New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global polymers market is estimated to grow at a CAGR of ~5.9% from 2023 to 2035. The market is estimated to garner a revenue of nearly USD 1436.48 billion by the end of 2035, up from a revenue of about USD 734.56 billion in the year 2022. With the increasing number of cars using advanced sensor systems, there is tremendous growth in the polymer market. The advancement in the automotive industry has led to the development of light sensors, that are used in lightweight vehicles. As per the International Energy Agency, the sale of electric light commercial vehicles across the globe surged by more than 70 % in the year 2021. Furthermore, polymers play a critical role in lowering the energy consumption. Also, they have become a valuable material that is used for the generation of electricity, and its storage. Several studies are going on in relation to the use of polymers for fuel cells, and supercapacitors batteries. The market of polymers is a vast and dynamic sector within the global chemical industry, encompassing a wide range of synthetic materials with various properties and applications. Polymers are large molecules composed of repeating structural units called monomers. They are known for their versatility, durability, and ability to be tailored for specific applications.
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Polymers Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The thermoplastics segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Demand for Polymers across the Globe to Boost Market Growth
Polymers can be used as a substitute for many substances such as metals, glass, paper, and others owing to their strength, flexibility, and low cost. It has various applications in different end-user industries owing to its advantageous characteristics. Products made of a polymer such as PVC bottles and containers, that are used for household purposes in the kitchen are expected to witness demand during the forecast period. The chemical, and mechanical ways are used for recycling the polymer materials. It also assists manufacturers in lowering their manufacturing costs. Bio-based polymers consist of renewable carbon components, thus, leading users to shift to biomaterials rather than conventional substances, such as fossil fuels. For instance, more than 14 billion metric tons of fossil fuels are used every year across the globe.
Polymers Market: Regional Overview
The global polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Packaging Industry's Ascendancy to Drive the Market Growth in Asia Pacific Region
The market of polymers in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The proliferation of e-commerce, coupled with changing consumer preferences, has spurred the packaging industry's growth. Polymers, with their lightweight, durable, and customizable properties, are the materials of choice for packaging solutions. As packaging requirements evolve, the polymers market in the Asia-Pacific region reaps the rewards. The Asia-Pacific packaging sales are expected to reach USD 321 billion by 2026. The automotive industry's remarkable expansion in Asia-Pacific necessitates lightweight and high-performance materials like polymers. From interior components to exterior parts, polymers enhance fuel efficiency and vehicle performance. The surge in automotive production and innovation is a substantial driver for the region's market of polymers. The construction and infrastructure sectors are witnessing exponential growth across Asia-Pacific. Polymers, used in applications such as pipes, insulation, and coatings, are indispensable for these projects. The substantial investments in infrastructure development translate into sustained demand for polymers in the region.
Construction and Infrastructure Development to Propel the Growth in the North America Region
The North America market of polymers is estimated to garner the highest CAGR by the end of 2035. The construction and infrastructure sectors in North America are experiencing robust growth, driving the demand for polymers in applications such as pipes, insulation, and coatings. Significant investments in infrastructure development create sustained demand for polymers in the region. Infrastructure investments in North America are projected to reach USD 2.6 trillion by 2026. Polymers are essential in the electronics sector, used in components such as circuit boards, connectors, and insulating materials. North America's continued leadership in electronics manufacturing sustains the demand for polymers in this sector. Stringent environmental regulations and bans on single-use plastics in North American jurisdictions are influencing polymer choices and driving the development of eco-friendly alternatives and recycling initiatives. The polymers market in North America thrives on the expansion of manufacturing, resilience of the packaging industry, resurgence of the automotive sector, infrastructure development, electronics dominance, sustainability initiatives, and regulatory shifts.
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Polymers, Segmentation by Type
- Thermoplastics
- Elastomers Thermosets
Amongst these segments, the thermoplastics segment is anticipated to hold the largest share over the forecast period. The thermoplastics segment within the polymers market is experiencing substantial growth, buoyed by a multitude of compelling factors. The thriving manufacturing sector globally forms a core driver of demand for thermoplastics. These versatile materials find extensive applications in manufacturing, including automotive parts, packaging materials, and industrial equipment. As manufacturing activities expand, so does the need for thermoplastics. The packaging industry's evolution, driven by e-commerce growth and shifting consumer preferences, fuels demand for thermoplastics. Their flexibility, durability, and customization capabilities make thermoplastics an ideal choice for packaging solutions. As packaging requirements continue to evolve, the thermoplastics segment enjoys sustained growth. The global packaging sales are anticipated to reach nearly USD 1 trillion by the year 2026.
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Polymers, Segmentation by Application
- Packaging
- Building & Construction
- Automotive
- Consumer Goods
- Electrical & Electronic
- Agriculture
Amongst these segments, the packaging segment is anticipated to hold a significant share over the forecast period. The exponential growth of e-commerce is a central driver for the packaging segment. As online shopping becomes increasingly prevalent, the demand for efficient and protective packaging materials soars. This trend has propelled innovations in packaging solutions, enhancing their role in ensuring product integrity during transit. The global e-commerce sales are expected to reach USD 6.4 trillion by the year 2024. Heightened environmental awareness and stringent regulations are driving the shift towards sustainable packaging. Consumers, retailers, and brands are seeking eco-friendly packaging solutions, spurring the development and adoption of recyclable, biodegradable, and reusable materials in the packaging segment.
Polymers, Segmentation by Product Type
- Polyethylene
- Polyvinyl Chloride
- Polypropylene
- Polystyrene
- Polyamide
- Polyurethane
- Polyacrylamide
Few of the well-known market leaders in the global polymers market that are profiled by Research Nester are Royal DSM, Solvay Plastics, Nylene Canada Inc., BASF SE, Exxon Mobil Corp., Lanxess and other key market players.
Recent Development in the Market
- A USD 2 billion transaction was announced by LyondellBasell Industries N.V., a multinational plastic and chemical firm, to purchase 50% of Sasol's 1.5 million metric ton ethane cracker, 0.9 million ton low and linear low density polyethylene units, and related infrastructure. The transaction would be carried out through a 50:50 joint venture between LyondellBasell Industries and Sasol, an integrated energy and chemical firm with headquarters in Sandton, South Africa.
- Avient Corporation, a provider of specialized and sustainable material solutions and services has announced the expansion of its Mevopur bio-based medical grade polymer solution line. The bio-based polycarbonate, ABS, or styrene polymers are used in the new color and additive concentrates and tailored ready-to-use formulations.
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