Polymers are high-weight molecules made of repeated chemical units called monomer. The property and the quality of a polymer depend upon the interaction bonds, additives, and length of polymer chain. This report focuses on petroleum-based synthetic polymers, which are further divided into three broad categories – thermoplastic, thermosetting, and elastomers. Although thermoplastic is the largest segment in the polymer industry with 75% market share, thermosetting is the fastest growing with an estimated compound annual growth rate (CAGR) of 5.1% during the forecast period. Wide range of applications such as packaging, building and construction, automobile, electronics, agriculture, and consumer goods are driving the polymer market.Currently, packaging is the largest application market of thermoplastic with about 40% market share in 2021 and will continue to dominate during the forecast period.
Plastic consumption has been increasing worldwide, as petroleum-based polymers have several industrial, commercial, and household applications. Plastics are available in different forms, based on their applications and physical and chemical properties. The increasing usage of plastics has led to a significant rise in per capita polymer consumption by developing countries, and population growth will further provide an impetus to this growth. Plastics now play an important role in all aspects of modern life, and are used for manufacturing of all sorts of items, including protective packaging, mobile phones, domestic appliances, furniture items, and medical devices.
Thermoplastic polymers are commonly used for packaging of food items such as milk and water bottles, packaging films, house wrap, and so on. As thermoplastics can be heated and remolded over and over, they can be used for a wide variety of industrial applications such as building and construction, automobiles, electronics, agriculture, healthcare, and packaging. However, more than 40% of thermoplastic is used in packaging industry due to its property of molding into any shape.
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High rigidity polymers are special types of polymers with special applications can replace the conventional composite materials such as building materials, metal composites, and ceramic composites. As the products from this type of material gained popularity due to its properties such as lightweight, strong enough to take harsh loading conditions, the demand for high rigidity polymers is increasing. However, the market is facing adverse challenges to reduce the cost. The reason for high cost is the fluctuating cost of raw material. The cost of technology for specialized polymers, which can replace metals and ceramics to a large extent, is high. However, increasing usage could significantly lower the cost of special polymers over a period of time.
SBR is a polymer derived from monomer styrene and butadiene (1:3). SBR is a replacement of natural rubber. SBR is derived in two forms depending on the polymerization process – ESBR(emulsion polymerization) and SSBR(solution polymerization). SBR is used in tyres, adhesives, polymer modification, footwear, and other such uses. However, tyre manufacturers are the largest user segment, with a market share of 73.6% in 2021.
Asia Pacific has witnessed significant manufacturing capacity expansions in the last five years. Most major manufacturers have capacity expansion plans in Asia Pacific. A rapidly improving infrastructure and availability of energy & skilled labor at competitive rates are driving capacity expansions plans by major emulsion polymer manufacturers in Asia Pacific.Asia Pacific is the fastest growing petrochemical market. The market is driven by countries such as China, Japan, South Korea, India, Taiwan, Malaysia, Thailand, Indonesia, and Philippines.
KEY MARKET MOVEMENTS
- Thermoplastic is the largest segment in the polymer industry with 75% market share.
- Thermosetting is the fastest growing with an estimated compound annual growth rate (CAGR) of 5.1% during the forecast period.
- Packaging is the largest application market of thermoplastic with about 40% market share in 2021 and will continue to dominate during the forecast period.
- More than 40% of thermoplastic is used in packaging industry due to its property of molding into any shape.
- Asia Pacific has witnessed significant manufacturing capacity expansions in the last five years. Most major manufacturers have capacity expansion plans in Asia Pacific.
- The market is driven by countries such as China, Japan, South Korea, India, Taiwan, Malaysia, Thailand, Indonesia, and Philippines.
