Rising Demand from Packaging Industry is Expected to Boost the Growth of the Polymers Market

The Polymers Market is predicted to grow at a CAGR of 5.5% during the forecast period of 2022-2027 and reach the market value of US$790 billion by 2027. The growth of the polymers market would be remarkably dependent on the packaging industry. Polymers can be classified into natural polymers, synthetic polymers and semi-synthetic polymers. Synthetic polymers are one of the largest categories of polymers in vast application areas. Polymers are utilized in a range of applications such as packaging, textile, aircraft, trays, bottles and many others. The polymers such as polypropylene, polyethylene and polyvinyl chloride are commonly used in food packaging. Polymers offer advantages such as high safety, attractive packaging, an extension of the shelf life of products and a reduction in food damage. In food packaging applications, these are generally used for the packaging of dairy, meat, seafood, poultry and other products.

Polymers Market: The Packaging Segment Leads the Market

On the basis of the end-use industry, the Polymers market can be segmented into aerospace, automotive, construction, packaging, electrical and electronics, cosmetics & personal care, agriculture, medical & healthcare, textile, consumer goods, home appliances and others. The packaging segment dominated the polymers market in 2021, with a share of over 22%. Polymers are extensively used in several applications owing to their beneficial properties and are considered a suitable alternative to metals. Polymers exhibit valuable properties such as mechanical, solvent resistant and thermal properties. These are utilized in flexible packaging, rigid packaging, chemical-resistant packaging, plastic bags and many other applications. According to the India Brand Equity Foundation (IBEF), the packaging industry in India is expected to reach USD 204.81 billion by 2025, with food processing being the largest packaging consumer. Thus, the high demand for Polymers in the packaging industry is boosting the market growth.

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Polymers Market: Asia-Pacific Holds the Largest Share

On the basis of geography, the polymers market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC’s analysis, Asia-Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia-Pacific region held a market share of 45% of the overall market. Asia-Pacific comprises fast developing economies such as China, India, Indonesia and Malaysia which support the market growth. Polymers are largely employed in automotive, textile, packaging, construction and medical & healthcare industries and the significant presence of these industries in Asia-Pacific is further propelling the growth in this region. As per the 2021 report of the European Automobile Manufacturers Association on global vehicle production, China produced 32% of 74 million cars manufactured worldwide with Japan & Korea producing 16%. Asia-Pacific is followed by Europe which is expected to gain demand for the polymers market. The major countries in Europe include the UK, Germany, France, Italy, the Netherlands, Spain, Russia and Belgium.

Polymers Market: Competitive Landscape

The key companies holding a major share in the Polymers market are BASF SE, Dow Inc., Evonik Industries AG, Royal DSM, Eastman Chemical Company, Covestro AG, Mitsui Chemicals Inc., Exxon Mobil Corporation, Clariant International Limited and Huntsman Corporation.