Polymer Market (5.52% CAGR) 2030: Global Industry Size, Share, Growth, Analysis and Forecast

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According to ChemAnalyst report, “Polymer Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, Polymer market has shown considerable growth in historic period and is anticipated to achieve a healthy CAGR of 5.52% during the forecast period. Rapidly increasing demand of Polymer in various industries including construction, medical, packaging, electronics, automotive, aerospace and others due to its high tensile strength, resilience, and thermal expansion properties is likely to accelerate the global market growth in upcoming years. The manufacturing of Polymers is highly correlated with safety standards on environment and human health which further enhances the compliance standards.

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Polymers are basically the long repeating chains of molecules that contains unique properties. The term Polymer is often used for synthetic plastic. Polymeric materials include raw materials, foams, fibres, structural adhesives and composites, fillers, films, membranes, coatings, emulsions, adhesive resins, rubbers, sealing materials, solvents, inks, etc. The method of Polymerization is used for creating synthetic polymers by combining monomers. Polymers are used in day-to-day life applications in grocery bags, water bottles, textile fibres, phones, toys, etc. They also find its applications as Biopolymers in tissue engineering and controlled drug release. Depending upon the behaviour, polymers are segmented into three types: Thermosets, Elastomers, and Thermoplastics. The most commonly used industrial polymers are Polymerized Olefins. Growing demand of developed carbon Polymers for Carbon-fiber-reinforced polymer (CFRP) composites by the automotive industry in order to make the cars lighter and more fuel efficient is augmenting the growth of Polymer market until 2026.

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Global Polymers market can be segmented based on end use, grade, distribution channel, and region. The Polyethylene segment is expected to witness an exponential rise over the next five years due to its growing demand from various end-user industries including construction, cosmetics, food & beverages, and others. Construction industry contributes to the major consumption of Polyethylene due to the increasing number of residential, commercial, and smart-building projects. Polyethylene is extensively used in pipes and fittings as High-density Polyethylene (HDPE) is used in the fabrication of drainpipes whereas Low-Density Polyethylene sheets are used for water proofing as they reduce or control the moisture. Surging demand of Polyethylene from FMCG sector including water bottles, cosmetics, buckets, dustbins and plumbing pipes, etc is expected to boost the polyethylene market through 2030.

The substantial increase in demand of Polymers for the production of medical devices, oxygen tubes, masks, surgical gloves and face shields by the medical sector have tremendously boosted the Polymer market worldwide. With the developing technologies and growing demand of Polymer, many global leading players are expanding their businesses in order to introduce advanced Biobased Polymers which can reduce carbon emissions. The Dow Chemical Company, being one of the leading players in the global Polymer market has merged with E.I. du Pont de Nemours & Company to strengthen its market footprint.

In 2020, due to the outbreak of COVID-19, Polymer market was affected drastically due to the shut down of production and manufacturing units. Furthermore, the leading market players halted the operations due to government’s restriction and lockdowns keeping their employee’s health and wellness in mind. Global crisis is slowly being subsided and the market is expected to bounce back in 2021.

Region wise, Asia Pacific region holds the largest share of Polymer market worldwide due to the consistent increment in its downstream capacities by emerging countries like India and Japan. Additionally, rapid expansion of electrical and electronic sector is also a driving factor for the increased demand for polymer plastics in the APAC region.

Major Players:

LyondellBasell Industries N.V.,
Shin-Etsu Chemical Corporation Limited,
Nan Ya Plastics Corporation,
Borealis AG,
Braskem,
Formosa Plastics Corporation,
SABIC,
Covestro A.G.,
Total S.A.,
Reliance Industries Limited,
Dow Incorporation,
Indian Oil Corporation Limited,
PTTGC
Others.

“Being linked to the downstream applications in automotive, construction, and other industries, the global Polymer Industry has shown a robust growth along with increased macro-economic factors and changing demand from the consumer. It is anticipated that among the top 5 world largest consumer markets, India will be one of them in the upcoming years. In addition, growing per capita income in emerging countries coupled with developing technologies poised a stronger outlook to the country’s Polymer demand. The government restrictions due to the pandemic affected the global supply chain logistics and production which caused immediate shortage of various chemicals hence increased the prices of Polymer. With new competitors emerging across the Asian Polymer market, it is extremely important to keep a focus on which region is going to grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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