Covina, Sept. 18, 2023 (GLOBE NEWSWIRE) -- How big is the Polymers Market?
Polymers Market accounted for US$ 522.7 billion in 2020 and is estimated to be US$ 838.5 billion by 2030 and is anticipated to register a CAGR of 5.3%.
Polymers is a class of synthetic or natural substances composed of macromolecules which are multiples of monomers. Wool, silk, cellulose, DNA and proteins are examples of naturally occurring polymers. Polymers are widely used in fiberglass, synthetic fibers, plastic bags, nylon bearings, polymer-based paints, silicone heart valves, polyurethane foam cushion and others which has provided lucrative opportunities in target market growth.
Growing urbanization, disposable income and demand for polymer-based consumer products has powered the market growth. Presence of major players and development of advanced versions of polymer product has significantly driven the market growth. Growing market consolidation activities to strengthen its position in polymers market is likely to propel polymers market growth.
Key Highlights:
- In May 2023, Borealis launched new class of sustainable engineering polymer ‘Stelora’. The new launched product was developed in collaboration with TOPAS Advanced Polymers offering durability with increased strength and can be used in applications of renewable energy generation and e-mobility.
Analyst View:
Newly advanced technology in synthetic polymers has determined the robust potential in healthcare industries which in turn has fruitful the demand for market growth. Further, rising presence of industrial corridor and technological advancement is anticipated to increase demand for Polymers market over the forecast period.
| Attributes | Details |
| Polymers Market Value (2020) | US$522.7Bn |
| Polymers Market Projected Value (2030) | US$838.5Bn |
| Polymers Market CAGR (2020 – 2030) | 5.3% |
Geography:
- North America - U.S., Canada
- Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America - Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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Future growth of the polymers market:
- Increased Demand in Packaging Industry:
The packaging industry is one of the largest consumers of polymers. Growing e-commerce, changing consumer preferences, and sustainability concerns are driving the demand for innovative and eco-friendly packaging solutions, which often involve the use of polymers.
- Advancements in Healthcare:
Polymers play a critical role in the medical and healthcare sector, including drug delivery systems, medical devices, and biodegradable materials. As healthcare technology continues to advance, the demand for specialized polymers is expected to grow.
- Automotive Light weighting:
To improve fuel efficiency and reduce emissions, the automotive industry is increasingly using lightweight polymer composites in vehicle design. Polymers offer excellent strength-to-weight ratios and can help reduce the overall weight of vehicles.
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Competitive Landscape & their strategies of Global Polymers Market:
The prominent players operating in the Global Polymers Market includes,
- Eastman Chemical Company
- Dow Inc.
- Arkema, Mitsui & Co. Plastics Ltd.
- LG Chemicals Ltd.
- Celanese Corporation
- Evonik Industries
- SABIC
- DuPont de Nemours Inc.
- BASF SE
- Songwon Industrial Co. Ltd.
- Wanhua Chemical Group Co. Ltd.
- Shandoug Nuoer Biological Technology Co. Ltd.
- Formosa Plastic Corporation
- Kao Corporation
- Sanyo Chemicals Industries Ltd., etc.
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Questions by Polymers Market:
- Which category dominates the market as of now?
- What are the primary drivers behind the market's growth?
- Who are the top players in the market?
- What is the Polymers Market size and growth rate in each specific geographic region or market segment?
- What are the risks and opportunities associated with market scope expansion?
- How might these trends impact the market's scope and direction?
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