Press release
Synthetic Polymers Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players
Synthetic Polymers Market
The synthetic polymers market size is expected to see strong growth in the next few years. It will grow to $42.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growing packaging industry, rising focus on sustainable polymers, expanding healthcare sector, global economic recovery.. Major trends in the forecast period include bio-based polymers, advanced polymer processing technologies, electrically conductive polymers, polymer blends and alloys, medical and healthcare polymer applications..
Market Overview -
Synthetic polymers are large molecules of repeating units called monomers that are chemically bonded together through polymerization. These polymers are artificially created through various chemical processes and are widely used in multiple industries due to their versatility, durability, and customizable properties.
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The Surge In Residential And Commercial Construction Fuels Synthetic Polymer Market Growth
Increasing residential and commercial construction is expected to propel the growth of the synthetic polymer market going forward. Residential and commercial construction refers to constructing buildings and structures for residential and commercial purposes. It involves the planning, design, and execution of construction projects that create living spaces, offices, retail spaces, hotels, and other commercial establishments. Synthetic polymers are extensively used in residential and commercial construction due to their versatility, durability, lightweight, cost-effectiveness, and reduced maintenance. These advantages make them a preferred choice in many construction applications. For instance, in April 2023, according to the reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential constructions in US increased by over 8 % between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42 %, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, increasing residential and commercial buildings is driving the growth of the synthetic polymer market.
Competitive Landscape -
Major companies operating in the synthetic polymers market report are ExxonMobil Chemical, Sumitomo Chemical Co. Ltd., Dow Inc., SABIC, LG Chem Ltd., 3M Co, Mitsubishi Chemical Corporation, Evonik Industries, Toray Industries, Solvay SA, Chevron Phillips Chemical Company, DuPont, Arkema SA, Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, Huntsman Corporation, Lubrizol Corporation, Kuraray, Trinseo LLC, Asahi Kasei Corporation, ZEON Corporation, Kraton Corporation, BASF SE, OMNOVA Solutions Inc., Apcotex Industries Limited., Lion Elastomers LLC, Alberdingk Boley GmbH
Innovative Product Developments In The Synthetic Polymers Market
Product innovations are a key trend gaining popularity in the synthetic polymers market. Major companies operating in the synthetic polymers market are developing innovative products to sustain their position in the market. For instance, in January 2022, Toray Industries Inc., a Japan-based textile material manufacturer, developed Ecodear N510 fiber. This innovative product incorporates 100 % biobased synthetic polymer content. Ecodear N510 is made from sebacic acid, which is derived from castor oil, and pentamethylenediamine, which is derived from corn. It is more sustainable, as it does not require the use of fossil fuels. It is also more comfortable to wear, as it is softer and more breathable. It is used in various applications, including clothing, textiles, and industrial products. Additionally, it provides sustainability, heat-resistant comfort, dimensional stability under humid conditions, and strong and durable performance.
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Key Segments -
The synthetic polymers market covered in this report is segmented -
1) By Type: Styrene Acrylic, Styrene Butadiene, Acrylic, Vinyl Acetate Copolymer, Polyvinyl Acetate, Vinyl Acetate Ethylene, Other Types
2) By Application: Paints And Coatings, Adhesives And Sealants, Nonwovens, Carpets, Paper And Paperboard, Other Applications
3) By End User: Construction, Automotive, Electronics, Textile, Healthcare, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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