NEW YORK, May 16, 2016 /PRNewswire/ -- "The growing packaging industry and improved characteristics over conventional plastics and elastomers are the key factors driving growth of the plastomers market"
The market size of plastomers is estimated to reach USD 5.33 billion by 2020, at a CAGR of 7.4% between 2015 and 2020. The introduction of plastomers has provided the industry with immense opportunities for the development of new packaging materials, which have better heat seal properties and improved toughness, further driving the growth of the plastomers market. Their ability to impart unique performance properties in every application is fueling the overall demand for plastomers in the next five years.
"Film-Food packaging is the largest application of plastomers"
The growing popularity of plastomers over conventional polymers in various applications plays a significant role in driving the market. Packaging, automotive, and polymer modification are the most important applications of plastomers. The packaging industry is the major revenue contributor of the market, as packaging applications, including food, non-food, and stretch & shrink film, accounted for the largest share of the total market in 2014. High-quality packaging not only improves the shelf life of food and beverages but also maintains their quality and freshness.
"Rising demand in Asia-Pacific is the major driver for growth of the plastomers market "
In 2015, North America is estimated to account for the largest market share, in terms of volume. However, the robust demand in Asia-Pacific is expected to be the major driving factor for the growth of the global plastomers market. The growth is led by the developments in packaging, automotive, polymer modification, and several other areas in which plastomers are used due to their specific operation. China is one of the leading markets of plastomers, globally.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
- By Company Type - Tier 1 – 33.3 %, Tier 2 – 22.2 % and Others – 44.5 %
- By Designation - C level – 33.3%, Others – 66.7%
- By Region - North America – 66.7%, Europe – 22.2%, Asia-Pacific – 11.1%
The key companies profiled in this market research report are The Dow Chemical Company (U.S.), Saudi Basic Industries Limited (SABIC) (Saudi Arabia), Borealis AG (Austria), Mitsui Chemicals (Japan), LG Chem Limited (South Korea), ExxonMobil (U.S.), Sumitomo Corporation (Japan), SK Group (South Korea), Plastomer Corporation (U.S.), and Alpha Group (India).
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the plastomers market comprehensively and provides the closest approximations of the market sizes for the overall market and the subsegments across different verticals and regions.
2. The report will help stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand the major competitors and gain more insights to better their position in the business. The competitive landscape section includes new product developments, joint ventures, partnerships & collaborations, and mergers & acquisitions.
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