Wilmington, Delaware, United States , Sept. 20, 2023 (GLOBE NEWSWIRE) -- The cyclic olefin copolymers market was estimated to have acquired US$ 700.0 million in 2022. It is anticipated to register a 4.8% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 1.1 billion.
The key element driving the market for cyclic olefin copolymers is the biocompatibility and medical applications. COC's biocompatibility and low extractables make it ideal for medical and pharmaceutical packaging, diagnostic devices, and drug delivery systems. The increasing demand for healthcare products drives market growth.
The demand for cyclic olefin copolymers is also being driven by optical clarity. COC offers excellent optical clarity, making it suitable for optical and electronic components, such as lenses, LEDs, and displays, which are in high demand in consumer electronics and automotive industries.
COC exhibits resistance to various chemicals, making it suitable for packaging of aggressive chemicals and reagents, further enhancing its demand in the chemical and pharmaceutical sectors. The low water absorption property makes COC a preferred choice for applications requiring moisture resistance, like microfluidic devices and lab-on-a-chip systems.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 700.0 Mn | |
| Estimated Value | US$ 1.1 Bn | |
| Growth Rate - CAGR | 4.8% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 325 Pages | |
| Market Segmentation | By Grade, Application, End-use Industry | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Mitsui Chemicals, Inc., Polyplastics Co., Ltd., TOPAS Advanced Polymers, Zeon Corporation, JSR Corporation, Apex Techno Polymer Pvt. Ltd.. | |
Key Findings of Market Report
- Based on grade, the general grade segment held major share of 78.3% in 2022.
- COC's optical properties make it valuable for emerging technologies like augmented reality (AR), virtual reality (VR), and heads-up displays (HUDs) in the automotive and electronics industries.
- The COC's compatibility with microfluidic applications and lab-on-a-chip devices is a growing trend in diagnostics, drug discovery, and analytical chemistry.
- The ability to blend COC with other polymers or additives for specific properties and applications drives innovation and customization in the market.
Market Trends for Cyclic Olefin Copolymers Market
- The market is witnessing a shift towards sustainable and biodegradable COC formulations to meet consumer demand for eco-friendly materials.
- Manufacturers are increasingly offering custom COC compounds tailored to specific applications, such as high-heat resistance, flame retardancy, or enhanced barrier properties.
- COC's suitability for 3D printing applications is an emerging trend, particularly in creating precision components for medical and optical devices.
- The COC's capability to create microscale features, such as micro lenses and microfluidic components, aligns with the trend for miniaturization in electronics.
- In laboratory settings, COC's resistance to aggressive chemicals is advantageous for manufacturing laboratory equipment like beakers, petri dishes, and pipettes.
- The demand for energy-efficient LED lighting drives the need for COC in optical components used in LED packages and luminaires.
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Global Market for Cyclic Olefin Copolymers: Regional Outlook
Various reasons are propelling the growth of the cyclic olefin copolymers market in different countries. These are:
- The Asia Pacific region is experiencing robust economic growth, leading to increased industrialization and urbanization. The growth creates demand for COC in various applications, from packaging to electronics. The region constituted 47.5% share in 2022. Growth in several end-use industries is driving market dynamics of the region.
- Asian countries, especially China, Japan, South Korea, and Taiwan, are major hubs for electronics manufacturing. COC's properties, such as optical clarity and chemical resistance, make it essential for electronic components, display technologies, and optical lenses.
- North America has a well-established pharmaceutical and healthcare industry. COC is widely used in drug delivery systems, diagnostic devices, and packaging due to its exceptional chemical resistance, low extractables, and transparency.
- Advances in biotechnology and the biopharmaceutical sector are driving the demand for COC in the region. It is utilized in applications like microfluidic devices, lab-on-a-chip systems, and bioprocess containers. The region held a 19.2% share in 2022.
Global Cyclic Olefin Copolymers Market: Key Players
A few dominant worldwide firms hold the majority of the market share in the cyclic olefin copolymers industry. The market's major companies are concentrating on diversifying their product lines.
The big players' primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global cyclic olefin copolymers market:
- Mitsui Chemicals, Inc.
- Polyplastics Co., Ltd.
- TOPAS Advanced Polymers
- Zeon Corporation
- JSR Corporation
- Apex Techno Polymer Pvt. Ltd.
Key developments in the global cyclic olefin copolymers market are:
- In 2023, JSR Corporation announced the launch of a new COC grade for use in automotive applications.
- In 2023, Polyplastics Co., Ltd. announced the development of a new COC grade with improved thermal stability.
- In the same year, LyondellBasell Industries Holdings B.V. announced the acquisition of Polyolefinics, a leading provider of COC resins.
- In 2022, Topas Advanced Polymers GmbH announced the launch of a new COC grade for use in food packaging.
- In 2022, Zeon Corporation announced the expansion of its COC production capacity in Japan.
- In the same year, Mitsui Chemicals Inc. announced the development of a new COC grade with improved optical properties.
Partial Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Key Facts and Figures
1.4. Trends Impacting Market
1.5. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Key Developments
2.3. Market Definitions
2.4. Key Market Trends
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunities
2.6. Global Cyclic Olefin Copolymers Market Analysis and Forecast, 2023-2031
2.6.1. Global Cyclic Olefin Copolymers Market Volume (Tons)
2.6.2. Global Cyclic Olefin Copolymers Market Revenue (US$ Bn)
2.7. Porter’s Five Forces Analysis
2.8. Regulatory Landscape
2.9. Value Chain Analysis
2.9.1. List of Grade Providers
2.9.2. List of Manufacturers
2.9.3. List of Dealers/Distributors
2.9.4. List of Potential Customers
2.10. Production Overview
2.11. Product Specification Analysis
2.12. Cost Structure Analysis
3. COVID-19 Impact Analysis
3.1. Impact on Supply Chain of Cyclic Olefin Copolymers
3.2. Impact on Demand for Cyclic Olefin Copolymers– Pre & Post Crisis
4. Impact of Current Geopolitical Scenario on Market
5. Production Output Analysis (Tons), 2022
5.1. North America
5.2. Europe
5.3. Asia Pacific
5.4. Latin America
5.5. Middle East & Africa
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Global Cyclic Olefin Copolymers Market Segmentation
- By Grade
- General Grade
- Optical Grade
- By Application
- Optical Plastic Lenses
- Digital Camera Lenses
- Optical Disks Lenses
- Laser Beam Printers Lenses
- Projector Lenses
- Head Mounted Display Lenses
- Automotive Camera Lenses
- Others
- Medical Packaging Materials
- Press-through-Package (PTP) Sheets
- Pre-filled Syringes
- Medicine Bottles
- Others
- Cosmetic Packaging Materials
- Food Packaging Materials
- Electric and Electronic Components
- Advanced Diagnostic and Microfluidic Applications
- Others
- Optical Plastic Lenses
- By End-use
- Optics
- Healthcare
- Personal Care
- Food & Beverage
- Electrical & Electronics
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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