Top 3 trends accentuating Plastomer Market size until 2025
Driven by the need to offer better product capabilities and extent business reach, companies operating in the plastomer market have started to partner/collaborate with other firms. For example, in 2018, Chevron Phillips Chemical Company partnered with a leading chemical distributor, Sea-Land Chemical Company for distributing AlphaPlus brand of normal alpha olefins across the U.S. and Canada.
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With such strategic developments, Global Market Insights, Inc., suggests that the plastomer market may exceed USD 3.1 billion by 2025. This growth can also be attributed to the rising middle-class population and socio-economic factors which is driving the demand for new vehicles across Asia Pacific.
Elaborating on some of the ongoing trends in the plastomer market:
1) Robust demand across the non-food packaging sector
Plastomer is widely used in the making and processing non-food packaging materials. It is used for making packaging films for personal care products, for healthcare/medical items and electrical components. Various technological innovations and changing manufacturing practices has immensely supported expansion activities in the pharmaceutical industry. Such advancements has boosted the demand for packaging materials, giving a boost to plastomer market.
2) Rising demand for ethylene hexene plastomer
Ethylene hexene has a higher tensile strength and elongation at break compared to other polymers that have a similar comonomer content. These characteristics have led to its extensively used in making cables, durable and high-impact resistant packaging films and automotive parts, among others. The demand for ethylene hexene plastomer is projected to grow to around 6% over the coming years owing to these multiple features and applications.
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3) Europe to register considerable product demand
The Europe plastomer market is estimated to grow significantly over the forecast period owing to increasing product demand from the pharmaceutical and personal care industries. Rise in annual budget of cosmetic companies has supported new research and development activities, driving product development and innovations. This has led to the demand for new packaging material.
Key market players in the region are collaborating with major companies from other geographical regions to increase sales and improve their market position. For example, in June 2020, Europe-based LyondellBasell announced that IOCL (Indian Oil Corporation Ltd.) will use the company’s Spheripol technology for an upcoming polypropylene plant in India.
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