Polymer Market

Global Polymer Market Size (2024 to 2029)

The Global Polymer market is expected to grow from USD 784 billion in 2024 to USD 1,073 billion in 2029, with a CAGR of 6.49% between 2024 and 2029. 

Current Scenario of the Global Polymer Market

Polymer is a chemical that is broadly utilized in a variety of industries, including medicine, food, electronics, and many more.

Polymers are molecules with a high molecular weight that are built up of monomers. The quality and properties of the polymer are determined by the interaction of the bonds, additives, and polymer length. In nature, polymers can be both natural and manmade. Natural polymers, such as silk, wool, cellulose, and proteins, are found in nature and can be extracted. They are often water-based. Petroleum oil, Teflon, and polyester are the most common synthetic polymers. In industries such as manufacturing, aerospace, building materials, coatings, and lubricants, these are utilized as an alternative to mineral-based products.

The electrical, mechanical, and chemical properties of polymers are good. Packaging, automotive parts, and medical devices can all benefit from the high strength-to-weight ratio, durability, and corrosion resistance of this material. Polymers are utilized in a variety of medical equipment, from surgical instruments to implants and catheters, and are an important part of the worldwide healthcare ecosystem. Patients' increased desire for health treatment, which is both cost-effective and convenient, has resulted in an increase in demand for medical disposables all over the world. Over the forecasted period, this will effectively contribute to a higher expanding market share.

MARKET DRIVERS

The increased need for polymers in many industries is the key driver for the global polymer market growth from 2024 to 2029.

The polymer possesses a number of helpful features that make it appropriate for a variety of end-use applications in the industry. It has low strength and hardness, but is very ductile and has a high impact strength; it will stretch rather than break, which is why it is utilized in fashion, sports, and toys since it allows for easy product shaping and packing flexibility. Electrical treeing resistance is provided by polymer-based goods; however, they can become electrostatically charged. Polymer is becoming more widely used in agriculture due to increased demand for drippers, microtubes, nozzles, and emission pipes in irrigation fields. The use of polymer in packing and transportation protects goods from damage and corrosion, improves their movement, and serves as a brand touch point. Polymers, which are the building components for most packaging materials, will see increased demand as wealth and population expand.

The biggest demand in the market is for thermoplastics, which has been ascribed to a rise in demand for thermoplastics in the food packaging industry due to their high mechanical strength, cost-effectiveness, and ease of manufacture. In the polymer market, polyethylene is the fastest growing. Consumer spending and production operations in different industries, including automotive, construction, and packaging, are likely to accelerate.

MARKET RESTRAINTS

The major factors that are leading to market downfall are several dangerous chemical elements in plastic, the Harmful effects of plastics on the environment, and the implementation of stringent regulations. Plastics are lightweight, corrosion-resistant, and have excellent thermal and electrical insulating properties, making them ideal for a wide range of residential, commercial, and industrial applications. Furthermore, when compared to comparable metal products, plastic products are less expensive. As a result, during the last two decades, traditional plastic has become increasingly popular around the world. However, due to the inclusion of several dangerous chemical elements in plastic, it is non-decomposable, limiting its use in a variety of end-use applications.

The installation of rigorous laws by regulatory authorities against the usage of plastic is a major constraining factor influencing the polymer market. The government is taking steps to prevent plastic pollution from damaging the environment, which is slowing the growth of the plastic polymer business.

Impact of COVID-19 on the global Polymer Market

• The COVID-19 epidemic has had a significant influence on the global polymer market.
• Almost all major countries experienced a drop in economic development as a result of the COVID-19 pandemic, altering consumer purchasing patterns.
• National and international transportation have been hampered as a result of the lockdown applied in several nations, which has had a substantial influence on the supply chain of numerous sectors throughout the world, consequently widening the supply-demand mismatch.
• Automobile plants all across the world were shut down due to government mandates during the COVID-19 crisis. This resulted in a significant drop in demand for numerous raw materials, significantly impacting the polymer industry. However, demand for these commodities remained strong in the food processing, packaging, pharmaceutical, and personal care businesses, which are considered critical and hence continued to function during the pandemic.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Polymer Market By Type

The Thermoplastics category is anticipated to grow rapidly over the forecast period, the thermoplastics category accounted for the biggest market share of the polymer market.

This is due to an increase in the demand for thermoplastics in the food packaging industry, which are prized for their high mechanical strength, low cost, and ease of manufacture. These characteristics have also increased the demand for thermoplastics in other industries, such as lightweight structural construction, storage tanks, and window frames and panels.

Global Polymer Market By Product

Due to increased demand from various end-use industries, the Polyethylene category is expected to grow at the fastest rate of 7.1 percent during the forecast period.

Growing applications of high-density polyethylene (HDPE) and low-density polyethylene (LDPE) in food and beverage packaging, such as milk and fruit juices, crates, food packaging caps, drums, and other liquid food packaging, as well as industrial packaging, are driving the global polymer market expansion.

Global Polymer Market By Application

The global Polymers Market is likely to develop at the fastest rate in the healthcare sector during the forecast period.

Global Polymer Market By Process

Because of its optical clarity and biocompatibility, the injection molding segment is expected to grow at the fastest rate of 6.8% throughout the forecast period.

Huge polymer moldings can be produced in large quantities for direct use at a low cost using the injection molding process. Furthermore, the increasing complexity of technological biodegradable polymer/bioplastic moldings fuels demands for a multi-component injection molding method, propelling the segment's growth. The market is predicted to increase due to rising demand for plastic components across a variety of end-use sectors, including automotive, packaging, household appliances, electrical and electronics, and healthcare devices. Moreover, numerous sectors are moving their focus to injection-molded items in order to improve their operations and manufacture higher-quality products that meet the needs of their customers. For example, to reduce vehicle weight and improve fuel efficiency, the automotive sector is replacing steel with plastics.

REGIONAL ANALYSIS

Asia-Pacific (APAC) is the most productive polymer market and is expected to develop at the quickest rate in the next years.

The construction, automotive, agriculture, packaging, textile, and electronics & electrical industries are all growing in the region, which is driving up demand for polymeric materials. Battery parts, flexible bottles, bearings, film wrapping, cams, gears, grips, bushings, wire and cable jacketing, anti-corrosion seals, and safety helmets are among the most important polymer applications in APAC.

North America holds the second largest share in the global polymer market as the countries in Northern America are in the construction and health care industry. This is helping the market.

KEY PLAYERS IN THE GLOBAL POLYMER MARKET

Shell Chemicals, Dow, Formosa Plastics, Westlake, Sasol, Total S.A., Reliance Industries Limited, Covestro AG are some of the notable companies in the global Polymer market.

RECENT DEVELOPMENTS IN THE MARKET

• 17 January 2022: Eastman Board Chair and CEO Mark Costa and French President Emmanuel Macron will jointly announce Eastman's proposal to invest up to $1 billion in a material-to-material molecular recycling facility in France. This facility would use Eastman's polyester renewal technology to recycle up to 160,000 metric tons of currently incinerated hard-to-recycle plastic trash per year. The investment would recycle enough plastic garbage to fill the Stade de France national football stadium 2.5 times each year, while simultaneously producing virgin-quality material with a lower carbon footprint.

DETAILED SEGMENTATION OF THE GLOBAL POLYMER MARKET INCLUDED IN THIS REPORT

This research report on the global polymer market has been segmented and sub-segmented based on type, product, application, process, and region.

By Type

• Elastomers
• Thermosets
• Thermoplastics

By Product

• Polyethylene
• Polypropylene
• Polyvinyl Chloride

By Application

• Food Industry
• Petrochemicals
• Electronics
• healthcare

By Process

• Injection Molding
• Extrusion
• Others

By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa