Farmington, March 19, 2023 (GLOBE NEWSWIRE) -- The Cyclic Olefin Copolymers Market size was valued at USD 859.96 Million in 2022 and is projected to reach USD 1,406.21 Million by 2030, growing at a CAGR of 5.56% from 2022 to 2030. Cyclic olefin copolymers (COC) are becoming more popular as packing materials because they have good chemical performance. They are resistant to dilute bases, acids, and alcohols, but sensitive to ketones and aromatic solvents. They are also good at keeping moisture out and letting moisture in. because they didn't want to. Because of these qualities, cyclic olefin copolymers are a good choice for a wide range of packing uses. This is likely to boost the growth of cyclic olefin copolymers in the packaging market. Cyclic olefin copolymers are being used in the medical technology business at a rate that is going up by a factor of ten. This is because they are so useful in medical design.
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This is making the market for cyclic olefin copolymers grow even more quickly. Depending on the structure of the chain, amorphous cyclic olefin copolymers have a high refractive index, low birefringence, low specific gravity, great mechanical strength, and a high temperature at which they bend. It is also easy to carry. This is a good thing about COCs that makes it easier to use them in optics.
Cyclic Olefin Copolymers Market Recent Developments:
- In February 2021, Zeon Corporation commercialized and started production of ZONEX® C2420, a new type of cycloolefin polymer (COP) with supplemented crystalline (teoregular) properties.
- In September 2020, The Polyplastics Group (Tokyo) announced plans to build a cyclic olefin copolymer (COC) production facility in Leuna, Germany, to meet the growing global demand for Topas COC polymers. The new plant will be operated by local Polyplastics subsidiary TOPAS Advanced Polymers GmbH and will have a capacity of 20,000 tonnes per year, more than doubling the company's current production capacity. The facility is expected to operate until mid-2023.
- In November 2020, TOPAS Advanced Polymers, a European subsidiary of Polyplastics, obtained COC (Cyclic Olefin Copolymer) certification as a recycled material.
Cyclic Olefin Copolymers Market Dynamics:
Drivers
The global cyclic olefin copolymer business is growing because there is more demand from packaging, medical, electronics, and optics, among other end-use markets. It is one of the most sought-after materials in the medical and manufacturing industries because it is resistant to chemicals and clear enough to replace expensive PAN-based polymers. More and more governments around the world are making it illegal to use traditional plastic resins for packaging. This is pushing the industry to use more environmentally friendly options, such as cyclic olefin resins. So, growth in the packaging business is likely to help the cyclic olefin copolymer market over the next few years.
Restraints
But polypropylene, polyethylene, and other films could slow the growth of cyclic olefin copolymers in the packing market.
Regional Outlook:
Up to 42% of the cyclic olefin copolymer market was in Asia-Pacific in 2021. This was due to the fast growth of end-use industries in the area. The growth of the market in this area is being driven by the presence of emerging countries like India and China. Local demand is also helped by the abundance of raw materials and workers. Nestle, PepsiCo, Coco-Cola Company, LOreal SA, The Procter & Gamble Company, Beiersdorf AG, and Unilever PLC. The presence of top companies that make food, drinks, and personal care items, such as forecast period. In particular, Samsung, Guangdong Oppo Mobile Telecommunications Corp. Ltd., Xiaomi Technology Co. Ltd., and Huawei Technologies Ltd. are all helping the Cyclic Olefin Copolymers market grow. A story from Samsung says that the company made about 300 million phones in 2021 and plans to make 334 million phones in 2022. So, the market for cyclic olefin copolymers is also being driven by the growth of the mobile phone industry.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.56% from 2023 to 2030 |
| Market Size in 2022 | USD 859.96 Million |
| Revenue Forecast by 2030 | USD 1,406.21 Million |
| By Type |
|
| By Applications |
|
| By Companies | Entec Polymers, Topas Advanced Polymers, SCHOTT North America, Dow, Zeon, Celanese, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Cyclic Olefin Copolymers Market Key Segments Covered:
Top Market Players:
Entec Polymers, Topas Advanced Polymers, SCHOTT North America, Dow, Zeon, Celanese, and Others.
By Types:
- Resin
- Film
By Applications:
- Packaging
- Healthcare
- Diagnostics
- Optics
- Electronics
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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