The global polymer market is expected to grow at a CAGR of 6.4% during the forecast period 2019 to 2026 and expected to reach value of around US$ 158.4 Bn by 2026.
The polymer is one of the most commonly used chemicals in various industries and the consumer market. Polymers are nothing but high weight molecules made of a chemical called monomers. The interaction between the bonds, additives and the length of the polymer chain decides the property and quality of the polymer. Polymers are both, natural as well as synthetic, in nature. They are being used as an alternative to traditional metal and mineral-based products in areas such as manufacturing, aerospace, building material, consumer products, coatings, and lubricants, etc.
Polymers are substituting the uses of metals, glass, paper and others in various uses on account of its strength, flexibility including low cost. The widespread application of polyethylene product type in industries like automotive and packaging are widening the market for polymer. The dependency on polymers by household as PVC bottles and containers, food and beverage industry escalates the growth in polymer market which is expected to witness further demand during the forecast period.The global polymer market is observing vibrant growth on account of increasing number of cars using advanced sensor system, thereby driving the demand of polymer. Advances in automotive industry in the past few years and growing technological explorations are projected to drive polymer market along with growing population and rise in per capita income. The rising disposable income and various research and developments in polymer are driving the market growth by enhancing its properties and widening its application range. Widespread technological exploration in automotive business is expected to drive the demand for the polymer market on account of replacing various metal and alloy parts by lightweight polymers. The light weight facility along with strength and cost effectiveness are driving the demand in the market. The continuous innovation and various technological developments are thriving the demand for polymers in the automotive industry. The higher growth in light weight vehicle manufacturing in various regions of the globe and favorable government initiatives are projected to flourish the growth of the market.
By product, Polyethylene segment is expected to dominate the polymer market
Polyethylene has dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. The most widely used product in the market is polyethylene because of its numerous usage in packaging industry such as packaging of juices and milk, and consumer goods, and in fiber and textile industry for manufacturing of apparel. The smooth internal surface of the products makes them easy to clean and maintain, while their lightness makes them easy to transport and quick to install, with the cost being much less than steel, fibreglass or concrete. All this guarantees substantial savings in both time and money.
Based on type, the thermosets is expected to dominate during the forecast period
Thermosets segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast period. Major reasons behind the predominance are its superior properties. For example, thermosets are tougher as compared to others, stronger because the strength between their covalent bonds is high, and they can not be broken easily. Also, they need better stability as compared to thermoplastics or elastomers. They are mainly used in making acrylic resins, polyesters, and vinyl esters.
The market research study on “Global Polymer Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global polymer market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global polymer market, its market type, product, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global ultra-thin glass market size and volume, and segment markets by market type, product, application, and geography along with the information on companies operating in the market. The global ultra-thin glass market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia- Pacific dominated the regional market with a maximum market share
Asia- Pacific accounted for the high market share of the global polymer market and the region is also expected to maintain its dominance over the forecast period. Some major factors contributing to this growth are, rapid industrialization and increased skilled workforce are benefitting the growth of the manufacturing sector in the region, which in turn is boosting the demand for plastics. High economic development and consequent rise in consumer spending in emerging economies like India and Japan along with Southeast Asian countries are further fueling the demand for consumer goods. In addition, a well established electrical & electronics manufacturing base in Taiwan and South Korea is anticipated to augur well for the market in the region. India, on the other hand, has a strong chemical industry, which strengthened its production in the last few years.
The key companies involved in the market include The Dow Chemical Company, LyondellBasell Industries N.V., Exxon Mobil Corporation, SABIC, BASF SE, INEOS AG, Eni S.p.A., Chevron Phillips Chemical Company LLC, and LANXESS.
Market By Type
Market By Product
Market By Application
Market By Geography
Middle East & Africa
The polymer is one of the most commonly used chemicals in various industries and the consumer market.
Advances in automotive industry in the past few years and growing technological explorations are projected to drive polymer market.
Acumen Research and Consulting predict that the polymer market value is anticipated to be worth around US$ 158.4 billion in 2026.
The polymer market is anticipated to grow over 6.4% CAGR during the forecast period 2019 to 2026.
Asia-Pacific held maximum share in 2018 for polymer market.
Polyethylene has dominated the product segment in the year 2018.