Asia Pacific to Dominate Polymers Market During Forecast Period
Growing demand for polymers
from packaging and automotive industry to drive the growth of global polymers
market during the forecast period
According to
TechSci Research report, “Global Polymers
Market By Type, By Product, By Application, By Region, Competition,
Forecast & Opportunities, 2025”, global polymers market is expected to grow steadily
over the forecast period on account of surging demand for the polymer compounds
from electronics and electrical sector, need for light weight automotive parts,
and other superior properties. Major forms of polymer such as polyphenylene
sulphide, nylon 46, polythiazide and others can withstand high temperature as
well as can be used in surface mount technology, which makes them most
preferable in the current polymers market. These polymer compounds can also reduce
automobile weight to a substantial amount, resulting in better fuel efficiency.
These attributes are estimated to boost the growth of global polymers market
over the coming years. However, 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 as they take 1,000 years
to decompose and cause a lot of environmental pollution.
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Global polymers
market can be segmented based on type, product, application and region.
Considering the type, the market is segmented into thermoplastics, thermosets
and elastomers. The thermosets type held the largest market share until 2019 is
estimated to contribute major revenue share to global polymers market, which
can be attributed to its to superior properties as it is harder and stronger when
compared to others, therefore cannot be broken easily. Moreover, it offers
better stability than thermoplastics or elastomers, which is projected to drive
the segment growth through 2025.
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.
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“Asia-Pacific
dominated the market until 2019 and is forecast to maintain its dominance
during the next 5 years as well on account of economic growth of the Asian
countries. In addition to this, surging growth of the electronics market in
India coupled with developing infrastructure industry in China are some of the
other major factors, because of which the global polymers market is expected to
rev up during 2025.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Polymers Market By Type, By Product,
By Application, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global polymers
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global polymers market.
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