Press release
Cyclic Olefin Copolymers Market to Reach Valuation of ~US$ 1 Bn by 2031
In terms of value, the global cyclic olefin copolymers market is anticipated to expand at a CAGR of ~5% from 2021 to 2031 and reach ~US$ 1 Bn by 2031. The global cyclic olefin copolymers market is driven by growth of the pharmaceutical packaging industry. In terms of value, the market in Asia Pacific is expected to expand at a CAGR of more than 5% during the forecast period. Japan is the major producer of cyclic olefin copolymers in Asia Pacific.
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Cyclic Olefin Copolymers Market: Major Drivers
The demand for cyclic olefin copolymers has been increasing, due to their beneficial properties in the pharmaceutical packaging industry. Cyclic olefin copolymers possess properties that protect a product from adverse environmental effects such as humidity. Pharmaceutical manufacturers are adopting blister packaging, as these are environment-friendly and do not react with chemicals. The demand for cyclic olefin copolymers has also been rising due to their superior chemical and physical properties. They are used as enhancers or additives to deliver excellent results or performance, which ordinary olefin resins cannot deliver.
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High Production Cost, Limited Production to Hamper Market
Prices of cyclic olefin copolymers are five times higher than that of the usual plastics. Small and mid-level healthcare and packaging players cannot afford cyclic olefin copolymers as primary packaging materials. Currently, the production of cyclic olefin copolymers is low, as they are expensive to manufacture and have limited applications. Hence, the price associated with them is high. Furthermore, manufacturers are reluctant to increase the production capacity due to the low demand.
3D Printing Application to Offer Lucrative Opportunities
Cyclic olefin copolymers are used in 3D printing for the microfluidics industry. They possess purity, clarity, UV transparency, and superior chemical resistance. Cyclic olefin copolymers are ideal for microfluidics in biology and medical environments. The cyclic olefin copolymer is the emerging material in microfluidics. It is expected to meet the rise in demand from the healthcare industry. The printer is designed for ease of use, enabling rapid prototyping of fluidically sealed devices such as sensor cartridges, chips, valves, fluid manifolds, connectors, and medical devices.
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Asia Pacific Dominates Cyclic Olefin Copolymers Market
In terms of production, Asia Pacific holds a major share of the global cyclic olefin copolymers market, as the largest manufacturer of cyclic olefin copolymers, ZEON CORPORATION, is based in the region. Japan leads in terms of production and consumption of cyclic olefin copolymers in Asia Pacific. It is the only producer of cyclic olefin copolymer in Asia Pacific. Three major companies operating in the cyclic olefin copolymers market in Japan are JSR Corporation, Mitsui Chemicals Inc., and ZEON CORPORATION. The demand for cyclic olefin copolymers is high in Asia Pacific, primarily due to factors such as high population.
The presence of rapidly expanding economies, such as India and China, is estimated to create opportunities for the cyclic olefin copolymers market in Asia Pacific in the near future.
Top Four Players Accounted for Major Market Share in 2020
Major players operating in the global cyclic olefin copolymers market engage in product development and acquisitions. TOPAS Advanced Polymers GmbH and ZEON CORPORATION are the prominent manufacturers of cyclic olefin copolymers. TOPAS Advanced Polymers GmbH's TOPAS cyclic olefin copolymers production plant in Oberhausen/Germany commenced operations in 2000, with an annual capacity of 30,000 tons/year. On October 2, 2018, ZEON CORPORATION announced plans to expand its production capacity of the ZeonorFilm Optical Film manufacturing line at its Takaoka City plant. The company's melt extrusion film, ZeonorFilm, is the first optical film in the world to be produced successfully using the melt extrusion process and thermoplastic (cyclo-olefin polymers) developed with its unique polymer design technology.
Cyclic Olefin Copolymers Market Players
The global cyclic olefin copolymers market is dominated by four major players that operate across the globe. The top four players - TOPAS Advanced Polymers GmbH, ZEON CORPORATION, JSR Corporation and Mitsui Chemicals, Inc. - accounted for 100% share in 2018. TOPAS Advanced Polymers GmbH operates in Germany, while ZEON CORPORATION, JSR Corporation, and Mitsui Chemicals, Inc. operate in Japan. Mitsui Chemicals, Inc. has production capacity of 3,000 tons of cyclic olefin copolymers per year. Others players such as Polyplastics Co., Ltd., Polysciences, Inc., Ravago Group, VELOX GmbH, LyondellBasell Industries Holdings B.V., Goodfellow, and Dalian Great Fortune Chemical Co., Ltd. are the global suppliers of cyclic olefin copolymers.
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Competition Landscape of Cyclic Olefin Copolymers Market
Key manufacturers operating in the global cyclic olefin copolymers market include TOPAS Advanced Polymers GmbH, ZEON CORPORATION, Mitsui Chemicals, Inc., and JSR Corporation.
Global Cyclic Olefin Copolymers Market: Segmentation
Cyclic Olefin Copolymers Market, by Grade
Resin
Film
Cyclic Olefin Copolymers Market, by End-use Industry
Packaging
Healthcare
Diagnostics
Optics
Electronics
Others (including 3D Printing Part Designing)
Cyclic Olefin Copolymers Market, by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Russia & CIS
Rest of Europe
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East & Africa
Asia Pacific
China
India
Japan
ASEAN
Rest of Asia Pacific
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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