by The Global Synthetic Polymers Market serves as a vital component in various end-use industries such as automotive, packaging, construction, and healthcare. Synthetic polymers offer several advantages over conventional materials including durability, light weight, non-corrosiveness, and thermal & electrical insulation. They are predominantly used in production of plastics, rubber, fibers, and films. The growing construction sector and increasing use of lightweight plastics in automotive industry have boosted the demand for synthetic polymers worldwide.
The Global Synthetic Polymers Market is estimated to be valued at US$ 24.97 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 are 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 focusing on capacity expansion and new product launches to meet the rising demand and strengthen market presence.
The growing demand from end-use industries such as automotive, healthcare, packaging, and construction is fueling of the Synthetic Polymers Market Growth. Synthetic polymers find extensive application in manufacturing of various components used in automobiles, medical devices, packaging materials, tubes, tiles, and pipes. Rapid urbanization and industrialization in emerging economies are likely to surge the consumption of synthetic polymers during the forecast period.
Global expansion through mergers and acquisitions is one of the key strategies adopted by the prominent players. Leading companies are expanding their footprint across different geographies to tap into new consumer bases and leverage opportunities in high-growth markets. For instance, in 2021, BASF SE acquired polyamide business of Solvay to reinforce its position in the global polyamide market.
Market Key Trends
Rising adoption of bio-based and recyclable Synthetic Polymers Market is one of the key trends being witnessed in the market. With growing environmental concerns, manufacturers are focusing on developing innovative and sustainable product offerings by using plant-based raw materials or recyclable content. For example, Dow has introduced polyurethane system ECOFAST made from annually renewable resources that provides performance similar to petroleum-based polyurethanes.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of raw materials pose threat of new entrants in the market.
Bargaining power of buyers: Buyers have weak bargaining power due to availability of varieties of polymers from many established players.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and suppliers are in large numbers to cater to demand.
Threat of new substitutes: Development of bio-based polymers pose threat of substitution in future.
Competitive rivalry: Intense competition owing to presence of numerous global and regional players.
Geographical Regions
North America accounts for the largest share in the Synthetic Polymers Market Regional Analysis, both in terms of value and volume. The region’s mature industrial sector, established infrastructure and high spending power are major factors leading to its market dominance.
Asia Pacific is expected to be the fastest growing region during the forecast period, propelled by rapid industrialization and urbanization in major economies of China and India. Rising disposable incomes have boosted demand for synthetic polymers from various end-use industries in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
