Replacement of Conventional Automotive Materials To Boost Polymer Market Growth

Factors such as the increasing replacement of conventional materials in the automotive sector, rising usage of smart polymers in the healthcare sector, and surging demand for polymers in the packaging and electronics sectors are expected to drive the growth of the polymer market at a 5.1% CAGR during the forecast period (2020–2030). With this growth rate, the market size will increase from $533.6 billion in 2019 to $838.5 billion by 2030.

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One of the prime factors propelling the polymer market is the rapid replacement of conventional materials in the automotive industry. Owing to their outstanding mechanical, electrical, and chemical properties, including high elasticity, strength-to-weight ratio, corrosion resistance, and insulating and optical properties, the application of polymers is versatile across many verticals. The quest for adopting lightweight materials as a replacement for conventional materials, like metals and ceramics, has gained wings in the automotive and manufacturing sectors. An about 10% weight reduction in the vehicle causes a proportional decrease in its consumption of fuel.

The base material segment of the market is categorized into polypropylene, polyethylene, polyethylene terephthalate, polyvinyl chloride, polystyrene, and polyurethane. Among these, the polyethylene category is expected to witness the highest CAGR during 2020–2030, owing to its extensive use in packaging products, connectors, tubing products, plastic surgery implants, and bottles. This is due to its relatively outstanding mechanical properties like good stability, high flexibility, high impact resistance, and high heat resistance. Also, its usage is increasing due to the expansion of the construction, packaging, and automotive industries and rise in consumer spending.

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Geographically, Asia-Pacific (APAC) held the largest share in the polymer market in 2019, and the region is projected to maintain its dominance in the market in the coming years. This is due to the surging consumption of polymeric materials in various industries, including packaging, textile, construction, agriculture, and automotive. Moreover, the growth in the construction and automotive sectors in China, India, and Indonesia is projected to propel the demand for polymers. This is due to their resistance to heat distortion, low coefficient of friction, and good electrical and mechanical properties.

Thus, the rising use of smart polymers in the healthcare sector and the increasing replacement of conventional materials in the automotive sector are expected to propel the demand for polymers during the forecast period.

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Prajneesh Kumar
P&S Intelligence
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This release was published on openPR.