by the expanding economies of Southeast Asian nations, rising disposable income, simple accessibility of raw materials required to produce plastics, and rising population. The increased consumption of petrochemicals and plastics used primarily for packaging in the food and beverage industries, as well as the rising demand for environmentally friendly alternatives to conventional plastics from developing countries like China and India, all contribute to the market's expansion nationwide over the course of the forecast period.
Report highlights
- On the basis of product type, the thermoplastics segment will have a larger market share in the coming years period, the amount of revenue generated through the use of this product will grow well in the coming year. The nature of thermoplastic polymers can range from crystalline to amorphous. Although they often exhibit low strength, they have a somewhat bendable nature. Thermoset polymers are typically amorphous, strong, and stiff, yet frequently brittle. Elastomers are employed in applications that go above their glass transition temperature and are always amorphous. They have the remarkable capacity to elastically bend by very huge quantities without losing their shape permanently.
- Thermoplastics dominate the market due to their reduced production costs, energy efficiency, ability to replace metals with considerable weight savings, and ability to be produced in extremely high volumes with high precision and at a cheap cost.
- On the basis of base material, the polyethylene segment has the biggest market share in the polymers market during the forecast period. An increase in consumer spending and industrial operations across a range of industries, including the automobile, building, and packaging industries, can fuel this. It is widely sought after for packaging items, tubing products, connections, bottles, and plastic surgery implants because of its comparatively exceptional mechanical features, such as high flexibility, high-heat resistance, good stability, and high-impact resistance.
- On the basis of application, the packaging segment has the biggest market share in the polymers market during the forecast period. Polymers are replacing traditional materials because of their key properties, including high flexibility, high shock protective packaging, and vibration resistance, and high resistance to surface abrasion.
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Recent developments
- In March 2021- An investment of 35 million euros was made by the Italian company Radici Group, the world's largest producer of polyamide polymers and a variety of chemical intermediates, in addition to expanding its operations in Europe and North America.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 713.9 Billion |
| Revenue Forecast by 2030 | USD 1078.5 Billion |
| CAGR | 4.69% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Dow Inc., Evonik Industries AG, Eastman Chemical Company, Covestro AG, Mitsui Chemicals Inc., Exxon Mobil Corporation, Royal DSM, BASF SE, Clariant International Limited, Huntsman Corporation, and Others. |
Market dynamics
Drivers
Polymer is appropriate for a variety of end-use sector applications due to its many beneficial features. Because of its high ductility and strong impact resistance despite its low strength and hardness, it will stretch rather than shatter. Products made of polymers are an excellent electric insulator and give resistance to electric trembling, but they may also get electrostatically charged. The need for polymers is growing as a result of these features in a number of industries, including the automotive, food and beverage, electrical and electronics, and consumer products. The Polymers Market is further positioned favorably by the rising demand, which also guarantees its future prospects.
Manufacturers in the automotive sector are concentrating on making cars more efficient by making them lighter. Because of its light weight, simple processing capabilities, sealing, and rigidity features, polymer material is favored. Due to the increasing demand from the manufacture of food and beverage packaging materials, polymer consumption is expanding quickly in the food and beverage sector. Effective packaging is preferred by manufacturers to lower the risk of food contamination and quality loss. Because of its resilience to physical stress, durability, flexibility in packaging, and ease of product shaping, polymer is increasingly used in fashion, sports, and toys.
Due to the rising need for drippers, micro tubes, nozzles, and emitting pipes at irrigation fields, polymer is finding more use in the agricultural sector. As a result, the use of polymers in the automotive, electrical and electronics, food and beverage, and consumer goods sectors is expanding, which is driving up the market share for polymers.
Restraints
The market's growth is anticipated to be constrained throughout the forecast period by a number of important reasons, including the high volatility of raw material costs and strict requirements by regulatory authorities of various countries to decrease the use of plastics.
Opportunities
With prospects in the automotive, building and construction, industrial, and packaging markets, the polymer sector has a bright future. By 2030, the high-performance polymers market for the automotive industry is anticipated to reach a value of US$3.7 billion. The market for high performance polymers in the automotive industry is expanding as a result of the rising demand for these materials for different composites used in exteriors, interiors, chassis, and structural components of vehicles. The automobile industry is putting a lot of emphasis on component miniaturization and functional integration due to the strict pollution control laws that have been put in place by various governments across the world. Due to this, OEMs are searching for innovative polymers with low weight and high strength in order to provide inexpensive components with increased effectiveness and performance.
Challenges
Products made of plastic are less costly than those made of other metals. Consequently, during the past 20 years, conventional plastic has seen an increase in use on a global scale. Due to a number of hazardous chemical components, plastic cannot decompose, which restricts its usage in a variety of end-use applications. Additionally, toxic chemical exposure has a detrimental effect on the environment, living things, and human health. The challenge facing the polymer market is the negative environmental impacts of plastics.
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Market Segmentation
By Product Type
- Thermoplastics
- Thermosets
- Elastomers
By Material
- Polyethylene
- Polypropylene
- Polyvinyl Chloride
- Polyethylene Terephthalate
- Polystyrene
- Polyurethane
By Application
- Packaging (Rigid and Flexible)
- Building and Construction (Roofing, Windows, Flooring, and Others)
- Automotive (Engine, Tires, Body Panel, and Others)
- Electrical and Electronics
- Agriculture
- Medical/Healthcare
- Others
By Process
- Injection Molding
- Extrusion
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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