Press release
Global Synthetic Polymers Market Pegged for Robust Expansion During 2024 - 2031 | BASF SE, Alberdingk Boley, 3M, Celanese Corporation
Global Synthetic Polymers Market
The global synthetic polymers market is estimated to be valued at USD 24.97 Bn in 2024 and is expected to reach USD 35.61 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Market Dynamics:
The global synthetic polymers market is projected to experience significant growth over the forecast period, owing to growing demand from end-use industries and introduction of bio-based synthetic polymers. Synthetic polymers find extensive application in construction industry where they are used for resilient flooring, roofing, and insulation. In addition, demand from automotive industry is also contributing to the market growth where polymers are utilized for manufacturing automotive parts, interiors, and exteriors. Furthermore, growing electronics industry worldwide is augmenting the demand for synthetic polymers as they are used in circuits, casings, and other electronic components.
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Growth in Automotive Industry Boosts Demand for Synthetic Polymers
The global automotive industry has seen steady growth over the past decade and is expected to grow further in the coming years. Synthetic polymers find wide application in the automotive sector for manufacturing various components such as trims, interiors, exteriors, engine parts, electrical components and more. Properties such as durability, corrosion and heat resistance along with light weight make synthetic polymers an ideal material choice for automakers. As disposable incomes rise globally, automobile sales are projected to rise substantially driving increased consumption of polymers in the automotive sector. With more people adopting personal vehicles, the automotive industry is estimated to remain a key driver of synthetic polymer demand in the coming years.
Increased Infrastructural Development Projects Fuel Synthetic Polymer Consumption
Infrastructure development has become a priority for governments worldwide aiming to accelerate economic growth. Mega projects in sectors such as transportation, energy, buildings and urban development require extensive use of construction materials. Synthetic polymers have emerged as a popular construction material over conventional ones owing to their corrosion resistance, durability and easy production in desired shapes and sizes. They find wide use in concrete reinforcement, roofing, insulation, pipes and more. Countries investing heavily in infrastructure are expected to present significant opportunities for synthetic polymer producers. As infrastructure spending ramps up across developing regions to improve connectivity and real estate, it will continue propelling polymer consumption over the long term.
Rising Demand for Specialty Polymers
The synthetic polymer market has witnessed a notable shift from commodity to performance-based specialty variants. With rapid technological changes, specialty polymer formulations with specific material characteristics have gained prominence. They exhibit enhanced properties such as high temperature and corrosion resistance demanded by niche industrial applications. Specialty polymers now dominate high-growth markets including automotive, aerospace, oil & gas, healthcare and electronics. Going forward, specialty products are expected to outpace commodity polymers due to their differentiation and ability to serve new application areas. This shifts market economics favoring manufacturers investing in specialized product ranges and custom solutions. R&D efforts to broaden specialty polymer offerings present new revenue opportunities for industry players.
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Top Companies Featured in This Report:
★ BASF SE
★ Alberdingk Boley
★ 3M
★ Celanese Corporation
★ Dow
★ Asahi Kasei Corporation
★ Trinseo
★ Wacker Chemie AG
★ LG Chem
★ Lubrizol Corporation
★ Apcotex Industries Limited
★ Arkema
★ OMNOVA Solutions Inc.
★ Nouryon
★ APL
★ Arlanxeo
Market Segmentation:
By Product Type:
★ By Type: Styrene Acrylic, Acrylic, Vinyl Acetate Copolymer, Polyvinyl Acetate, Vinyl Acetate Ethylene, and Others
★ By End Use Industry: Construction, Automotive, Electronics, Textile, Healthcare, and Others
By Applications:
★ By Application: Paints and Coatings, Adhesives and Sealants, Nonwovens, Carpets, Paper and Paperboard, and Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Global Synthetic Polymers Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Global Synthetic Polymers market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Global Synthetic Polymers market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Global Synthetic Polymers market.
Segment Analysis: Examining the market value and sales volume of Global Synthetic Polymers by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Global Synthetic Polymers market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Global Synthetic Polymers sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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