Cyclic Olefin Copolymer Resin Market - Global Forecast 2024-2030, Featuring Recent Developments from Evonik, Thai Peroxide Co, PolySpectra and Borealis

Dublin, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The "Cyclic Olefin Copolymer Resin Market - Global Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.

The Cyclic Olefin Copolymer Resin Market grew from USD 2.78 billion in 2023 to USD 2.96 billion in 2024. It is expected to continue growing at a CAGR of 6.91%, reaching USD 4.44 billion by 2030.

Technological advancements in polymer science, regulatory pressure favoring eco-friendly materials, rising healthcare demands, and growth in consumer electronics are the key driving factors. Potential opportunities exist in green innovations, expansion in emerging markets, collaborations, and specialized applications. However, challenges such as high production costs, limited awareness, processing complexities, competition from alternative materials, and regulatory hurdles are notable. Innovations in bio-based materials, optimizing processing methods, and capturing growth in emerging markets could provide substantial opportunities, with a focus on mitigating high costs and navigating regulatory landscapes being critical for sustained success.

Regional Insights

The Cyclic Olefin Copolymer (COC) resin market showcases substantial growth prospects across various regions, driven by unique consumer needs and regulatory landscapes. In the U.S., heightened demand from the pharmaceutical and medical device sectors, bolstered by stringent FDA regulations, propels the market forward. Canada mirrors this trend with healthcare investments and technological advancements, importing primarily from the U.S. and Europe.

Europe, particularly Germany, leads due to robust R&D in high-performance polymers and sustainability efforts. Although growth in the Middle East and Africa remains modest, increasing investments in healthcare and packaging solutions are evident. China and Japan exhibit strong market dynamics, focusing respectively on rapid industrialization and advanced R&D. Emerging markets like India demand high-purity, affordable packaging, importing mainly from Japan, Germany, and the U.S. Latin America and Africa, notably Brazil, Mexico, and South Africa, emphasize pharmaceutical and packaging industry growth, relying heavily on U.S. and European imports.

Rapid industrial growth in ASEAN countries, including Singapore, Malaysia, and Vietnam, particularly in electronics and healthcare, spurs significant imports from China, Japan, and the U.S. Continued innovation in biodegradable and sustainable COC resins, optical clarity, and processing efficiency is expected. Strategic collaborations between chemical companies and medical technology end-users, along with significant investments in Asia-Pacific and the EU, underscore an emphasis on production and sustainable material research.

Market Drivers

• Increasing demand for high-performance materials in medical and pharmaceutical applications
• Technological advancements in cyclic olefin copolymer resin production processes enhancing quality and efficiency
• Expanding applications in the packaging industry due to superior barrier properties and clarity
• Rising investments in research and development for innovative applications and improvements in copolymer properties

Market Restraints

• High production costs and limited availability of raw material

Market Opportunities

• Exploring innovative applications of cyclic olefin copolymer resin in high-performance packaging solutions
• Leveraging the unique properties of cyclic olefin copolymer resin for advanced medical device manufacturing
• Analyzing the potential of cyclic olefin copolymer resin in the automotive industry for lightweight components

Market Challenges

• Intense competition from alternative material and recycling challenges

Market Segmentation Analysis

Manufacturing Process: Varied manufacturing and polymerization process provides its application in multiple sectors

Blow molding is extensively employed for creating hollow plastic parts. For COC resin, it is particularly advantageous for producing items demanding high clarity and durability, such as pharmaceutical bottles and packaging for sensitive electronic components. This process is utilized in a range of applications, including pharmaceutical packaging, sensitive electronic components, and consumer goods comprising cosmetic and toiletry packaging. Compounding involves mixing COC resin with various additives to create composite materials tailored for specific applications. This process improves properties such as impact resistance, conductivity, and UV stabilization. Key applications include automotive components, electronic devices, and medical devices that require tubing and surgical instruments. Extrusion is a continuous manufacturing process where COC resin is melted and formed into a continuous profile, ideal for producing fibers, films, and sheets. This process leverages the resin's clarity and strength in applications covering packaging films for food and pharmaceuticals, optical lenses, light diffusers, and sterile medical films.

Extrusion stands out for large-volume production, providing excellent consistency and uniformity. It allows precise thickness and width control, making it suitable for high-quality film and sheet products. Injection molding involves injecting molten COC resin into a mold, producing parts with high precision and complex geometries. This process is widely used in producing medical devices, consumer electronics, and automotive components. Polymerization, the process of reacting monomer molecules to form polymer chains or networks, is fundamental in producing high-purity COC resin. Applications of polymerization include serving as raw material for compounding, film and sheet production, and providing superior polymer for high-end applications.

End-Use: Continuous improvement and advancement in COC features its extensive end-use application

In the consumer goods sector, COC resins are preferred for baby bottles and cosmetic containers due to their transparency, chemical resistance, and excellent barrier properties against moisture and gases. The medical and healthcare industry demands highly pure, chemically resistant, and sterilizable materials. COC resins fulfill these requirements in diagnostic components, drug delivery devices, labware, pharmaceutical packaging, syringes, and vials. High optical clarity and dimensional stability make COCs ideal for diagnostic components. Furthermore, the high barrier properties against moisture and gases make them suitable for pharmaceutical packaging. For syringes and vials, the transparency and biocompatibility of COC resins are critical, introducing high-clarity syringes aimed at reducing dosing errors. In optical and electronics manufacturing, COC resins are indispensable due to their remarkable optical properties, low birefringence, and excellent dielectric properties. They serve effectively as dielectric materials in capacitors and are used in LED lenses for high transparency and thermal resistance.

The packaging industry benefits significantly from the barrier properties, clarity, and inertness of COC resins. Blister packaging, food containers, and high-barrier films incorporate COC resins to ensure the longevity and safety of packaged products. COC resins excel in applications requiring superior optical clarity, thermal stability, and moisture barrier properties across various industries. The automotive and electronics segments demand resins with low birefringence and high transparency, whereas the medical and healthcare industry prioritizes biocompatibility and chemical inertness. Packaging applications leverage COCs for their barrier properties, maintaining product integrity and extending shelf life. Consumer goods benefit from COCs' safety and durability, particularly in sensitive applications such as baby bottles and cosmetic containers. Cyclic Olefin Copolymer resins are increasing used across diversified industries due to their unique properties and suitability for high-precision, high-safety, and high-barrier applications.

Recent Developments

Evonik expands its peroxides production capacity and network with the full acquisition of Thai Peroxide Co., Ltd.

Evonik has fully acquired the Thai Peroxide Company Limited (TPL) in Saraburi, Thailand, by purchasing the remaining 50% share from Aditya Birla Group and others. It is expected to bolster its hydrogen peroxide and peracetic acid specialties business in Asia-Pacific.

PolySpectra recent innovation is COR Bio biocompatible 3D printing resin

PolySpectra introduced its biocompatible 3D printing material, COR Bio, at the RAPID + TCT event in Chicago. As the company's third material and first biocompatible grade, COR Bio is designed for healthcare applications, including medical device components, dental and surgical tools, as well as consumer products and micro-fluidic devices, boasting high impact strength and a 135C glass transition temperature.

Borealis introduces a new class of sustainable engineering polymer, Stelora as advanced polymers

Stelora, a collaboration between TOPAS Advanced Polymers and Borealis, is an innovative ethylene-propylene-norbornene (EPN) material combining cyclic olefin copolymer (COC) with polypropylene (PP). Produced from renewable feedstock, Stelora meets the high-temperature demands of energy-saving power semiconductors, offering a cost-effective and energy-efficient alternative to conventional engineering polymers. Its first application is in high-heat-resistant capacitor films, aiding renewable energy and E-Mobility.

Key Attributes:

Market Segmentation & Coverage

This research report categorizes the Cyclic Olefin Copolymer Resin Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Manufacturing Process
  • Blow Molding
  • Compounding
  • Extrusion
  • Injection Molding
  • Polymerization
• Form
  • Films & Sheets
  • Pellets
  • Powder
  • Rods
• Compound
  • Ethylene/Norbornene Copolymer
  • Ethylene/Tetracyclododecene Copolymer
• End-use
  • Automotive Industry
    • Display Panels
    • Light Fixtures
  • Consumer Goods Manufacturers
    • Baby Bottles
    • Cosmetic Containers
  • Medical & Healthcare Industry
    • Diagnostic Components
    • Drug delivery Devices
    • Labware
    • Pharmaceutical Packaging
    • Syringes
    • Vials
  • Optical & Electronics Manufacturers
    • Capacitor Dielectrics
    • LED Lenses
    • Lenses
    • Optical Discs
    • Prisms
    • Semiconductor Detailing
  • Packaging Industry
    • Blister Packaging
    • Food Containers
    • High-barrier Films

This research report offers invaluable insights into various crucial aspects of the Cyclic Olefin Copolymer Resin Market:

• Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
• Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
• Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
• Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
• Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

• What is the current market size and projected growth?
• Which products, segments, applications, and regions offer promising investment opportunities?
• What are the prevailing technology trends and regulatory frameworks?
• What is the market share and positioning of the leading vendors?
• What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Company Coverage:

• Asahi Kasei Corporation
• BASF SE
• Celanese Corporation
• Dow Chemical Company
• Evonik Industries AG
• JSR Corporation
• Kuraray Co., Ltd.
• LG Chem
• Lyondellbasell Industries Holding
• Mitsui Chemicals bby INEOS Group
• Momentive Performance Materials Inc.
• Polyplastics Co., Ltd.
• Rhein Chemie Rheinau GmbH
• SABIC
• SHOWA DENKO K.K.
• Sumitomo Chemical Co., Ltd.
• Teijin Limited
• TOPAS Advanced Polymers
• Ube Industries, Ltd.
• Zeon Corporation

For more information about this report visit https://www.researchandmarkets.com/r/md2u84

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

• Cyclic Olefin Copolymer Resin Market