APAC to Continue its Dominance in Global Polymers Market until 2025

According to TechSci Research report, “Global Polymers Market By Type, By Product, By Application, By Region, Competition, Forecast & Opportunities, 2025”, the global polymers market is estimated to reach $ 546 billion in 2020. Nevertheless, the market is expected to witness a challenging scenario until the end of 2021 due to the impact of COVID-19.  These polymers compounds are widely used in electronics and electrical sector and in light weight automotive parts. These polymer compounds reduce automobile weight by substantial amount, resulting in better fuel efficiency. These attributes are expected to boost the growth of global polymers market over the coming years. However, with declaring the COVID-19 outbreak a pandemic, an unparalleled global economic disruption is being witnessed. Packaging is integral to pharmaceuticals, FMCG, food and all the other segments that fall under the purview of essential services. The entire packaging industry which creates huge demand for polymers is expected to witness a slump due to restricted transportation and temporary closure of suppliers and customer operations. Construction sector, which is second largest end user of polymer market after packaging industry, is already under pressure and may come to standstill due to  prolonged disruptions on account of COVID-19,  which may have a huge impact on the global polymer market,

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Automobile and component manufacturing plants are being shuttered around the world, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping dramatically and almost every major industry event is either being cancelled or going the digital way. This will result in a sharp decline in the global automobile industry, and thus, demand from this industry for polymer will also decrease significantly, at least, in the near term. Also, stringent regulations by the regulatory bodies of various governments can act as a major impediment to the growth of global polymers market in the years to come. For instance, in December 2018, the European Union banned the usage of single use plastics.

The polymers market is segmented into three types include Thermoplastics, Thermosets and Elastomers. Thermoplastics are made up of weaker forces of attraction as compared to the thermosets. Thermoplastics accounts for more than 70% share in the global polymer demand, owing to their ability to be easily molded into various shapes by applying heat and pressure. Thermoplastics include Polyethylene, which accounts for the largest segmental share, followed by Polypropylene, Polyvinyl Chloride (PVC), Polyurethane, Polyethylene Terephthalate (PET), and Polystyrene.

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DuPont de Nemours, Inc., SABIC, LyondellBasell Industries N.V., Exxon Mobil Corporation, BASF SE, INEOS AG, Eni S.p.A., Chevron Phillips Chemical Company LLC, LANXESS Corporation, Covestro AG among others are the leading players operating in global polymers market. “Asia-Pacific dominated the global polymer market until 2019 and is forecast to maintain its dominance over the next five years as well on account of continuing economic growth of major regional economies such as China and India. Surging growth of the electronics market in India coupled with huge and fast developing infrastructure in China are some of the major factors that boosting polymer consumption, and this trend is expected to continue through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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