Synthetic polymers find wide application in a variety of industries such as packaging, automotive, healthcare and electronics owing to their beneficial properties such as durability, flexibility and resistance to corrosion. Synthetic polymers such as polyethylene terephthalate (PET), polyvinyl chloride (PVC), polystyrene, polyethylene, nylon and polypropylene are commonly used for packaging food and beverages owing to their impermeability to gases and moisture. Advances in polymer technology have led to the development of lightweight and durable polymers for automotive components, such as dashboards, door panels and bumpers. In the healthcare sector, synthetic polymers are used in medical devices, implants, disposables and pharmaceuticals due to their biocompatibility. Recent innovations in polymer technology are focused on developing environment-friendly and recycled synthetic polymers.
The Global Synthetic Polymers Market is estimated to be valued at US$ 35.61 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Synthetic Polymers are BASF SE, Alberdingk Boley, 3M, Celanese Corporation, Dow, Asahi Kasei Corporation, Trinseo, Wacker Chemie AG, LG Chem, Lubrizol Corporation, Apcotex Industries Limited, Arkema, OMNOVA Solutions Inc., Nouryon, APL, and Arlanxeo. The synthetic polymers market is expected to witness lucrative opportunities driven by the increasing demand from end-use industries such as packaging, automotive, construction and healthcare. Technological advancements are focused on developing bio-based and biodegradable synthetic polymers.
Key players operating in the Synthetic Polymers Market Size are focusing on capacity expansion, mergers & acquisitions and new product development to strengthen their market position and cater to the growing demand for synthetic polymers from different industries. The market is expected to see increase in demand for synthetic polymers from the packaging industry owing to increasing consumption of packaged food and beverages. The growing healthcare sector in emerging economies will also boost the consumption of polymers in medical devices and pharmaceutical industries. Technological advancements in polymer science have led to development of new innovative recyclable and biodegradable polymers made from agricultural feedstock which reduces dependence on petrochemical feedstock.
Market Drivers
Growth of end-use industries: The demand for synthetic polymers is driven by the growth of end-use industries such as packaging, automotive, healthcare, electronics and construction industries worldwide. Increasing consumption in emerging economies will boost the consumption of Synthetic Polymers Market.
Properties of synthetic polymers: Synthetic polymers exhibit beneficial properties such as durability, lightweight, flexibility, impermeability to gases and moisture corrosion resistance due to which they are increasingly replacing traditional materials in different industries.
Innovations in polymer technology: Advancements in polymer science are leading to development of new high-performance polymers. Innovation is also focused on developing eco-friendly biodegradable and recycled polymers.
Current Challenges in Global Synthetic Polymers Market
The global synthetic polymers market is facing various challenges like rising prices of raw materials, environmental concerns regarding plastic pollution, sustainability issues etc. Due to increase in crude oil prices and geopolitical instability in some regions, prices of key raw materials like ethylene, propylene and butadiene used for producing synthetic polymers have increased significantly impacting production costs for manufacturers. Growing environmental regulations around the world to curb plastic pollution and implement restrictions on single use plastics are posing compliance challenges. Developing recyclable and biodegradable alternatives with comparable properties also remain a major technological challenge.
SWOT Analysis
Strength: Synthetic polymers have wider applications in various end use industries like packaging, automotive, construction, medical etc due to advantages like low cost, durability, versatility etc. Weakness: Concerns regarding sustainability and adverse environmental impact of plastic pollution. Dependence on crude oil prices for raw materials. Opportunity: Growing demand for green alternatives like bioplastics and bio-based polymers due to rising environmental regulations. Technological advancements in recycling methods. Threats: Stringent environmental laws around the world limiting usage of certain plastics. Competition from alternative materials in some application segments.
Geographical regions with major market share in terms of value include Asia Pacific and North America. Asia Pacific accounts for around 35% value share currently led by China, India and other developing nations due to large population and rapidly growing manufacturing sector. North America represents another major regional market for synthetic polymers attributable to well established end use industries and consumer markets in the US and Canada.
The fastest growing regional market for synthetic polymers is expected to be Asia Pacific during the forecast period from 2024 to 2031. Economic development, increasing incomes, expanding manufacturing industry and rising infrastructure investment in countries like China and India will drive the growing demand for plastics and polymer applications in the coming years in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Ravina Pandya
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