Polymer Market Size, Share, Growth Analysis, By Type(Thermoplastics, Thermosets, Elastomers), By Base Material(Polyethylene, Polypropylene, Polyvinyl Chloride, Polyethylene Terephthalate), By Application(Packaging, Construction, Automotive, Agriculture), By Products(Thermoplastic, thermosets, elastomers), By Region - Industry Forecast 2024-2031

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.