Polymer Market Size, Share & Trends - Industry Analysis Report [2023-2030] (2024)

Polymer Market size was valued at USD 629.4 billion in 2019 and is poised to grow from USD 659.81 billion in 2023 to USD 1046.15 billion by 2031, growing at a CAGR of 4.69% in the forecast period (2024-2031).

Polymers as a product are used in everyday life and therefore have high growth potential. Increasing plastic consumption in the construction, automotive, electrical & electronics industries is projected to support market growth. Plastics are those polymers that are highly demanded in the packaging industry, owing to their attributes, such as lightweight, flexibility, strength, etc. This demand is further accelerated by the recent covid crisis wherein the demand for packaged food increased.

Another contributing factor is the increasing demand for polymers in the construction industry especially from emerging economies such as Brazil, China, India, etc. This is also due to increased investments and FDI in the construction industry.

The Covid-19 pandemic negatively impacted the polymer industry due to the reduced demand and production of light vehicles; this is one sector where the polymer is used on a large scale. But because other industries where the demand for the polymer is high such as packaging, food processing, personal care, etc. have functioned throughout the crisis, this has given a boost to the market. On the other hand, because the covid cases are increasing the use of plastic in testing instruments, gloves, etc. has also increased thus, the growth of the market has been positive.

US Polymer Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Polymer Market is segmented by Type, Process, End Use and region. Based on Type, the market can be segmented into Polypropylene, Polyethylene [High Density Polyethylene (HDPE), Low-density polyethylene (LDPE), Linear low-density polyethylene (LLDPE), Others], Polystyrene [Expanded Polystyrene (EPS), Extruded Polystyrene (XPS)], Polyurethane [Flexible Polyurethane Foam, Rigid Polyurethane Foam, Thermoplastic polyurethane (TPU), Others], Polyvinyl Chloride, Others. Based on Process, the market can be segmented into Injection Molding, Extrusion, Others . Based on End Use, the market is segmented into Packaging [Flexible, Rigid], Building and Construction [Windows, Flooring, Roofing, Others], Automotive [Body Panel, Engine, Tires, Others], Electrical and Electronics, Healthcare/Medical, Agriculture, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Polymer Market Analysis by Type

The thermoplastics category held the largest proportion of the polymer market in terms of type in 2021. The rising demand for thermoplastics in the food packaging business can be due to their high mechanical strength, cost efficiency, and ease of manufacture. These characteristics have also increased demand for thermoplastics in other industries, such as lightweight structural construction, storage tanks, and window frames and panels.

Polymer Market Analysis by Material

During the projection period, the polyethylene category, based on base material, is expected to develop at the fastest rate in the polymer market. Consumer spending and production operations in different sectors, such as automotive, construction, and packaging, may accelerate as a result. It is in high demand for packaging products, tubing products, connectors, bottles, and plastic surgery implants because to its relatively remarkable mechanical features, such as high flexibility, good stability, high heat resistance, and high impact resistance.

Polymer Market Driver

Technological Advancement to Boost Demand for Polymer in the coming Years

• Polymer products were formerly discarded after use, resulting in increased trash accumulation in landfills and negative environmental consequences. Manufacturers of polymers have begun to employ improved technology in mechanical and chemical recycling procedures as time has passed. The primary benefit of polymer recycling is that it lowers manufacturing costs by decreasing the use of new or fresh raw materials. As a result, the polymer market is seeing optimal resource usage through polymer material recycling to reduce waste and create a more sustainable environment.

Polymer Market Restraint

Stringent Regulations to Hinder Market Growth

• The introduction of tight laws by regulatory agencies against the use of plastic is a major limiting factor in the Polymer Market. The government is attempting to safeguard the environment from plastic pollution, which is restraining polymer production growth. The most significant prospects for the Polymer Market are a considerable change in the market towards smart polymers and the replacement of traditional materials in the automotive sector.

Players in the Polymers Market study use technology launches, acquisitions, and R&D efforts as important strategies. 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 among the major companies in the Polymers Market.

Polymer Market Top Players Company Profiles

• ExxonMobil Chemical
• BASF SE
• Dow Chemical
• LyondellBasell Industries
• SABIC
• Sinopec
• Mitsubishi Chemical Holdings Corporation
• Formosa Plastics Corporation
• LG Chem
• Sumitomo Chemical
• Chevron Phillips Chemical Company
• Braskem
• Covestro AG
• Huntsman Corporation
• Eastman Chemical Company
• DuPont de Nemours, Inc.
• Evonik Industries AG
• INEOS Group Holdings SA
• Arkema SA
• Solvay SA

Polymer Market Recent Developments

• In May 2022, DOMO chemicals announce new brand NYLEO® for its innovative performance fibers product line. NYLEO® combines a compelling blend of well-established performance fibers and ground-breaking new solutions. NYLEO is widely used in the textile, flooring, flock, and abrasive industries.
• In May 2022, Avient Corporation, a provider of specialized and sustainable material solutions and services, has announced the expansion of its MevopurTM bio-based medical-grade polymer solution line. The bio-based polycarbonate, ABS, or styrenic polymers are used in the new color and additive concentrates and tailored ready-to-use formulations.

• One key trend that is disrupting the market is the use of sustainable polymers is, established players in the market have already started recycling of products with the help of modern technology which involves chemical and mechanical ways of recycling. One key benefit of this is cost optimization as the company can minimize the use of raw materials. Thus, proper use of resources with the help of recycling which also enables to reduce waste and is more environment friendly is a key trend observed in the polymer market.
• The use of smart polymers is one trend that is driving the growth of the market. Smart polymers are mainly in demand from the health industry. They are used in biosensors, artificial body parts etc. They are used on such a large scale mainly because of their strength and flexibility. The biocompatible nature of smart polymers will drive their demand and also the overall growth of the polymer market.
• There has also been a shift towards the use of polymers in non-traditional industries such as automobile. Automobile manufacturers now want to produce cars that are light in weight and therefore use polymers instead of metals. When polymers are used in a vehicle its weight is reduced by a significant amount and this is one factor that will lead more demand of polymers all over the world.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the market by offerings and verticals.

According to our global polymer market analysis,during the forecast period, the medical/healthcare category is likely to show exponential growth in the global Polymers Market, with a negative demand effect expected to remain until 2021. This increase can be ascribed to the COVID-19 epidemic and the global demand for ventilators, masks, and personal protective equipment (PPE).

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