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Synthetic Polymers Global Market Analysis, Trends, Growth, Research And Forecast 2033
Synthetic Polymers Global Market
As per the report, the synthetic polymers market size has grown strongly in recent years. It will grow from $31.76 billion in 2023 to $33.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. 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%.
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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.
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.
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
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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
Contents of the report:
1. Executive Summary
2. Synthetic Polymers Market Report Structure
3. Synthetic Polymers Market Trends And Strategies
4. Synthetic Polymers Market - Macro Economic Scenario
5. Synthetic Polymers Market Size And Growth
…..
27. Synthetic Polymers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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