Scienza e Tecnologia
Polymer Market to Hit $838.5 Billion Revenue by 2030: P&S Intelligence
During the COVID-19 crisis, automotive plants across the world were shut down, in compliance with government mandates. This drastically reduced the demand for various raw materials, thus affecting the polymer market negatively. However, the demand for these materials in the food processing, packaging, pharmaceutical, and personal care sectors remained strong, as these industries are considered essential, therefore continued to operate during the pandemic.
The thermoplastics category, based on type, held the largest share in the polymer market in the past. The cost efficiency, high mechanical strength, and manufacturing ease of thermoplastics have made them vastly popular in the food packaging, construction, textile, automotive, and home appliance industries.
In the coming years, the polyethylene (PE) category, under the base material segment, will witness the highest value CAGR in the polymer market, of 5.6%. PE accounts for a high-volume consumption in the production of tubing products, packaging products, bottles, connectors, and plastic surgical implants, as a result of its high flexibility, stability, heat resistance, and impact resistance.
Packaging is projected to continue being the largest category in the polymer market, under segmentation by application, throughout this decade. As polymers offer protection, appreciable flexibility, and high shock, vibration, and surface abrasion resistance to products, they are replacing conventional packaging materials.
Presently, Asia-Pacific (APAC) is the most-productive polymer market, and it is also set to grow the fastest in the years to come. The expansion of the construction, automotive, agriculture, packaging, textile, and electronics & electrical industries is propelling the consumption of numerous polymeric materials in the region. Among the most-significant applications of polymers in APAC are the production of battery parts, flexible bottles, bearings, film wrapping, cams, gears, handles, bushings, wire and cable jacketing, anti-corrosion seals, and safety helmets.
Major global polymer market players include Evonik Industries AG, Dow Inc., Eastman Chemical Company, Royal DSM, Mitsui Chemicals Inc., Covestro AG, BASF SE, Exxon Mobil Corporation, Huntsman Corporation, Clariant International Limited, Saudi Basic Industries Corporation (SABIC), and Sadara Chemical Company.
In 2019, Asia-Pacific dominated the polypropylene market, and it is also expected to witness the fastest growth during the forecast period. This is attributed to the increasing number of manufacturing plants and advancements in rigid and flexible packaging materials.
https://www.psmarketresearch.com/market-analysis/polypropylene-market-report
Presently, Europe is the largest green chemicals market, as the concerns regarding the environment are quite strong here and governments of numerous regional countries are offering their support for the usage of eco-friendly chemicals in various end-use sectors.
https://www.psmarketresearch.com/market-analysis/green-chemicals-market-outlook
P&S Intelligence
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Prajneesh Kumar
P&S Intelligence
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