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Key Trends Influencing the Growth of the Synthetic Polymers Market in 2025: Innovative Product Developments In The Synthetic Polymers Market
Synthetic Polymers
What Is the Expected CAGR for the Synthetic Polymers Market Through 2025?
There has been significant growth in the synthetic polymers market size in the past few years. It is projected to increase from $33.37 billion in 2024 to $35.16 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.4%. The escalation in the precedented period is due to factors such as industrialization and urbanization, increased manufacturing of consumer goods, advancements in material science, infrastructure progression, and the growth of the automotive industry.
What's the Projected Size of the Global Synthetic Polymers Market by 2029?
In the coming years, the synthetic polymers market is set to experience robust expansion. The market size is forecasted to reach $46.08 billion in 2029, with a compound annual growth rate (CAGR) of 7.0%. The predicted growth in this period is due to factors such as the expanding packaging industry, increased attention on sustainable polymers, growth in the healthcare sector, and the global economic recovery. Expected trends in the forecast period include the rise of bio-based polymers, improved polymer processing technologies, electrically conductive polymers, polymer blends and alloys, and the application of polymers in healthcare and medicine.
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Top Growth Drivers in the Synthetic Polymers Industry: What's Accelerating the Market?
The escalation of residential and commercial construction activities is anticipated to drive the growth of the synthetic polymer market. The terms residential and commercial construction are used to describe the building of residences and commercial structures. This includes the development, design, and implementation of construction projects that result in living areas, business premises, retail outlets, hotels, and various other commercial entities. The wide-ranging use of synthetic polymers in these constructions can be attributed to their versatility, durability, lightness, cost-efficiency, and minimal maintenance requirements. Due to these strengths, they are a favored option for a multitude of construction tasks. For instance, an increase of 1.0% was documented in building construction investments in April 2023, according to Statistics Canada. This growth surged to $20.6 billion, with all components experiencing progressive gains. A 1.1% increase was seen in the residential sector, which climbed to $15.0 billion. Meanwhile, the non-residential sector recorded a 0.8% increase, amounting to $5.6 billion. As such, the expansion of residential and commercial properties fuels the growth of the synthetic polymer market.
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What Trends Will Shape the Synthetic Polymers Market Through 2029 and Beyond?
A significant trend escalating in popularity in the synthetic polymers market revolves around product innovations. Leading firms operating within this market are devising groundbreaking products to maintain their competitive edge. An exemplar of this development is Toray Industries Inc., a textile material producing company based in Japan, who launched the Ecodear N510 fiber in January 2022. This revolutionary product boasts a 100% biobased synthetic polymer composition. Its construction emanates from sebacic acid, obtained from castor oil, and pentamethylenediamine, sourced from corn. The product sets a higher sustainability benchmark as its production does not necessitate consuming fossil fuels. Moreover, it enhances wear comfort due to its softer and more breathable nature. It finds versatile utility in sectors like clothing, textiles and industrial products while providing heat-resistance, durability, and stability even in damp conditions.
What Are the Main Segments in the Synthetic Polymers Market?
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
Subsegments:
1) By Styrene Acrylic: Styrene Acrylic Emulsions, Styrene Acrylic Resins
2) By Styrene Butadiene: Styrene Butadiene Rubber (SBR), Styrene Butadiene Latex
3) By Acrylic: Acrylic Resins, Acrylic Polymers
4) By Vinyl Acetate Copolymer: Vinyl Acetate Ethylene Copolymer, Vinyl Acetate Butyl Acrylate Copolymer
5) By Polyvinyl Acetate: Polyvinyl Acetate Emulsions, Polyvinyl Acetate Films
6) By Vinyl Acetate Ethylene: Vinyl Acetate Ethylene Emulsions, Vinyl Acetate Ethylene Copolymers
7) By Other Types: Polyurethane, Polyethylene, Polypropylene, Other Specialty Polymers
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Which Top Companies are Driving Growth in the Synthetic Polymers Market?
Major companies operating in the synthetic polymers market include 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
Which Regions Will Dominate the Synthetic Polymers Market Through 2029?
Asia-Pacific was the largest region in the synthetic polymers market in 2024. The regions covered in the synthetic polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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