Polymer Market to Attain Valuation US$ 158.4 Bn by 2026

LOS ANGELES, Feb. 18, 2020 /PRNewswire/ -- Recently Published Report on "Polymer Market Size, Share, Growth, and Forecast, 2019 - 2026": Acumen Research & Consulting.

The global polymer market is expected to grow at a CAGR of around 6.4% during the forecast period 2019 to 2026

The global polymer market is poised to reach the market value of around US$ 158.4 billion by 2026.

The polymer market growth is driven by increasing number of cars using advanced sensor system, dependency on polymers by household as PVC bottles and containers, food and beverage industry. The rising disposable income and various research and developments in polymer are driving the market growth.

By product, Polyethylene segment is expected to dominate the polymer market.

Based on type, the thermosets is expected to dominate during the forecast period 2019 to 2026.

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Asia Pacific dominated the global insurance telematics market in the year 2018. Different huge purposes behind the predominance of Asia Pacific are rapid industrialization and increased skilled workforce is benefitting the growth of the manufacturing sector in the region, which in turn is boosting the demand for plastics. High economic development and consequent rise in consumer spending in emerging economies like India and Japan along with Southeast Asian countries are further fueling the demand for consumer goods. In addition, a well established electrical & electronics manufacturing base in Taiwan and South Korea is anticipated to augur well for the market in the region. India, on the other hand, has a strong chemical industry, which strengthened its production in the last few years. Rapid urbanization, coupled with burgeoning manufacturing ecosphere, growing economies, and increasing infrastructural activities are supporting the growth of the market in Asia Pacific. Countries such as China, India, Vietnam, Indonesia, and the Philippines are witnessing a rapid GDP growth and offer lucrative opportunities for manufacturers. Economic growth of the Asian countries is the major factor contributing toward the growth of the market. Also, increasing growth of the electronics market in India and developing infrastructure industry in China are other factors boosting the market growth. The rising technological exploration and significant developments are thus joining hands to escalate the market growth in this region for polymers during the forecast period. Moreover, India is one of the largest energy consumer due to increased consumption of petrochemicals and plastics mostly used for packaging in food & beverage industries. The richness of the country also has a multiplier effect on numerous important polymer end user sectors such as building & construction, automotive, and healthcare.The polymer market for waste management in Asia Pacific has been expanding on account of the presence of several manufacturing bases in India and China.

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North America is expected to register the highest CAGR during the forecast period.Major reasons behind this are availability of substitutes and stringent regulations on butadiene are likely to hinder the markets growth. Growing awareness towards water-based acrylic dispersion for anticorrosive & antimicrobial coatings is likely to create opportunities for the market in the coming years.The rising demand in various different industries like construction, aerospace and others in this region are driving the market of polymers.Europe is expected to grow substantially because of the rise in automotive and electrical business which is anticipated to drive the demand for the polymers in the market during the forecast period.

Polyethylenehas dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period.The most widely used product in the market is polyethylene because of its numerous usage in packaging industry such as packaging of juices and milk, and consumer goods, and in fiber and textile industry for manufacturing of apparels.The smooth internal surface of the products makes them easy to clean and maintain, while their lightness makes them easy to transport and quick to install, with the cost being much less than steel, fibreglass or concrete. This entire guarantees substantial savings in both time and money.

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Thermosets segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast amount. Major reasons behind the predominance are its superior properties. For example, thermosets are tougher as compared to others, stronger because the strength between their covalent bonds is high, and they can not be broken easily. Also, they need better stability as compared to the thermoplastics or elastomers. They are mainly used in making acrylic resins, polyesters, and vinyl esters.

Some of the key manufacturing companies include in the global polymer market are 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.

Some of the key observations regarding global polymer industry include:

• In February 2018, SABIC also announced projects in the Netherlands and Asia aimed at expanding its global capacity for two of its high-performance engineering thermoplastic materials, Noryl and Ultem resins. The planned new production facility in Singapore is likely to go online by the first half of 2021.
• China's 13th five Year plan started in 2016 as it was an important year for the country's engineering, procurement, and construction (EPC) business. In addition to this, the country ventured into new business models domestically and internationally, during the year.

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