Scienza e Tecnologia
Polymer Market to Generate USD 946.9 Billion Revenue by 2030, Says P&S Intelligence
The acceptance of lightweight materials as a replacement for conventional materials, including metals and ceramics, has increased in the automotive and other sectors. This can be credited to their striking chemical, mechanical, and electrical properties, including corrosion and optical resistance, insulation, high strength-to-weight ratio, and elasticity.
Moreover, it is understood that an approximately 10% decrease in the weight of vehicles brings about a significant reduction in the consumption of fuel, which is why the adoption of polymers in automobiles is increasing rapidly.
In 2021, the thermoplastics category held the largest share, of 69.2%. This is credited to the growing demand for thermoplastics in the food industry because of their high mechanical strength, ease of manufacturing, and cost-effectiveness.
In 2021, APAC held a revenue share of approximately 52.4%, and it is projected to continue its dominance in the years to come. This can be ascribed to the high acceptance of polymers for several applications in the construction, agriculture, textile, automotive, packaging, and electronics and electrical industries in the APAC region.
Key applications of polymers that propel their consumption in the region are flexible bottles, film wrapping, gears, battery parts, safety helmets, bearings, cams, bushings, handles, wire and cable jacketing, and anti-corrosive seals. Moreover, the popularity of construction plastics is growing as they help reduce infrastructure expenses.
In this regard, the booming industrial, commercial, and residential construction in the region is a major driver for the polymer demand. China and India are among the biggest construction market in the world, with the rate of real estate development rising every year.
Plastics created from biological materials are considered bio-based. For example, natural ethylene is obtained from sugarcane and then used to make polyethylene. Bio-based polymers are perfect for reducing carbon emissions and protecting the environment.
As they are beneficial for both the packaging industry and customers, due to their ductility, low hardness, and good impact strength, several businesses are shifting toward these substitutes.
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
Prajneesh Kumar
P&S Intelligence
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