Polymers Market size to grow by USD 19.3 billion from 2023 to 2030; Growing application of products in various end-use sectors to boost the market growth - Facts & Factor
NEW YORK , June 16, 2023 /PRNewswire/ -- As per Facts and Factors study, the global polymers market size was nearly $17.1 billion in 2022 and is set to increase to about $19.3 billion by 2030 along with securing the highest CAGR of 3.5% from 2023 to 2030.
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Polymers Market: Overview
Polymers are materials comprising large molecules referred to as macromolecules and comprising repeating subunits. Owing to its slew of beneficial features, both natural & synthetic polymers play an essential role in day-to-day lives. Polymers include both synthetic and natural ones. Reportedly, synthetic polymers include Teflon, nylon, epoxy, polyethylene, and polyester. Moreover, natural polymers occur naturally and can be derived easily. Sometimes, they are water-based and include proteins, silk, cellulose, DNA, and wool.
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Key Insights:
- As per the analysis shared by our research analyst, the global polymers market is projected to expand annually at the annual growth rate of around 3.5% over the forecast timespan (2023-2030)
- In terms of revenue, the global polymers market size was evaluated at nearly $17.1 billion in 2022 and is expected to reach $19.3 billion by 2030.
- The global polymers market is anticipated to record massive growth over the forecast period owing to polymers also exhibiting exceptional properties such as sterilization ease, permeability, and high resistance to product aging as well as resistance to biological decay.
- Based on the type, the thermoplastics segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of base material, the polyethylene segment is projected to record the largest CAGR from 2023 to 2030.
- On the basis of application, the automotive segment is set to register the fastest CAGR over the period from 2023 to 2030.
- Region-wise, the North American polymers market is projected to register the fastest CAGR during the assessment period.
Facts and Factors published the latest report titled "Polymers Market Size, Share, Growth Analysis Report By Type (Thermoplastics, Elastomers, and Thermosets), By Base Material (Polyethylene, Polyvinyl Chloride, Polyurethane, Polypropylene, Polystyrene, and Polyethylene Terephthalate), By Application (Packaging, Agriculture, Construction, Electric & Electronics, Automotive, and Textile), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.
Industry Dynamics:
Global Polymers Market: Growth Drivers
- Growing application of products in various end-use sectors to embellish the global market space.
Humungous demand for polymers for producing paper-based items, metals, and glass due to their favorable characteristics including durability & lightweight will proliferate the size of the polymers market globally. In addition to this, polymers are cost-efficient and are highly popular in a plethora of end-use sectors. Apart from this, the large-scale use of polymers in the automotive and packaging industries will spur the expansion of the global market. Moreover, the immense application of polymers in PVC materials utilized in the production of PVC pipes & containers as well as PVC bottles will embellish the growth of the market across the globe.
Nevertheless, a rise in environmental pollution owing to the emission of carbons from polymers can decimate the global polymers industry expansion. However, the polymers such as thermosets, thermoplastics, and elastomers used in electrical as well as electronics industries will help the industry explore the untapped potential of growth in emerging economies as well as unravel new horizons of growth in these regions. This will also nullify the negative impact of hindrances on the global industry.
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Global Polymers Market: Segmentation
- The global polymers market is segregated into type, base material, application, and region.
The type segment of the polymers market is subdivided into thermoplastics, elastomers, and thermosets segments. Furthermore, the thermoplastics segment, which contributed more than two-thirds of the global market share in 2022, is predicted to establish its segmental dominance in the coming years.
The segmental surge in the forthcoming years can be attributed to the massive use of thermoplastics in the food & beverages sector owing to its massive mechanical strength, manufacturing ease, and cost proficiency. Additionally, thermoplastics find their use in lightweight constructions, window frames, storage tanks, and panels.
On the basis of base material, the polymers industry across the globe is divided into polyethylene, polyvinyl chloride, polyurethane, polypropylene, polystyrene, and polyethylene terephthalate segments. The polyethylene segment, which held nearly 60% of the global industry share in 2022, is set to register the fastest CAGR in the upcoming years.
The expansion of the segment in the analysis timeframe can be owing to the escalating demand for polyethylene in construction activities. Apart from this, the base material finds several applications in the packaging of various food & beverages as well as household sector.
In terms of application, the polymers market across the globe is segmented into packaging, agriculture, construction, electric & electronics, automotive, and textile segments. Moreover, the automotive segment, which dominated the segmental growth in 2022, is anticipated to record the fastest CAGR in the forthcoming years. The segmental growth over the forecast timeline can be due to the immense demand for lightweight materials such as ceramics & metals. It also minimizes the weight of vehicles, thereby leading to low carbon emissions.
Recent Developments:
- In the first half of 2022, BASF SE, a chemicals firm, introduced high-performing solutions for plastic recycling based on plastic grade, cleaning process, and recycled material. The initiative will expedite the growth of the polymers business across the globe.
- In the second half of 2021, BASF SE and WPO Polymers, a key producer of composite materials, joined hands for distributing ecovio polymers in countries such as Portugal and Spain. The move will contribute majorly to the size of the polymers industry in Europe.
- In the first half of 2019, BASF SE & SIBUR, a petrochemicals firm based in Russia, signed a strategic partnership for manufacturing new polymers at the latter's polymer R&D lab in Russia. The strategic move will foster the demand for polymer across the European continent.
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List of Key Players in Polymers Market:
- ExxonMobil Chemical Corporation
- BASF SE
- LyondellBasell Industries
- Sinopec Corporation
- Dow Chemical
- Mitsubishi Chemical Holdings Corporation
- SABIC
- LG Chemicals
- Formoso Plastics Corporation
- Chevron Phillips Chemical Company
- Covestro AG
- Braskem
- Eastman Chemical Company
- INEOUS Group Holdings SA
- Solvay SA
- Arkema SA
- Others
Key questions answered in this report:
- What are the growth rate forecast and market size for Polymers Market?
- What are the key driving factors propelling the Polymers Market forward?
- What are the most important companies in the Polymers Market Industry?
- What segments does the Polymers Market cover?
- How can I receive a free copy of the Polymers Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- Asia-Pacific to contribute a major revenue share to the global polymers market in the coming years.
Asia-Pacific, which accounted lucratively towards the global polymers market revenue in 2022, is anticipated to maintain its numero uno status during the forecast period. The regional market expansion over 2023-2030 can be due to a rise in per capita income, low labor costs, and reduced raw material costs. An increase in product penetration in the petrochemical and plastic sectors in China and India will proliferate the size of the regional market in the forthcoming years.
Furthermore, the North American polymers industry, which contributed nearly more than 40% of the global industry share in 2022, is set to record the fastest CAGR over 2023-2030. The factors that are projected to measure the growth of the regional market include thriving automotive and construction sectors with growing populations in countries such as Canada and the U.S.
Global Polymers Market is segmented as follows:
Polymers Market: By Type Outlook (2023-2030)
- Thermoplastics
- Elastomers
- Thermosets
Polymers Market: By Base Material Outlook (2023-2030)
- Polyethylene
- Polyvinyl Chloride
- Polyurethane
- Polypropylene
- Polystyrene
- Polyethylene Terephthalate
Polymers Market: By Application Outlook (2023-2030)
- Packaging
- Agriculture
- Construction
- Electric & Electronics
- Automotive
- Textile
Polymers Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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