The polymer market is expected to progress at a 5.1% CAGR during the forecast period (2020–2030) owing to the increasing substitution of conventional materials in the automotive industry with lighter alternatives and escalating use of smart polymers in the healthcare sector. Additionally, polymers are also used in large quantities in the packaging and electronics industries. These drivers will, therefore, help the market grow from $533.6 billion in 2019 to $838.5 billion by 2030.
The growing preference for lightweight materials in the automobile and other manufacturing industries will play a vital role in the polymer market growth. These sectors are using polymers as a substitute for conventional materials like metals and ceramics, as the former have excellent electrical, chemical, and mechanical properties, such as corrosion resistance, elasticity, high strength-to-weight ratio, and insulating and optical properties. Moreover, it is estimated that a nearly 10% reduction in vehicle weight causes a proportional reduction in fuel consumption.
Moreover, the growing emphasis on sustainable and recyclable products in several end-use industries will act as a growth driver for the polymer market, globally. Previously, polymer products were discarded after use, which resulted in a large volume of waste in landfills, leading to severe environmental degradation. However, in recent years, polymer manufacturers have started using innovative chemical and mechanical methods for recycling these items. The recycling of polymer materials helps in lowering the production cost due to a reduction in the consumption of fresh or new raw materials.
The Asia-Pacific polymer market generated the highest revenue during the historical period (2014–2019) due to the high adoption of polymers in the textile, automotive, electronics and electrical, construction, agriculture, and packaging sectors in the region. The application areas in these sectors include anti-corrosive seals, flexible bottles, jacketing for wires and cables, battery parts, safety helmets, film wrapping, handles, bearings, cams, and gears. Thus, the growth in the construction and automobile sectors in Indonesia, China, and India will lead to an increase in the market size in the future.
Thus, the rising adoption of smart polymers in the healthcare industry and increasing requirement for lightweight materials in the automotive and manufacturing sectors will steer the market growth in the coming years.
No comments:
Post a Comment