Factors such as the increasing replacement of conventional materials in the automotive sector, rising usage of smart polymers in the healthcare sector, and surging demand for polymers in the packaging and electronics sectors are expected to drive the growth of the polymer market at a 5.1% CAGR during the forecast period (2020–2030). With this growth rate, the market size will increase from $533.6 billion in 2019 to $838.5 billion by 2030.
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Moreover, the surging usage of smart polymers in the healthcare sector is another key driving factor that boosts the polymer market. There has been a considerable increase in the use of smart polymers in the healthcare sector to manufacture biosensors, hydrogels for targeted drug delivery, and artificial body parts. The behavior of polymers like chitosan, poly(hydroxyproline), and polysilamine toward a stimulus is non-linear in nature, and these are flexible, strong, and biocompatible. Owing to these properties, the requirement for these polymers is projected to rise during the forecasted period.
Presently, Asia-Pacific is the most-productive polymer market, and it is also set to grow the fastest in the years to come. The expansion of the construction, automotive, agriculture, packaging, textile, and electronics & electrical industries is propelling the consumption of numerous polymeric materials in the region. Among the most-significant applications of polymers in APAC are the production of battery parts, flexible bottles, bearings, film wrapping, cams, gears, handles, bushings, wire and cable jacketing, anti-corrosion seals, and safety helmets.
Thus, the rising use of smart polymers in the healthcare sector and the increasing replacement of conventional materials in the automotive sector are expected to propel the demand for polymers during the forecast period.
Key Findings of Global Polymer Market Report
• COVID-19 blow on market cushioned by growing polymer demand in food processing, packaging, pharmaceutical, and personal care sectors
• Thermoplastics remain industrialists’ choice of polymer
• Polymer demand rising fastest in packaging industry
• APAC to remain largest and fastest-growing consumer of polymers
• Biopolymers key opportunity area for industry players
• Polymer providers engaging in mergers and acquisitions to consolidate competition
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