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Polymers Market Size, Share, and Analysis, By Product Type (Thermosets, Thermoplastics, Elastomers), By Material (Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene, Polyurethane, Polyethylene Terephthalate), By Process (Extrusion Molding, Injection Molding, Compression Molding, Blow Molding, Rotational Molding, Plastic Foam Molding, Others), By Type (Natural Polymers, Semi-synthetic Polymers, Synthetic Polymers), By Application (Fabric, Buckets, Plastic Switches, Tubes, Water Bottles, Pipes, Laminated Sheets, Auto Parts, Adhesives and Sealants, Toys, Paints and Coatings, and Others), By Distribution Channel (Direct Sales, Indirect Sales), By End-use Industry (Aerospace, Packaging, Construction, Automotive, Textile, Cosmetics and Personal Care, Agriculture, Electrical and Electronics, Home Appliances, Healthcare, Consumer Goods, Others) and Regional Forecasts, 2022-2032
Polymers Market size was USD 657.56 billion in 2021 and projected to grow from USD 721 billion in 2023 to USD 1098.6 billion by 2032, exhibiting a CAGR of 4.8% during the forecast period.
Polymers are generally used in generating chemical products belonging to various industries like aerospace, packaging, construction, electrical appliances industries etc. Polymers possess several vital properties like light weight, high performance, cost-effectiveness etc. and they are utilized as an alternative to metal and mineral items.
Polymers Market is expected to reach USD 1098.6 billion, growing at a CAGR of 4.8% during forecast period owing to the increasing demand for polymers in various end-use industries as they possess several benefits. Polymers are used in creating sports material, toys, and fashion accessories due to their sturdiness, strength and flexibility. Polymers aid in easy shaping of product and their packing as it has the tendency to expand rather than break which is expected to create demand for growth of the market.
Polymers Market is classified based on the Product Type into Thermosets, Thermoplastics, Elastomers. Thermoplastics segment is expected to dominate the market in the forecast period owing to the growing popularity of polymer usage in food packaging field owing to the presence of high mechanical strength, ease of production and low cost which is expected to boost the growth of the segment in the market. The necessity of thermoplastics had increased due to the requirement in building activities etc.
Polymers Market is classified based on the Material into Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene, Polyurethane, Polyethylene Terephthalate. Polyethylene segment dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the widening of applications for HDPE and LDPE in various industries like food and beverage packaging and several other liquid food packaging industries. Polyethylene is used as foils, sheets, films, strips, plates etc. that supply protection for floors during construction.
Advantages Possessed by Polymers is Expected to Boost the Growth of the Market
Polymers are being used in several applications owing to its nature like lightweight, corrosion-resistance and strength along with thermal & electrical insulation capabilities. Key players of polymers are focusing on recycling the used material to generate new raw materials which is aiding in the reducing the manufacturing cost and is expected to drive the demand for the growth of the market. The use of resources optimally by recycling polymer is resulting in minimizing waste generation. Polymers possess excellent ductility and strength to withstand resistance. Polymer-based products have great electrical insulation and help in supplying resistance to electric shaking.
Increasing Usage of Polymers is Expected to Boost the Growth of the Market
The usage of bio-based polymers is increasing as they are created from renewable biological resources. Bio-based polymers are helpful for reducing the energy consumption, thereby lower carbon emissions, and hence aid in protecting the environment. This is anticipated to drive the demand for utilizing plastic substitutes as it provides advantage to consumers and businesses. Several firms are shifting to plastics obtained from biomaterials than the fossil fuels as renewable carbon ingredients are involved in bio-based polymers. This is expected to boost the growth of the market.
Increasing Environmental Concerns May Restrain the Growth of the Market
Plastic products are not expensive and are affordable which resulted in the extensive usage from the past few years and the accumulation of harmful chemicals present in plastic creating a negative impact on the environment and people's health which is expected to restrain the growth of the market.
Polymers Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominate the Polymers market in 2021 owing to the increasing necessity of various industries in countries of this region. Asia Pacific region is expected to dominate the market in the forecast period owing to the increasing disposable income, growing population and low cost of raw materials is expected to boost the growth of the market.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed strict lockdown measures to prevent the spread of virus. The manufacturing activities were delayed due to the improper availability of raw materials and feedstocks which had impacted the polymer production. The construction industry, automobile plants etc. had witnessed delays and cancellations due to the pandemic. Polymers were used in the production of personal protective equipment which had increased demand for polymers market. Covid-19 had a negative impact on the growth of the polymers market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 4.8% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product Type |
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Material |
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Process |
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Type |
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Application |
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Distribution Channel |
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End-use Industry |
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By Region |
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Polymers Market size was estimated at USD 657.56 billion in 2021 and is expected to reach USD 1098.6 billion in 2032.
Thermoplastics and Polyethylene segment accounted for the highest growth rate in the Polymers market.
Leading players: BASF SE, Eastman Chemical Company, Dow Inc., Covestro AG, Royal DSM, Exxon Mobil Corporation, Mitsui Chemicals Inc., Clariant International Limited, Radici Group, LyondellBasell Industries N.V., Huntsman Corporation and Other Prominent Players are the leading players in the Polymers Market.
Advantages possessed by polymers and Increasing usage of polymers are the factors driving the Polymers market.
The accumulation of harmful chemicals present in plastic creating a negative impact on the environment and is challenging the Polymers Market.
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