Global Polymers Market: Demand Analysis
The global polymers market size was at around $666.5 billion as of 2018, and its value is poised to grow at a CAGR of 5.1% during the forecast period (2019-2025). Increasing consumption of polymers in various end-user industries such as packaging, construction, automobiles, and healthcare, for the manufacturing of elastomers, adhesives, and surface coatings, is projected to fuel the growth of the market. Polymeric materials are usually obtained from oils such as petroleum and crude oil, but significant research is initiated to develop innovative methods of producing these materials using renewable energy sources.
Polymers are the chains of monomer units. The structural and chemical composition of the chain determines the physical properties of the final materials. The major types of polymers are polyacrylonitrile, polypropylene, polyvinyl chloride, neoprene, and polystyrene, which are used to reduce the dependency on renewable fossil fuels. The replacement of renewable energy sources with polymers in the production of biofuels and electricity is fueling the polymers market growth.
The report identifies packaging as the leading application segment for polymers market. Polymers are used in high amounts across various industries for packaging and the demand for the segment is estimated to grow with a healthy CAGR of 4.1% in the forecast period. The various factors influencing the growth of the polymers market are consumption, manufacturing focus, end-use industries, feedstock availability, and increasing urbanization and changing lifestyle. Plastic industry in India has seen a strong penetration into general masses as compared to global standards owing to its high population and lenient government policies, and the region is anticipated to keep up the high economic growth which can propel the India’s plastic consumption in coming years.
Polymers Market: Regional Analysis
Asia-Pacific held a share of more than 44% in global polymers market in 2018, witnessing significant growth in the recent past. Globally, India is the third largest energy consumer due to increased consumption of petrochemicals and plastics primarily used for packaging in F&B industries. The prosperity of the country also has a multiplier effect on numerous important polymer end user sectors such as building & construction, automotive, and healthcare. Moreover, untapped rural market provides opportunities to tap the latest demand for consumer durables as well as packaged products are set to boost the polymers market in India. Pricing coupled with compatibility issues are foremost concerns among the polymers industry which needs to be addressed. The key factors that influence the price of polymers include supply-demand of feedstock, polymers and related finished products.
Competitive Landscape:
- The Dow Chemical Company, LyondellBasell Industries N.V., Exxon Mobil Corporation, SABIC, BASF SE, INEOS AG, Eni S.p.A., Chevron Phillips Chemical Company LLC, and LANXESS are some of the major players holding maximum share in global polymers market.
- LANXESS is one of the leading company in the production of chemical intermediates, additives, specialty chemicals, and plastics through its consortium partners at 59 production sites. Its latest trend is the development of biopolymers such as polyesters, polyamides, rubbers and rubber chemicals paved the path for huge investments of around EUR 200 million until 2021.
- In 2017, BASF SE experienced a 7% increase in sales of care chemicals. Increased prices of chemical surfactants and fatty alcohols reflected a positive effect on sales growth for the same year. Dispex is another major product type in the company which is an efficient polyacrylate dispersant that is used to scatter inorganic materials present in automotive and decorative paints and construction materials.
- Dow Chemical Company is one of the major key player in the polymers market, which offers a wide range of elastomers, which are extensively used for wire and cable coatings, footwear foams, Auto interior modifiers in cars such as TPO roofing and automotive bumper fascia, and Molded goods. On 9 October, 2018 Dow Chemical Company launchedthree new NORDEL EPDM products which play a prominent role in the production of lightweighting, safety and aesthetics products, that are used to reduce environmental impacts and further increases the demand of the market.
Polymers have been ubiquitous since the very beginning, as they are found almost in all materials used in our daily life. The petrochemicals industry has been utilizing polymers since ages but the advent of ecofriendly alternatives has further added to the prosperity of the polymers market. Additionally, polymers are used in various other industries such as building and construction, automotive, and electronics due its corrosion resistant and durability attributes. Under these favorable scenarios, the market is expected to witness a significant growth in the near future.
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