Revenue Growth of the Cyclic Olefin Copolymers Market to be Influenced by Growing End-use Adoption
Cyclic olefin copolymers (COC) are high-temperature polymers with exceptional optical properties, reliable chemical and heat resistance, and superior dimensional stability. Since its introduction decades ago, it has become a popularly used material in medical and packaging applications. The remarkably high purity and distinct properties of COC have made it the dominant material in advanced diagnostic and microfluidic utilization. The use of cyclic olefin copolymers in basic drug packaging in the form of prefilled syringes, vials, blisters, pouches, and lightweight wearables has become more common as innovative pharmaceutical molecules and formulations trend toward more chemical sensitivity to lower-purity plastics and glass. Polyethylene and polypropylene films use COC as a performance enhancer to analyze films and compete with more complicated, less recyclable compositions.
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Demand from Pharma, Medical Devices Industries Offer Stability in Cyclic Olefin Copolymers Market
The COVID-19 pandemic has caused extreme severance in industrial activities and consumer markets in various countries globally. As the coronavirus continues its spread, authorities worldwide have imposed quarantine and travel restrictions to control it. This has severely affected the financial conditions as several workplaces remain shut, factories lack workforce and permits, and the supply chain is still barred. It is also unwittingly creating disruptions in the demand trend in the cyclic olefin copolymers market worldwide.
The impact of the pandemic varies across different application segments of cyclic olefin copolymers. The market witnessed a shortage of medical equipment needed to diagnose and treat COVID-19 related conditions with the rising spread of the virus. This brought relief to the cyclic olefin copolymers market, as various governments relied on their production. However, countries with insufficient raw materials faced inadequacies due to strict global trade restrictions. Moreover, millions of employees in the cyclic olefin copolymers market started working tirelessly to provide the material that is needed at the frontlines. The demand for produced COCs helped keep the market stable during the start of the pandemic. Later, however, producers faced disruptions due to the unavailability of raw materials. From medical supplies to food packaging, COC proved essential in the effort to stop the spread of this virus. All these factors assure a consistent demand for the cyclic olefin copolymers market post-COVID-19 pandemic.
High Purity, Low Shrinkage of COC Attract Various New End Users
Major manufacturers of cyclic olefin copolymers are Topas, JSR, Mitsui, and Zeon. It is advertised under a variety of commercial names, including Apel, Arton, Topas COC, and Zeonex. Various emerging companies are growing, as advantages of COC in medical design and other industrial applications are compelling. The resin is competent in generating amazingly fine detail via injection molding, even at the submicron level. It also has excellent dimensional resistance and low shrinkage, allowing volumetric accuracy most comparative resins cannot match.
COC is witnessing a strong market growth in the medical sector, as its advantages become more widely known and supply continues to increase during the forecast period. Prefilled syringes are a striking breakthrough story, building on the exceptional purity and following the drug stability produced by the COC syringes. Another useful and crucial application is wearable insulin delivery devices, where the purity and dimensional stability of COC result in high potency and specific medication control. Due to several more applications and existing uses, the global cyclic olefin copolymers market is anticipated to reach ~US$ 1 Bn, expanding at a CAGR of ~5% from 2021 to 2031.
Cyclic Olefin Copolymers Market: Introduction
• In terms of value, the global cyclic olefin copolymers market is expected to reach ~US$ 1 bn by 2031, expanding at a CAGR of ~5% during the forecast period
• Cyclic olefin copolymer, a thermoplastic polymer of ethylene and cyclic olefin, belongs to a new polymer class in comparison to substances such as polypropylene and polyethylene. It has a unique combination of properties, which makes it flexible for usage in diverse fields such as CD-ROM, packaging, medical equipment, optics, and capacitors.
• Cyclic olefin copolymer is a new class of polymers, which can be used in a wide range of applications during polymerization. It possesses properties such as low density, high transparency, and barrier to moisture.
• Key end-use industries of cyclic olefin copolymers include packaging, healthcare, diagnostics, optics, and electronics. The packaging segment holds major share of the global cyclic olefin copolymers market, due to the rise in demand for these copolymers in industries such as food, drugs, cosmetics, and consumer products.
High Demand from Pharmaceutical Packaging Industry: Key Driver of Cyclic Olefin Copolymers Market
• The global cyclic olefin copolymers market is anticipated to expand at a significant pace during the forecast period, primarily owing to the rise in demand for these copolymers in the pharmaceutical packaging industry. Cyclic olefin copolymers are employed in the packaging of electronics, pharmaceuticals, optical, and food.
• Conventional plastic is banned in many countries. Governments across the world are striving to opt for sustainable alternatives for conventional plastic resins, such as cyclic olefin resins, for packaging. Therefore, growth of the packaging segment is expected to drive the global cyclic olefin copolymers market.
• Most of the copolymers are moisture sensitive. Films and components may undergo subtle shift in dimension and other properties during periods of high humidity. However, cyclic olefin copolymers are unaffected by moisture and heat. This property of cyclic olefin copolymers is likely to encourage a wide range of end-use industries to opt for them.
Cyclic Olefin Copolymers Market: Key Growth Challenges
• Currently, cyclic olefin copolymers are not available in large quantities, as these are expensive to manufacture and have limited applications. Additionally, lack of awareness about the benefits of cyclic olefin copolymers is hampering the market.
• Companies operating in the packaging industry strive to lower the cost of packaging. This adversely affects the usage of cyclic olefin copolymers in applications other than pharmaceutical.
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Cyclic Olefin Copolymers Market: Lucrative Opportunities
• Cyclic olefin copolymers have emerged as microfluidic materials, which offer low water absorption, high optical clarity, excellent resistance to chemicals, and exceptional moisture barrier. These properties have made cyclic olefin copolymers a preferred choice in microfluidics applications.
• Cyclic olefin copolymers are emerging as ‘go-to’ materials in microfluidics. OEMs are anticipated to continue to tap into cyclic olefin copolymers due to their ability to enhance design and manufacture microfluidic parts used in analytical systems, research, and biomedical devices.
Cyclic Olefin Copolymers Market: Prominent End-use Industries
• Based on end-use industry, the global cyclic olefin copolymers market has been divided into packaging, healthcare, diagnostic, optics, electronics, and others
• In terms of volume, the packaging segment held a major share of the global cyclic olefin copolymers market in 2020. Cyclic olefin copolymers are extensively used in the production of packaging materials for the pharmaceutical industry. This is expected to boost the demand for cyclic olefin copolymers during the forecast period.
Asia Pacific to Dominate Cyclic Olefin Copolymers Market
• In terms of region, the global cyclic olefin copolymers market has been be split into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa
• Asia Pacific is a prominent consumer of cyclic olefin copolymers in terms of value as well as volume. Japan is a key country in terms of production and consumption of cyclic olefin copolymers in the region. Major players in the cyclic olefin copolymers operate in Japan.
• After Japan, China is a major consumer of cyclic olefin copolymers in Asia Pacific. Increase in demand for cyclic olefin copolymers in packaging applications is boosting the market in China.
• Europe is another prominent region in terms of production and consumption cyclic olefin copolymers. Germany is a highly lucrative country of the cyclic olefin copolymers market in Europe. Production capacity expansion and increase in research activities to manufacture cyclic olefin copolymers at low cost are boosting the market in the region.
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