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What are the emerging trends of Polymer market ? Major players are Dow, LyondellBasell, ExxonMobil, SABIC, LANXESS, Chevron Phillips Chemical Company, BASF
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In this report, the polymer market is segmented on the basis of type, product, application, and region.
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.
Based on region, the polymer market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Globally, Asia-Pacific and North America are the major consumers for these compounds in the market. Economic growth of the Asian countries is the major factor contributing toward the growth of the market. Also, increasing growth of the electronics market in India and developing infrastructure industry in China are other factors boosting the market growth.
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.
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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.
Some of the major players operating in the global polymer 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.
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