Polymers Market size is projected to cross USD 1436.48 Billion by the end of 2035, witnessing around 5.9% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of polymers was over USD 734.56 Billion. With the increasing number of cars using advanced sensor systems, there is tremendous growth in the polymer market. The advancement in the automotive industry has led to the development of light sensors, that are used in lightweight vehicles. As per the International Energy Agency, the sale of electric light commercial vehicles across the globe surged by more than 70 % in the year 2021.
Furthermore, polymers play a critical role in lowering the energy consumption. Also, they have become a valuable material that is used for the generation of electricity, and its storage. Several studies are going on in relation to the use of polymers for fuel cells, and supercapacitors batteries.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 5.9% |
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Base Year Market Size (2022) |
~ USD 734.56 Billion |
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Forecast Year Market Size (2035) |
~ USD 1436.48 Billion |
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Regional Scope |
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Type (Thermoplastics, Elastomers Thermosets)
The thermoplastics segment is predicted to hold 65% share of the global polymers market in the upcoming years. The increasing demand for thermoplastics is a result of their cost effectiveness, ease of production in food sector, and excellent strength. Furthermore, this sector is also used in other scopes such as the construction of lightweight models, storage tanks, panels, and frames. They are also used in different other applications like food containers, automotive, medical devices, etc owing to their favorable properties. In medical devices, PVC is the only polymer with significant use, and in Europe and around the world, PVC has a market share of 27% and 26% respectively.
Application (Packaging, Building & Construction, Automotive, Consumer Goods, Electrical & Electronics, Agriculture)
The packaging segment in the polymers market is anticipated to hold the largest revenue share of 40 % by the end of 2035. There has been an increase in the demand for materials for the production of food and beverage packaging. In order to lessen the risk of quality loss, and contamination, the manufacturers are using packaging that is effectual. As per the analysis, edible grocery sales are predicted to increase by 550 Billion in the United States by 2026.
Product Type (Polyethylene, Polyvinyl Chloride, Polypropylene, Polystyrene, Polyamide, Polyurethane, Polyacrylamide)
The Polyethylene segment is set to garner a market gain of 25 % during the forecasted timeframe. This can be impelled by the increasing demand for the product from the different end-use sectors. Furthermore, the rising demand for HDPE and LDPE in food and beverages industries such as milk, juices, and other products. More than 11 million tonnes of HDPE have been processed worldwide in film and sheet extrusion in the year 2018.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Product Type |
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APAC Market Forecast
The polymers market in the Asia Pacific is estimated to have the highest revenue with a 30% share in the market throughout the forecasted period. With the developing economies of the nations, disposable income, low cost of raw materials, and rise in the population are all reasons driving the market’s expansion in the particular region. Moreover, owing to the continuous expansion by developing countries such as India and Japan, the consumption of polymers will also be increased. Also, the increasing awareness related to environment-friendly substitutes is surging the demand for polymers in the region.
North America Market Statistics
The North America region is expected to have a 28% share of the polymers market in the forecast period. Increasing needs for polymers in many sectors such as aircraft, construction, and others are driving the demand for polymers including water-soluble polymer in the region. The growing investment by the government related to the construction industry in the North American region is further anticipated to contribute to the growth of the market in the region. For instance, Texas states have boosted the state’s construction pipelines to over USD 400 Billion, as per the report in 2019.
Author Credits: Smruti Ranjan, Rajrani Baghel
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