Polymer Market By Type, Base Material, Application and Growth Forecast to 2030

The burgeoning demand for lightweight vehicles, on account of the surging shift toward fuel efficiency, will create a huge requirement for polymers in the automotive industry in the foreseeable future. The large-scale consumption of polymers can be credited to their exceptional chemical, mechanical, and electrical properties, such as high strength-to-weight ratio and elasticity, and excellent optical and insulating features. The adoption of polymers in vehicle production helps in reducing the overall vehicle weight by 10%, which results in reducing the fuel consumption by a significant margin.

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Apart from this, the surging use of smart polymers in the healthcare industry, owing to the mounting demand for artificial body parts, biosensors, and hydrogels for targeted drug delivery, will drive the polymer market at a CAGR of 5.1% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will grow from $533.6 billion in 2019 to $838.5 billion by 2030. Smart polymers, such as poly(hydroxyproline), chitosan, and polysilamine, are strong, flexible, and biocompatible, owing to which they are being increasingly used in the healthcare sector.

The application segment of the polymer market is categorized into packaging, textile, construction, agriculture, automotive, electrical and electronics, and others. Among these, the packaging category accounted for the largest market share during the historical period (2014–2019) due to the exceptional flexibility, excellent resistance to shock and surface abrasion, and protection offered by polymers to the package. Moreover, the enhanced mechanical and physical properties of polymers, on account of the technological advancements being made by the addition of nanofillers in polymer matrices, have contributed to the growth of this category worldwide.

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Globally, the Asia-Pacific (APAC) polymer market generated the highest revenue during the historical period, and it is projected to continue this trend throughout the forecast period. This can be owed to the increasing adoption of this substance in the automotive, packaging, construction, agriculture, textile, and electronics and electrical industries in the region. They use polymers in the production of flexible bottles, bearings, bushings, safety helmets, battery parts, gears, handles, anti-corrosive seals, film wrapping, cams, and jacketing for cables and wires.

Therefore, the soaring demand for lightweight vehicles and escalating need for healthcare devices will boost the consumption of polymers in the forthcoming years.

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This release was published on openPR.