Global Polymers Market Share Is Expected To Grow At A CAGR Of 3.5% By 2030

15-Jun-2023 | Facts and Factors

According to the Facts & Factors report, the global polymers market size was nearly $17.1 billion in 2022 and is set to increase to about $19.3 billion by 2030 along with securing the highest CAGR of 3.5% from 2023 to 2030.

global-polymers-market-share  

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Polymers are materials comprising large molecules referred to as macromolecules and comprising repeating subunits. Owing to its slew of beneficial features, both natural & synthetic polymers play an essential role in day-to-day lives. Polymers include both synthetic and natural ones. Reportedly, synthetic polymers include Teflon, nylon, epoxy, polyethylene, and polyester. Moreover, natural polymers occur naturally and can be derived easily. Sometimes, they are water-based and include proteins, silk, cellulose, DNA, and wool.  

Browse the full report “Polymers Market Size, Share, Growth Analysis Report By Type (Thermoplastics, Elastomers, and Thermosets), By Base Material (Polyethylene, Polyvinyl Chloride, Polyurethane, Polypropylene, Polystyrene, and Polyethylene Terephthalate), By Application (Packaging, Agriculture, Construction, Electric & Electronics, Automotive, and Textile), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030”  at https://www.fnfresearch.com/polymers-market    

Humungous demand for polymers for producing paper-based items, metals, and glass due to their favorable characteristics including durability & lightweight will proliferate the size of the polymers market globally. In addition to this, polymers are cost-efficient and are highly popular in a plethora of end-use sectors. Apart from this, the large-scale use of polymers in the automotive and packaging industries will spur the expansion of the global market. Moreover, the immense application of polymers in PVC materials utilized in the production of PVC pipes & containers as well as PVC bottles will embellish the growth of the market across the globe.    

Nevertheless, a rise in environmental pollution owing to the emission of carbons from polymers can decimate the global polymers industry expansion. However, the polymers such as thermosets, thermoplastics, and elastomers used in electrical as well as electronics industries will help the industry explore the untapped potential of growth in emerging economies as well as unravel new horizons of growth in these regions. This will also nullify the negative impact of hindrances on the global industry.  

global-polymers-market-size

Segmental Overview:

The global polymers market is segregated into type, base material, application, and region.   

The type segment of the polymers market is subdivided into thermoplastics, elastomers, and thermosets segments. Furthermore, the thermoplastics segment, which contributed more than two-thirds of the global market share in 2022, is predicted to establish its segmental dominance in the coming years.

The segmental surge in the forthcoming years can be attributed to the massive use of thermoplastics in the food & beverages sector owing to its massive mechanical strength, manufacturing ease, and cost proficiency. Additionally, thermoplastics find their use in lightweight constructions, window frames, storage tanks, and panels.  

On the basis of base material, the polymers industry across the globe is divided into polyethylene, polyvinyl chloride, polyurethane, polypropylene, polystyrene, and polyethylene terephthalate segments. The polyethylene segment, which held nearly 60% of the global industry share in 2022, is set to register the fastest CAGR in the upcoming years.

The expansion of the segment in the analysis timeframe can be owing to the escalating demand for polyethylene in construction activities. Apart from this, the base material finds several applications in the packaging of various food & beverages as well as household sector.    

In terms of application, the polymers market across the globe is segmented into packaging, agriculture, construction, electric & electronics, automotive, and textile segments. Moreover, the automotive segment, which dominated the segmental growth in 2022, is anticipated to record the fastest CAGR in the forthcoming years. The segmental growth over the forecast timeline can be due to the immense demand for lightweight materials such as ceramics & metals. It also minimizes the weight of vehicles, thereby leading to low carbon emissions.

Regional Overview:

Furthermore, the Asia-Pacific, which contributed majorly towards the overall share of the global polymers market in 2022, is predicted to continue its domination in the ensuing years. The regional market surge in the next few years can be owing to a rise in disposable income, low costs of the workforce, and minimization in raw material costs. A surge in penetration of polymers in the petrochemical and plastic sectors in countries such as China and India will increase the size of the market in the sub-continent in the ensuing years.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 17.1 Billion

Projected Market Size in 2030

USD 19.3 Billion

CAGR Growth Rate

3.5% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

ExxonMobil Chemical Corporation, BASF SE, LyondellBasell Industries, Sinopec Corporation, Dow Chemical, Mitsubishi Chemical Holdings Corporation, SABIC, LG Chemicals, Formoso Plastics Corporation, Chevron Phillips Chemical Company, Covestro AG, Braskem, Eastman Chemical Company, INEOUS Group Holdings SA, Solvay SA, Arkema SA, and others.

Key Segment

By Type, Base Material, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape:

Key players in the global polymers market include ExxonMobil Chemical Corporation, BASF SE, LyondellBasell Industries, Sinopec Corporation, Dow Chemical, Mitsubishi Chemical Holdings Corporation, SABIC, LG Chemicals, Formoso Plastics Corporation, Chevron Phillips Chemical Company, Covestro AG, Braskem, Eastman Chemical Company, and INEOUS Group Holdings SA, Solvay SA, and Arkema SA.

 Recent Developments:

  • In the first half of 2022, BASF SE, a chemicals firm, introduced high-performing solutions for plastic recycling based on plastic grade, cleaning process, and recycled material. The initiative will expedite the growth of the polymers business across the globe.  
  • In the second half of 2021, BASF SE and WPO Polymers, a key producer of composite materials, joined hands for distributing ecovio polymers in countries such as Portugal and Spain. The move will contribute majorly to the size of the polymers industry in Europe.
  • In the first half of 2019, BASF SE & SIBUR, a petrochemicals firm based in Russia, signed a strategic partnership for manufacturing new polymers at the latter’s polymer R&D lab in Russia. The strategic move will foster the demand for polymer across the European continent.

The global polymers market is segmented as follows:

By Type

  • Thermoplastics
  • Elastomers
  • Thermosets

By Base Material

  • Polyethylene
  • Polyvinyl Chloride
  • Polyurethane
  • Polypropylene
  • Polystyrene
  • Polyethylene Terephthalate

By Application

  • Packaging
  • Agriculture
  • Construction
  • Electric & Electronics
  • Automotive
  • Textile

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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