Polymers are both natural and synthetic material which are in form of long chain. The polymerization is the technique to transform a monomer to a polymer. They are extensively formable and ductile which led to its various applications. The polymers are light weight coupled with low cost which facilitates the wide range of products manufactured by polymers.
The applications of the polymers are very vast such as linings for equipment, nonstick cookware, electrical insulation on wires and cables, gaskets, bearings and seals in automotive and many more. The usage is very high in various fields such as automotive, aerospace, household items, electrical and many more. The various applications for its light weight technology is effecting the market in a positive manner.
The global polymer market is observing vibrant growth on account of increasing number of cars using advanced sensor system, thereby driving the demand of polymer. Advances in automotive industry in the past few years and growing technological explorations are projected to drive polymer market along with growing population and rise in per capita income. The rising disposable income and various research and developments in polymer is driving the market growth by enhancing its properties and widening its application range.
The application segment has been driven by the automotive sector which is expected to drive the growth of the market during the forecast period. The Polymer Market is anticipated to record a CAGR of 8.1% over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE REPORT
As per Federal Reserve Bank of Chicago, there have been production rise in light weight vehicles from 2016 to 2017. Countries such as China has increased production from 26.88 to 27.54 Million units, Rest of Asia from 22.21 to 22.69 Million units, Europe from 22.4 to 21.57, North America from 17.73 to 16.99 Million units, Latin America from 2.74 to 3.26 Million units and Rest of the World from 2.47 to 2.51 Million units.
Polymers are substituting the uses of metals, glass, paper and others in various uses on account of its strength, flexibility coupled with low cost. The widespread application of polyethylene product type in industries such as automotive and packaging are widening the market for polymer. The dependency on polymers by household as PVC bottles and containers, food and beverage industry escalates the growth in polymer market which is expected to witness further demand during the forecast period.
Widespread technological exploration in automotive industry is expected to drive the demand for the polymer market on account of replacing various metal and alloy parts by lightweight polymers. The light weight facility along with strength and cost effectiveness are driving the demand in the market. The continuous innovation and various technological developments are thriving the demand for polymers in the automotive industry. The higher growth in light weight vehicle manufacturing in various regions of the world and favorable government initiatives are projected to flourish the growth of the market.
The main problem offered by the polymer market is the environmental concern, the high pollution factor owing to the polymers are expected to dampen the growth of market in the coming future.
Our-in depth analysis of the global polymer market includes the following segments:
On the basis of regional analysis, global polymer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to rise at a leading rate and create the market demand for polymer on account of high development in automotive sector during the forecast period. The rising demand in various other industries such as construction, aerospace and others in this region are driving the market of polymers.
Asia Pacific is anticipated to enlarge the market at a high growth rate during the forecast period on the back of various electronic and automotive industry. 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.
Europe is expected to grow substantially owing to the rise in automotive and electrical industry which is anticipated to drive the demand for the polymers in the market during the forecast period.
Global polymer market is further classified on the basis of region as follows:
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