June 20, 2024
Synthetic Polymers Market

Global Synthetic Polymers Market Is Thriving On Sustainability Efforts

Synthetic polymers are versatile materials made by man-made polymerization processes as opposed to natural polymers which are produced by plants or animals. Some commonly used synthetic polymers include polyethylene, polypropylene, polystyrene, nylon and PVC. These polymers are used across a wide range of industries owing to their strength, durability and resistance to chemicals. Synthetic polymers are widely used in production of common plastic household items, packaging materials, textiles, electronics, automotive and construction due to their lightweight, non-reactive and cost-effective nature. The Global Synthetic Polymers Market is driven by growing demand for plastics in packaging and automotive industries.

The Global Synthetic Polymers Market is estimated to be valued at US$ 35.61 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Synthetic Polymers Market include BASF SE, Alberdingk Boley, 3M, Celanese Corporation, Dow, Asahi Kasei Corporation, Trinseo, Wacker Chemie AG, LG Chem, Lubrizol Corporation, Apcotex Industries Limited, Arkema, OMNOVA Solutions Inc., Nouryon, APL, and Arlanxeo. Key players are investing in R&D to develop bio-based and biodegradable synthetic polymers to meet sustainability goals.

The Synthetic Polymers Market Demand is growing across industries like packaging, automotive, electronics and construction due to their excellent physical and chemical properties. Factors like urbanization, rising incomes and changing lifestyles are fueling consumption of processed and packaged food and other consumer goods which is driving the demand for packaging materials made using synthetic polymers.

Key players are expanding their production capacities globally to cater to the rising demand from emerging markets like Asia Pacific and Middle East & Africa. The global synthetic polymers market is expected witness highest growth in Asia Pacific region over the forecast period owing to rapid industrialization and infrastructure development activities in the region.

Market Key Trends

One of the key trends observed in the global synthetic polymers market is increasing focus on development of bio-based and biodegradable polymers. Stringent environmental regulations regarding use of conventional plastics are propelling key players to invest in R&D for production of polymers using plant-based raw materials like vegetable oil, corn starch and sugarcane which can degrade completely and do not release toxic substances. This is expected to drive sustainable growth of the synthetic polymers market in the coming years.

Porter’s Analysis

Threat of new entrants: The synthetic polymers market requires large R&D investments and capital expenditures for production facilities. The established market players also gain advantages of economies of scale which discourage new players.

Bargaining power of buyers: Buyers have moderate bargaining power given the presence of many established players offering a variety of synthetic polymers. However, buyers can negotiate on pricing and contract terms based on volume.

Bargaining power of suppliers: The suppliers of raw materials for synthetic polymers such as petroleum, natural gas etc. have moderate bargaining power due to availability of substitute materials. However, fluctuations in raw material prices can impact polymer producers.

Threat of new substitutes: New substitute materials pose minimal threat as synthetic polymers are difficult to replicate and have distinct advantages over natural polymers for various applications.

Competitive rivalry: The global synthetic polymers market is consolidated with major players competing on pricing, product differentiation, quality, and customer relationships.

Geographical Regions

North America held the major share of the global synthetic polymers market in terms of value in 2024, followed by Asia Pacific and Europe. Ease of availability of raw materials and growing end-use industries drive the synthetic polymers market in the region.

Asia Pacific is projected to be the fastest growing region during the forecast period. This can be attributed to the rapidly growing construction, automotive, consumer goods and packaging industries in the region. In particular, China, India and Southeast Asian countries are expected to boost the demand for synthetic polymers in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it