New York, USA, May 02, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global cyclic olefin copolymer market. According to the report, the global market is projected to surpass $1,410.0 million and grow at a CAGR of 5.5% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the cyclic olefin copolymer market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Cyclic Olefin Copolymer Market
The outburst of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global cyclic olefin copolymer market. During the pandemic, the demand for medical supplies increased the need for an equivalent and even better replacement for packaging like cyclic olefin copolymer, which contributed to market growth. Moreover, in COVID-19 testing, cyclic olefin copolymer is used, and efforts are made to incorporate them into next-generation vaccines and medications. These factors are projected to fuel the market growth amidst the pandemic.
Factors Impacting the Cyclic Olefin Copolymer Market Growth
The key factor boosting the growth of the global cyclic olefin copolymer market is a significant rise in the need for cyclic olefin copolymer owing to growing applications of cyclic olefin copolymer in the medical field. Furthermore, the development of cyclic olefin copolymers as microfluidic materials with low water absorption, high optical transparency, superior chemical resistance, and moisture barrier qualities is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the accessibility of alternative products and the high initial costs of cyclic olefin copolymer are anticipated to deter the market’s growth.
The report segments the global cyclic olefin copolymer market into application, end use industry, and region.
Packaging Sub-Segment to Witness Rapid Growth
The packaging sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly because cyclic olefin copolymer is widely used as packaging materials by many medical products and food & beverage manufacturers.
Medical Sub-Segment to Grab a Foremost Share of the Market
The medical sub-segment of the end use industry segment is foreseen to observe leading growth in the forecast period. This growth is mainly because cyclic olefin copolymer is employed in primary medication packaging like prefilled syringes, blisters, vials, lightweight wearables, and pouches, as newer pharmaceutical formulations and ingredients are chemically more sensitive.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global cyclic olefin copolymer market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to a number of prominent pharmaceutical, medical, and biotechnological companies; hence, COC is mostly used for the packaging of medicines and other medical products in this region.
Key Players of the Global Cyclic Olefin Copolymer Market
The report states some of the foremost players operating in the global market including
- Borealis Group
- Zeon Corporation
- Topas Advanced Polymers Inc.
- JSR Corporation
- MITSUI & CO. Ltd
- Polysciences Inc.
- LyondellBasell Industries Holdings B.V.
- Entec Polymers
- VELOX GmbH
- Ravago Group
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in February 2021, Zeon Corporation, a significant manufacturer and seller of synthetic rubbers and specialized plastics, marketed and started producing ZONEX® C2420, a novel cycloolefin polymer (COP) with improved crystalline (teoregular) characteristics.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Cyclic Olefin Copolymer Market:
- From Medicine to Automotive, Cyclic Olefin Copolymers are Changing the Game Across Numerous End-User Industries
- Rising Use of Cyclic Olefin Copolymer across Various Industries Expected to Propel the Growth of the Global Cyclic Olefin Copolymer Market by 2031
