Global Polymer Market is expected to reach a value of USD 1000.73 Billion by 2028, at a CAGR of 5.20% over the forecast period (2022 - 2028)

Technological developments are giving rise to innovations even in the global polymer industry. Different polymers such as polymer additives used in 3D printing, water-soluble polymers, super absorbent polymers, dispersible polymer powders are replacing the traditional polymer. For instance, the water-soluble polymer is not only environmentally friendly but will also replace Aluminum vaporizing in the food packaging industry. This will, in turn, save costs. Thus, players now must consider these changes and reinvent their product portfolios.

Stringent regulations by regulatory authorities over the excessive use of polymers are now in place and affecting the global polymer market. For instance, an initiative launched by the UN, the clean seas campaign, urges the government to impose polymer reduction policies and encourages industries to reduce the use of polymers. Further, a ban on exporting plastic for recycling will force a move towards using non-polymer-based products. Hence, reducing the growth potential of the polymer industry. Although there is growing competition in the global polymer market, the market remains fragmented.

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Polymer has several helpful qualities that make it suited for a wide range of end-use industry applications. It has low strength and hardness but is exceedingly ductile and impact resistant; it will stretch rather than shatter. Polymer-based goods are good electric insulators, giving resistance to electric treeing, although they can get electrostatically charged. As a result of these features, demand for Polymer is increasing in a variety of industries, including automotive, electrical and electronics, food and beverage, and consumer products. The expanding demand casts a positive light on the global polymers market and secures its prospects in the next few years. Manufacturers in the automobile sector are concentrating on boosting vehicle economy by lowering vehicle weight. Polymer material is selected because it is lightweight and has excellent sealing, rigidity, and sealing qualities. Polymer consumption in the food and beverage sector is increasing rapidly due to rising demand for food and beverage packaging materials. Manufacturers want effective packaging to limit the risk of food contamination and quality loss. Polymer is increasingly being used in fashion, sports, and toys due to its capacity to withstand physical pressures, give flexibility in packaging, and allow for easy product shaping.

Read market research report, "Global Polymer Market segmented By Type (Thermoplastics, Thermosets, Elastomers), Base Material (Polyethylene, Polypropylene, Polyvinyl Chloride, Polyethylene Terephthalate, Polystyrene, Polyurethane), By Application (Packaging, Construction, Automotive, Agriculture, Electrical & Electronics, Textile) & By Region - Forecast and Analysis 2022-2028" by SkyQuest

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Polymer applications in agriculture are expanding because of an increased need for drippers, microtubes, nozzles, and emitting pipes in irrigation fields. As a result, the growing use of polymers in the automotive, electrical and electronics, food and beverage, and consumer goods sectors is boosting the global Polymers Market share.

The global economy was interrupted by the emergence of COVID-19 in 2020. The market was severely impacted, and production and manufacturing operations were closed down. Furthermore, the big market participants purposefully suspended production in order to protect their employees' health and well-being. However, the epidemic is gradually receding, and various techniques are being sought to mitigate its consequences. Since the latter part of 2020, there has been a robust rebound in the key end-use industries, which is expected to enhance the global polymer market in the future years.

The Asia Pacific area has consumed the bulk of polymers due to steady increases in downstream capabilities by emerging nations such as India and Japan. Furthermore, the fast growth of the electrical and electronic sectors in the Asia-Pacific area is increasing the demand for polymers. The restriction and rigorous regulations on new capacity increases in the western area have driven some corporations to establish their production base in the Asia Pacific region, which has supported the continuous increase in polymer manufacturing capabilities.

In line with the forecast, numerous new manufacturers debuted in the global market to earn significant income despite its high demand. Amid the rapid rise of plastic products, a few well-known corporations have declared plans to expand their existing polymer capacity over the next five years. Because crude-based polymers continue to be harmful to the environment, various groups have formed to develop bio-based and eco-friendly polymer materials with equivalent qualities. Additionally, producers are improving their technology in order to improve the production, quality, and cost of polymer materials.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.

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What does this Report Deliver?
Market Estimation for 20+ Countries
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global and Country Polymer Market Trends
Comprehensive Mapping of Polymer Industry Parameters
Attractive Investment Proposition
Competitive Strategies Adopted by Leading Polymer Market Players
Polymer Market drivers, restraints, opportunities, and impact on the market
Polymer Market growth rate till 2028
Regulatory scenario, regional dynamics, and Polymer market insights of leading countries in each region
Segment trends and analysis
Polymer Market Opportunity analysis by region and country
Polymer Market Segmentation opportunity and growth
Porter's five force analysis to know the market's condition
Pricing analysis
Parent market analysis
Product portfolio benchmarking

SkyQuest has segmented the Global Polymer Market by Type, Base Material, Application, and Region:
Global Polymer Market by Type (Revenue, USD Billion, 2021 - 2028)
Thermoplastics
Thermosets
Elastomers
Global Polymer Market by Base Material (Revenue, USD Billion, 2021 - 2028)
Polyethylene
Polypropylene
Polyvinyl Chloride
Polyethylene Terephthalate
Polystyrene
Polyurethane
Global Polymer Market by Application (Revenue, USD Billion, 2021 - 2028)
Packaging
Construction
Automotive
Agriculture
Electrical & Electronics
Textile
Global Polymer Market by Region (Revenue, USD Billion, 2021 - 2028)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Central & South America
Brazil
Rest of CSA
Middle East & Africa
GCC Countries
South Africa
Rest of MEA

List of Key Players of Polymer Market
LyondellBasell Industries N.V. (Netherlands)
BASF SE (Germany)
SABIC (Saudi Arabia)
Dow Inc. (US)
DuPont de Nemours, Inc. (US)
Evonik Industries (Germany)
Sumitomo Chemical Co., Ltd. (Japan)
Arkema (France)
Celanese Corporation (US)
Eastman Chemical Company (US)
Mitsui & Co. Plastic Ltd. (Japan)

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This release was published on openPR.