Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Plastomers Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The global plastomers market is expected to grow at a CAGR of around 6.1% from 2023 to 2031
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The increasing demand for plastomers in various end-use industries such as packaging, automotive, and healthcare is driving the growth of the market. Plastomers are used in the manufacturing of films, sheets, and injection-molded products, among others.
In 2022, Asia-Pacific held the largest share of the global plastomers market, followed by North America and Europe. Asia Pacific held the largest market share in the plastomers market due to factors such as a growing population and urbanization, increasing industrialization, favorable government policies, low labor costs, and increasing demand for sustainable packaging solutions.
The region's relatively low cost of labor is making it an attractive location for manufacturing activities in the plastomers market, which has resulted in the establishment of several manufacturing facilities in the region. Additionally, the rise of urbanization and infrastructure development is driving demand for plastomers in the building and construction industry.
The region's increasing industrialization is driving the growth of the plastomers market in various industrial applications, and many countries in the region have implemented favorable government policies to encourage investment in the plastics and polymer industry. Furthermore, there is a growing trend towards sustainable packaging solutions in the Asia-Pacific region, which is driving demand for bio-based and recycled plastomers.
Report Highlights
Intensified Market Competition
Major players like ExxonMobil Chemical Company, Dow Inc., and LyondellBasell Industries N.V., among others, are engaged in fierce competition in the plastomers market. They employ strategies such as mergers, product launches, and collaborations to expand their market presence and provide cost-effective solutions.
Surging Demand for Sustainable Packaging
Plastomers are gaining prominence as an eco-friendly alternative to conventional packaging materials due to their lightweight, flexibility, and strong barrier properties. The pressing need for sustainable packaging solutions, driven by environmental concerns, is propelling the use of plastomers and spurring research and development efforts to enhance their sustainability.
Growing Adoption in the Construction Sector
Plastomers are finding increasing applications in the construction industry, particularly in the production of roofing materials and waterproofing membranes. Their advantages, including improved durability and resistance to harsh weather conditions, cater to the growing demand for robust and high-performance building materials.
Rising Popularity in the Electrical and Electronics Industry
The electrical and electronics industry is embracing plastomers for electrical insulation materials and electronic components. These materials offer advantages such as enhanced heat resistance, flexibility, and ease of processing. With a growing demand for lightweight, high-performance materials in this sector, companies are investing in research and development to enhance plastomers for electrical and electronic applications.
Environmental Concerns and Regulatory Impact
Despite their benefits, plastomers are derived from non-renewable petrochemical sources, raising environmental concerns. Governments worldwide are introducing regulations and restrictions on plastic materials, impacting the plastomers market. For example, the EU's Single-Use Plastics Directive aims to ban certain single-use plastic products and promote sustainable alternatives, potentially affecting plastomer demand.
Ethylene Butene Dominates the Market
In 2022, Ethylene Butene plastomers held the highest market share, driven by their excellent sealing and barrier properties, making them suitable for food packaging applications. Their low density also reduces shipping costs and environmental impact. The Ethylene Propylene segment is expected to witness significant growth due to increased demand for sustainable materials.
Transportation Sector's Promising Growth
The transportation segment is poised for substantial growth in the plastomers market. Plastomers are increasingly used in automotive components, benefiting from their lightweight, durable, and cost-effective characteristics. The demand for fuel-efficient and electric vehicles is further boosting plastomer utilization in battery housings and other components.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Plastomers market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Plastomers market?
- Which is the largest regional market for Plastomers market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Plastomers market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Plastomers market worldwide?
Companies Mentioned
- ExxonMobil Chemical Company
- Dow Inc.
- LyondellBasell Industries N.V.
- Borealis AG
- SABIC
- Mitsui Chemicals Inc.
- INEOS Olefins & Polymers USA
- Eastman Chemical Company
Market Segmentation
Grade
- Ethylene Butene
- Ethylene Hexene
- Ethylene Octene
- Ethylene Propylene
- Others
Application
- Packaging Films
- Food Packaging
- Non Food Packaging
- Blown Film
- Freezer film
- Lamination Film
- Cast Film
- Extrusion Lamination
- Extrusion Coating
- Injection Molding
- Adhesives and sealants
- Wires and cable compounds
- Polymer modifier
Molded and extruded products
- Auto Component Parts
- Shoe sole, foam and footwear
- Heavy Duty Bags
- Non-Woven Coatings
- Others
End-Use
- Transportation
- Automotive
- Aerospace &Defense
- Marine
- Railway
- Building & Construction
- Residential Construction
- Commercial Construction
- Infrastructure
- Others
- Electrical & Electronics
- Household & Footwear
- Healthcare
- Food & Beverages
- Consumer Appliances
- Agriculture
- Industrial
- Others
For more information about this report visit https://www.researchandmarkets.com/r/px2w21
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