A large molecule known as a polymer is made up of numerous monomeric building pieces that repeat. Polymers come in two varieties: natural and artificial. Synthetic polymers are produced through the polymerization of monomers, whereas natural polymers, such as resins, rubber, and gum, are generated from organic components.
Polymers exhibit a wide range of physical and chemical properties, such as viscoelasticity, hardness, and a propensity to form semi-crystalline structures. Several types of polymers include silicone, polypropylene, polyethylene, nylon, wool, and synthetic rubber.
According to P&S Intelligence, the worldwide polymer market is anticipated to reach $946,991.38 million by 2030. This is mostly due to the product's rising demand across a variety of end-use sectors, including automotive, packaging, and electronics.
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Increased Use of Alternative Materials in the Automotive Industry
In the production sectors of the automotive and other industries, the use of lightweight elements as an alternative to traditional materials like metals and ceramics has grown.
Their exceptional mechanical, electrical, and chemical qualities, including their elasticity, strength-to-weight ratio, insulating and optical characteristics, and corrosion resistance, are largely responsible for this.
Additionally, it is predicted that a 10% decrease in vehicle weight results in a proportionate decrease in fuel consumption, which promotes the high volumetric use of polymer in cars.
Majority of Revenue Comes from Thermoplastics
The thermoplastics category held the biggest market share, with 69.2%. This is explained by the growing demand for thermoplastics in the food industry, which is driven by their low cost, great mechanical strength, and simplicity of production.
The need for thermoplastics has also increased as a result of similar qualities in other fields, such as the manufacture of storage tanks, lightweight constructions, and window panels and frames.
According to the application, the packaging category had the biggest market share. Polymers are replacing traditional materials in the packaging industry due to their fundamental properties, including high flexibility, protection, high shock/vibration resistance, and high resistance to exterior abrasion.
