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Plastomer Market Covid19 Impact Analysis | Industry Growth, Revenue, Trends and Forecast to 2025
Plastomer Market
The demand for plastomer is expected to impel in the coming years backed by recent research and development activities conducted by major automakers to improve vehicle interior. Plastomer is used extensively in automotive interior applications. Rising middle-class population and increasing socio economic factors in regions like Asia Pacific could anchor the demand for products associated with plastomer.
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Reports indicate that Asia Pacific recorded new vehicles sale to grow by 3.8% to 43.8 million units in 2017. While, vehicle sales was forecasted to grow at 3.3% to 45.2 million units in 2018. Robust investments, rise in imports and exports and strong domestic consumption have incited the growth of the APAC automotive sector. Apart from its usage in automobiles, plastomers are also used widely for film-food packaging, film-stretch & shrink film, film-non-food packaging, polymer modification, wires & cables, medical, and others.
Some key factors shaping this growth include:
Requirement for packaging material in Europe
The Europe plastomer market was valued at approximately USD 400 million in 2018. Plastomer is utilized in packaging material that is used by the pharmaceuticals and personal care industry. As per the Cosmetics Europe: Personal Care Association, companies operating in the cosmetic industry spend around 5% of their total income on R&D which was accounted for USD 2.35 billion in 2017.
Investments done to promote innovation and development can fuel the demand packaging material, resulting in enhancing Europe plastomer market in the forecast timeframe.
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Partnerships between plastomer businesses
Some of the key players operating in the plastomer market include Dow Chemical, Royal Dutch Shell, Exxon Mobil, Borealis, Chevron Phillips, Westlake Chemical Corporation, Lyondellbasell, and SABIC. Strategic initiatives like collaborations, mergers and acquisitions are being adopted by some firms to stay competitive in the market.
For instance, Chevron Phillips Chemical Company and Sea-Land Chemical Company, a leading specialty chemical distributor, expanded their collaboration to include the AlphaPlus brand of normal alpha olefins. The distribution agreement between the two companies covered the U.S. and Canadian territories.
Rising demand for non-food packaging
Plastomer market for non-food packaging constituted for approximately USD 500 million in 2018. Plastomer is widely used in processing packaging materials like films for medical/healthcare, personal care, electrical components, etc. Concerns over improving the healthcare sector across the globe and changing manufacturing trends has contributed significantly to the pharmaceutical industry.
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