Polymer Market to Generate USD 946.9 Billion Revenue by 2030, Says P&S Intelligence

NEW YORK, Jan. 11, 2023 /PRNewswire/ -- In 2021, the polymer market had a total size of USD 589.9 billion, and it is predicted to hit USD 946.9 billion by 2030, progressing at a rate of 5.4% from 2021 to 2030, according to the report of P&S Intelligence.

This is mainly ascribed to the snowballing demand for plastics in several sectors, including electronics, automotive, and packaging. This is credited to their strength, transparency, easy manufacturing, flexibility, low weight, low cost, and better resistance to biological degradation and physical aging.

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Burgeoning Lightweight Material Usage Offers Lucrative Opportunities

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.

APAC Is Major Revenue Generator 

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.

Browse detailed report on Polymer Market Growth, Development and Demand Forecast Report 2030

Bio-Based Polymers Are Becoming Increasingly Popular

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.

Polymer Market Report Coverage

By Type

• Thermoplastics
• Thermosets
• Elastomers

By Base Material

• Polyethylene
• Polypropylene
• Polyvinyl Chloride
• Polyethylene Terephthalate
• Polystyrene
• Polyurethane

By Application

• Packaging
• Construction
• Automotive
• Agriculture
• Electrical & Electronics
• Textile

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

Browse More Reports Published by P&S

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Global Polypropylene Market Share, Growth, Development and Future Analysis

Global Polymer Concrete Market Share, Growth, Development and Future Analysis

Global Liquid Crystal Polymer Market Share, Growth, Development and Future Analysis

About P&S Intelligence

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.

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SOURCE P&S Intelligence