Press release
Global Synthetic Polymers Market: A Future Growth of $46.08 Billion by 2029 with CAGR 7.0%, Influenced by Market Drivers and Trends
Synthetic Polymers Market
What Is The Projected Market Size Of The Global Synthetic Polymers Market And Its Growth Rate?
The Synthetic Polymers market has a promising future:
• From $33.37 billion in 2024, it's projected to grow to $35.16 billion in 2025 with a CAGR of 5.4%.
• This growth is driven by factors such as industrialization, urbanization, rise in consumer goods manufacturing, advancements in material science, infrastructure development, and automotive industry growth.
• Looking to the future, the market is expected to continue its strong growth to reach $46.08 billion by 2029 at a CAGR of 7.0%.
• This future growth is attributed to factors such as growing packaging industry, rise in sustainable polymers, expanding healthcare sector, and global economic recovery.
What Is Driving The Growth In The Synthetic Polymers Market?
The synthetic polymer market continues to be propelled by growth in residential and commercial construction. The versatility, durability, lightweight, cost-effectiveness, and reduced maintenance of synthetic polymers make them an ideal choice for construction applications. In April 2023, investment in building construction increased by 1.0%, reaching $20.6 billion, according to Statistics Canada, with positive gains observed across all components. Therefore, the uptake of synthetic polymers in rising residential and commercial buildings is driving the growth of the synthetic polymer market.
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Who Are the Key Players Driving Synthetic Polymers Market Growth?
Here are the major industry players:
• 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
What Are The Key Trends In The Synthetic Polymers Market?
Key trends in the forecast period involve:
• Bio-based polymers
• Advanced polymer processing technologies
• Electrically conductive polymers
• Polymer blends and alloys
• Medical and healthcare polymer applications
What Are The Segments Of The Global Synthetic Polymers Market?
Global Synthetic Polymers Market is segmented into:
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
Which Region Leads The Synthetic Polymers Market?
Asia-Pacific was the largest region in the synthetic polymers market in 2024. The comprehensive market report covers multiple regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Synthetic Polymers Market Global Market Report?
- Market Size Analysis: Analyze the Synthetic Polymers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Synthetic Polymers Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Synthetic Polymers Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Synthetic Polymers Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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