Search Market Research Report
Polymers Market Size, Share Global Analysis Report, 2023 – 2030
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
Industry Insights
[215+ Page Report] According to the report published by Facts & Factors, the global polymers market size was evaluated at $17.1 billion in 2022 and is slated to hit $19.3 billion by the end of 2030 with a CAGR of nearly 3.5% between 2023 and 2030. The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace.
The polymers industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the polymers market report explores the investor and stakeholder space to help companies make data-driven decisions.
Market Overview
Polymers are a class of natural & synthetic components comprising very large molecules referred to as macromolecules. Moreover, these macromolecules are multiples of simplified chemical units referred to as monomers. In addition to this, polymers are made up of a large number of compounds in living organisms and form a base of minerals as well as man-made materials.
In addition to this, polymers range from synthetic plastics such as polystyrene to naturally occurring biopolymers. Furthermore, polymers are studied in the domain of polymer sciences such as biophysics, polymer physics, material science, and polymer chemistry.
Key Insights
- As per the analysis shared by our research analyst, the global polymers market is projected to expand annually at the annual growth rate of around 3.5% over the forecast timespan (2023-2030)
- In terms of revenue, the global polymers market size was evaluated at nearly $17.1 billion in 2022 and is expected to reach $19.3 billion by 2030.
- The global polymers market is anticipated to record massive growth over the forecast period owing to polymers also exhibiting exceptional properties such as sterilization ease, permeability, and high resistance to product aging as well as resistance to biological decay.
- Based on the type, the thermoplastics segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of base material, the polyethylene segment is projected to record the largest CAGR from 2023 to 2030.
- On the basis of application, the automotive segment is set to register the fastest CAGR over the period from 2023 to 2030.
- Region-wise, the North American polymers market is projected to register the fastest CAGR during the assessment period.
Industry Growth Factors
- Growing application of products in various end-use sectors to embellish the global market space
Large-scale use of polymers in paper, metals, and glass owing to their beneficial features such as huge strength & lightweight will exponentiate the expansion of the global polymers market. Apart from this, polymers are inexpensive and hence find lucrative applications in various end-use sectors.
In addition to this, extensive use of polymers in the automotive and packaging sectors will embellish the scope of growth of the market across the globe. Furthermore, the large-scale use of polymers in PVC materials used in the manufacture of PVC pipes & containers as well as PVC bottles will drive the global market trends.
Furthermore, polymers also exhibit exceptional properties such as sterilization ease, permeability, and high resistance to product aging as well as resistance to biological decay.
Apart from this, polymers also find a spectrum of applications in toys, fashion goods, and sports items. In addition to this, it is used in packaging materials for dairy products and animal-based products. All these aforementioned aspects will steer the growth of the polymers market globally.
Restraints
- The surge in levels of pollution proves a detrimental factor in the growth of the global industry
Growing environmental concerns and a rise in the pollution factor caused due to emissions from polymers are likely to hinder the growth of the global polymers industry. Moreover, these products cannot be recycled, thereby posing a big threat to global industry expansion.
Opportunities
- Rise in polymer application in various end-0use industries to open new growth avenues for the global market
Polymers including thermoplastics, elastomers, and thermosetting find extensive applications in the electrical & electronics sector, thereby opening new avenues of growth for the global polymers market.
Apart from this, polymers are utilized in electric insulation materials, producing switches, and manufacture of electric wires as well as microelectronics & insulator materials. This will open new facades of growth for the global market.
Challenges
- The low melting point of products can prove as the biggest threat to the growth of the global industry
Polymers cannot withstand extreme temperatures as they can melt in extreme heat. This can pose a big challenge to the growth of the global polymers industry. Apart from this, in comparison to metals, the strength-to-size ratio in polymers is low and this has made a huge impact on the revenue growth of the global market.
Segmentation Analysis
The global polymers market is sectored into type, base material, application, and region.
In terms of type, the global polymers market is sectored into thermoplastics, elastomers, and thermosets segments. Furthermore, the thermoplastics segment, which accounted for nearly 70% revenue share of the global market in 2022, is set to hold its segmental dominance in the forecast timespan.
The segmental growth in the ensuing eight years can be a result of the massive use of thermoplastics in the food industry due to its huge mechanical strength, manufacturing ease, and cost efficacy. Apart from this, thermoplastics find their use in lightweight constructions, window frames, storage tanks, and panels.
Based on base material, the polymers industry across the globe is divided into polyethylene, polyvinyl chloride, polyurethane, polypropylene, polystyrene, and polyethylene terephthalate segments. Moreover, the polyethylene segment, which garnered nearly 60% of the global industry share in 2022, is slated to register the highest CAGR over the ensuing years.
The growth of the segment in the coming years can be due to the surging demand for polyethylene in the construction sector. Apart from this, the material is utilized in food & beverage packaging and household applications.
On the basis of application, the global polymers market is divided into packaging, agriculture, construction, electric & electronics, automotive, and textile segments. Moreover, the automotive segment, which accounted for a major share of nearly 50% of the global market in 2022, is predicted to register the fastest CAGR in the ensuing years.
The segmental expansion over the forecast timespan can be subject to large-scale penetration of lightweight materials in ceramics & metals. In addition to this, it also reduces vehicle weight, thereby resulting in fuel usage.
Recent Breakthroughs:
- In the first half of 2022, BASF SE, a chemicals firm, launched high-performing solutions for plastic recycling based on plastic grade, cleaning process, and recycled material. The move will boost the growth of the polymers industry across the globe.
- In the third quarter of 2021, BASF SE and WPO Polymers, a key player in the composite material industry, joined hands for distributing ecovio polymers in countries such as Portugal and Spain. The initiative will contribute lucratively towards the size of the polymers business in Europe.
- In the second quarter 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 bolster the demand for polymer across the European continent.
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 |
Purchase Options |
Request customized purchase options to meet your research needs. Explore purchase options |
Regional Insights
- Asia-Pacific to contribute a major revenue share to the global polymers market in the coming years
Asia-Pacific, which accounted lucratively towards the global polymers market revenue in 2022, is anticipated to maintain its numero uno status during the forecast period. The regional market expansion over 2023-2030 can be due to a rise in per capita income, low labor costs, and reduced raw material costs. An increase in product penetration in the petrochemical and plastic sectors in China and India will proliferate the size of the regional market in the forthcoming years.
Furthermore, the North American polymers industry, which contributed nearly more than 40% of the global industry share in 2022, is set to record the fastest CAGR over 2023-2030. The factors that are projected to measure the growth of the regional market include thriving automotive and construction sectors with growing populations in countries such as Canada and the U.S.
Competitive Space
- 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
The global polymers market is segmented as follows:
By Type Segment Analysis
- Thermoplastics
- Elastomers
- Thermosets
By Base Material Segment Analysis
- Polyethylene
- Polyvinyl Chloride
- Polyurethane
- Polypropylene
- Polystyrene
- Polyethylene Terephthalate
By Application Segment Analysis
- Packaging
- Agriculture
- Construction
- Electric & Electronics
- Automotive
- Textile
By Regional Segment Analysis
- 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
Table of Content
Industry Major 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
Copyright © 2023 - 2024, All Rights Reserved, Facts and Factors