Polymer Marke : Key Players, Industry Overview, Supply and Consumption Demand Analysis to 2024

Recent trend observed in the global polymer market is increasing demand for polymers in different industries, including building and construction, packaging, consumer goods, electronics and telecommunication, and automotive. These industries are primarily substituting paper, glass, and metals with polymers, owing to their low weight and cost. The market has seen a significant growth in developing countries such as India, China, and Brazil, as consumers’ purchasing power is increasing. Also, population of these countries are increasing, which increase the demand for essential products, which in turn, is driving the market growth.

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Based on product, polymer market is classified into polyethylene, polyvinyl chloride, polypropylene, polystyrene, polyamide, polyurethane, and polyacrylamide. The most widely used product in the market is polyethylene due to its various usage in packaging industry such as packaging of juices and milk, and consumer goods; and in fiber and textile industry for manufacturing of apparels.

Major factors driving the growth of the polymer market are increasing demand for the compounds from electronics and electrical sector, need for light weight automotive, and superior properties. Polyphenylene sulphide, nylon 46, polythiazide, and polycyclohexylenedimethylene terephthalate are the major forms of polymers that are used in the electrical and electronics industry. These can withstand high temperature and can also withstand surface mount technology, making them most preferable in the market. The compounds can reduce weight of automobile to a substantial amount, which in turn, would result in better fuel efficiency of the automobile.

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Major restraining factor affecting the polymer market is stringent regulations by the regulatory bodies of various governments. For example, in December 2018, the European Union banned the usage of single use plastics as these single use plastics cause a lot of pollution and takes 1,000 years to decompose. Apart from these, the single use plastics cause a lot of pollution in oceans.

Polymers are basically heavy molecules that are made with a combination of simple units of molecules called monomers. The properties of these compounds depend upon their bonds as well as the length of the chain. They are both natural and synthetic in nature. The natural ones are made of natural substances like rubber, resins, and gums, whereas the synthetic ones are manufactured by polymerization of several monomers. In this report, the polymer market is segmented on the basis of type, product, application, and region.

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