Polymers Market is anticipated to rise at a value CAGR of 6.0% over 2019-2028. According to a study published by Insure Insights on the Polymers Market, A polymer is a constituent or material that consists of very large molecules, or macromolecules, composed of many repeated subunits. It is used in Grocery bags, soda, water bottles, food packaging, auto parts, toys and, many more things. It can be used as a replacement for renewable energy sources in the production of biofuels and electricity and thus is enhancing market growth. Increase in the demand of polymers in industries like healthcare, construction, packaging, automobile are expanding the growth.
Top Driver: Need for polymers in the electrical sector is driving the market
Polymers are widely being used in the electronic industry as it has a wide variety of applications in electronics and photonics, most of the polymers are used in their traditional role in the making of circuit boards, molded products, wire and cable insulation, encapsulants, and adhesives. Polymers make an automotive lightweight and have superior properties. Polymers used in the Electronic industry can withstand at a high temperature also temperature and also can withstand surface mount technology, thus is there is an increase in its demand in the electronic industry. Increase in the demand for plastic and relatable products are further boosting the market growth
Packaging in the Application segment to Make Crucial Contribution to the Growth of Global Polymers Market
Polymers have widely been used in the Packaging Industry as packing is needed in every industry, which includes food packaging, medical packaging, pharmaceutical packaging, etc. Polymers have gained a lot of popularity in these industries as they prevent damage and leaking. The most commonly used polymers in these industries are plastics; it also acts in preserving the freshness of food and extends shelf life. Based on the Type Segment, Thermoplastic have dominated the market due to the rise in the demand for plastic globally. Based on the product type, Polyethylene has obtained the highest growth as it is widely used in the industries.
The Asia Pacific region to dominate the Global Polymers Market
Food & beverage industries are highly dependent on petrochemicals, and plastics thus are driving the market in the region. An increase in the activities related to building construction and demand in healthcare is further driving the market in the region. The increasing population in developing economies like Brazil, China, and India has lead to an increase in the demand for polymers as there has been an increase in the need for essential products in these countries. Technological advancements in the region are further contributing to the growth in the market
Strategic collaboration acquisition Joint Partnership are the major strategies of the competitors
The key competitors of the global Polymers market are fragmented; Competitors are focused on acquisitions merging, joint venture partnership these are the major strategies of the competitors The key competitors of the Polymers Market are China Petrochemical Corporation (Sinopec), BASF SE, Borealis AG, Covestro AG, Lanxess, Chevron Phillips Chemical Company LLC, LyondellBasell Industries N. V., The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), and Exxon Mobil Corporation
Chevron Phillips Chemical Co : Chevron Phillips Chemical Co is a giant competitor of the polymers market. For instance, in the year 2019, It was announced that Chevron Phillips Chemical Co., is in a joint venture between Chevron and Phillips 66, and has offered to acquire Nova Chemicals for more than USD 15 billion, as it would be beneficial in expanding its product portfolio.
The Dow Chemical Company: The Dow Chemical Company are popular in the global polymers market. For instance, in the year 2017, The Dow Chemical Company and E.I. du Pont de Nemours & Company had merged with each other successfully, and the combined entity is operating as DowDuPont, this partnership will help them to lead in divisions like Agriculture, Materials Science, and Specialty Products.
Scope of the Report
By Product Type
Table of Content
Please fill out the form to receive sample pages of the report