Polymer Market To Advance at 5.1% CAGR during 2020–2030

Automotive original equipment manufacturers (OEMs) across the world are focusing on replacing conventional materials, such as metals and ceramics, with polymers to reduce overall vehicle weight, as lightweight vehicles help improve the fuel efficiency of automobiles. OEMs are using polymers due to their exceptional electrical, mechanical, and chemical properties, such as high elasticity, strength-to-weight ratio, insulating, and optical characteristics. Thus, the burgeoning demand for lightweight vehicles will result in the largescale usage of polymers worldwide.

Moreover, the increasing adoption of smart polymers in the healthcare sector will help the polymer market progress at a CAGR of 5.1% during 2020–2030. According to P&S Intelligence, the market was valued at $533.6 billion in 2019, and it will generate $838.5 billion by 2030. The healthcare industry uses smart polymers, such as poly(hydroxyproline), chitosan, and polysilamine, to meet the surging need for biosensors; hydrogels for drug delivery systems; and artificial body parts, owing to their flexibility and biocompatibility features. 

Additionally, the agriculture, packaging, textile, construction, and electrical and electronics industries use a considerable volume of polymers, such as elastomers, thermostats, and thermoplastics, for the production of several products. In the recent past, the packaging industry utilized the highest quantity of polymers, due to their high flexibility, excellent resistance to shock/vibration and surface abrasion, and protective packaging properties. In recent years, the addition of nanofillers in polymer matrices has increased the barriers, physical, and mechanical properties of the polymers, owing to which they are being increasingly used in the production of packaging materials.  

Polymer producers, such as Dow Inc., Huntsman Corporation, Covestro AG, Mitsui Chemicals Inc., Evonik Industries AG, Eastman Chemical Company, Exxon Mobil Corporation, and Clariant International Limited, use polyethylene terephthalate, polyvinyl chloride, polyurethane, polyethylene, polystyrene, and polypropylene as base materials. In the forthcoming years, these producers are expected to adopt a significant volume of polyethylene, due to its relatively outstanding mechanical properties. Higher flexibility, exceptional stability, better impact resistance, and excellent heat resistance properties of polymers make them ideal for packaging materials, connectors, plastic surgery implants, and tubing products.

In recent years, the aforementioned companies have engaged in mergers and acquisitions to offer different types of polymers to a greater number of end users. For instance, in November 2019, Alfa S.A.B. de C.V., a Mexico-based multinational conglomerate, completed the acquisition of Lotte Chemical UK Limited for its PET business in Europe. Similarly, IMP Polowat, a Poland-based polyethylene terephthalate (PET) recycler, was acquired by Indorama Ventures Public Co. Ltd. (IVL), a Thailand-based global chemical company, in October 2020. IMP Polowat has a production capacity of nearly 27,000 metric tons (MT) of recycled polyethylene terephthalate (PET) flakes and pellets. 

Globally, Asia-Pacific led the polymer market in the recent past, and it is expected to maintain its market dominance in the foreseeable future as well. This can be attributed to the widescale application of polymers in the agriculture, automotive, construction, packaging, and textile industries in the region. Polymers are used in the production of anti-corrosive seals, bushings, bearings, battery parts, cams, flexible bottles, gears, handles, jacketing for cables and wires, and safety helmets in the aforementioned industries, owing to their low coefficient of friction, excellent resistance to heat distortion, high-mechanical strength, and good electrical properties.   

Therefore, the rising demand for lightweight vehicles and the increasing adoption of smart polymers in the healthcare sector will fuel the consumption of polymers in the foreseeable future.

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