What is the global market size of the Polymer Market?

Global Polymer Market size was valued at USD 629.4 billion in 2021 and is poised to grow from USD 659.81 billion in 2022 to USD 1046.15 billion by 2030, growing at a CAGR of 4.69% in the forecast period (2023-2030).

Polymer Market Size, Share, Growth Analysis, By Type(Polypropylene, Polyethylene [High Density Polyethylene (HDPE), Low-density polyethylene (LDPE), Linear low-density polyethylene (LLDPE)), By Process(Injection Molding, Extrusion, Others), By End Use(Packaging [Flexible, Rigid], Building and Construction [Windows, Flooring), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2440 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 123 | Figures: 77

Polymer Market Dynamics

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.

Polymer Market Report Snapshots

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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).

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. '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 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.

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.

In terms of the regional dynamics, Asia pacific was dominant amongst all other regions. The region had a total share of 44% in 2021. The growth of the region has been attributed to India and China as both countries saw an increase in the production of automobiles wherein now polymer is used on a large scale. Europe too will see growth in the future mainly coming from the automotive industry.

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Polymer Market Dynamics

Polymer Market Report Snapshots

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