In recent years, the high consumption of polymers in various industries is creating a valuable opportunity for the market to grow. Industries such as automotive, manufacturing, oil & gas, healthcare, power, mining, electrical and electronics, and others are highly using polymers to innovate their products according to the current standards and regulations. Chemical industries are trying to develop the polymers by improving their properties according to new government regulations
Currently, packaging industries contain the highest share of polymers, which is about 42% in terms of consumption. Polymers such as polyethylene (Low Density Polyethylene (LDPE), High-Density Polyethylene (HDPE) and Linear Low-Density Polyethylene (LLDPE)), Polypropylene (PP), and Polyvinyl Chloride (PVC) majorly covers the packaging applications. From food packaging to pharmaceuticals, automotive equipment to mechanical tools, polymers’ capabilities are always at its best. Other industries such as building and construction and consumer goods contain 23% and 12% shares respectively.
In the polymers market, polyethylene are majorly used by end-user industries. It covers 30% share in the Polymers market. HDPE is the most widely used of the three polyethylene resins, accounting for just under half of the total demand. Also, LLDPE will continue to gain market share over LDPE going forward, as LLDPE is the primary beneficiary of metallocene catalyst technology, which improves resin performance. The major applications of polymers are diverse in different regions.
Polymethyl methacrylate (PMMA) will witness a positive growth through 2028. PMMA is a commonly used low-cost thermoplastic polymer with boundless applications to everyday life. The overall PMMA market is estimated to reach $12.39 billion by 2028. The unique properties, low cost, and bio-compatibility of PMMA combine to make it the most commercially important acrylic available to date.
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Geographically, in 2018, Asia-Pacific accounted for nearly 44% of the overall polymers market and this is anticipated to reach nearly 50% by 2028. The Asia-Pacific region, especially China, has been the pioneer in innovation, manufacture, and export of a wide variety of polymers. Following the rapid expansion of the Asian economy in the last decade, the demand for polymers has risen sharply. The relatively strong Asian automotive and construction sectors are propelling the demand for polymers in the region. The FMCG sector in the region, especially in China is driving the growth of the packaging sector, and thereby propelling the growth of polymers.
Polymers are widely used by almost every sector and industries, the new technologies and innovations lead to better growth of polymer in the upcoming years. Chemical industries are investing more in R&D to produce a new polymer with less toxicity level so that these polymers can be used in household daily products as well as by healthcare industries.
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