The global polymer industry experienced robust growth over the last five years, and is expected to grow during forecast period. The demand for polymers is driven by the growth in end-user market, increasing plastic consumption, and increasing demand for essential light weight and significant low cost materials, as compared to its alternative. The application segment in the global polymer market includes industrial sectors, such as horticulture, consumer goods, packaging, building & construction, medical, packaging, automotive, transportation, food industry, and electronics and communication. Polymers are replacing metals, glass, paper and other traditional materials in various applications, due to their strength, design flexibility, along with low cost. The increasing applications of polyethylene in automotive and packaging industry, increasing dependency on PVC in bottling of beverages, indicates that the polymer sector will witness more demand from these industries during forecast period. The main issue faced by the polymer market is to address the concern related to environmental issues, limited use as engineering materials, and the feedstock supply.
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Polymers are high weight molecules made of reposted chemical units called monomer. The property and quality of polymer depends upon the interaction bonds, additives, and length of polymer chain. Polymers are natural, as well as synthetic in nature. Natural polymers are DNA and proteins that are fundamental to biological structure. Synthetic polymers are manufactured by polymerization of many small molecules. Polymers can be classified as organic, inorganic and hybrid polymers. On the basis of type, the global polymer market is classified into thermosetting, elastomers, and thermoplastics. Among the various types, the thermosetting segment dominated the global polymer market.
The polymer market is expected to grow at an exponential rate during the forecast period. In 2014, North America accounted for the major share in the global polymer market, followed by Asia-Pacific. Asia-Pacific is projected to be the fastest growing market for polymers during the forecast period. The economic growth in Asian countries has steered improvement in the buying power of individuals, thus contributing to the development of several industrial sectors. For instance, the electronics business in India and infrastructure industry in China is expected to witness robust growth during forecast period. India’s polymer market is oligopolistic in nature. Considering, the development in infrastructure, packaging, consumer goods sector, India could offer ample of opportunities for new entrants. As compared to the U.S., the per capita consumption of polymer in India and China is quite low, but it is increasing rapidly.
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The key strategies followed by companies in the industry include innovation and product development, and focus being on delivering solutions and value to customers. Some of the key players in the segment include Bayer AG, Dow Chemicals, Saudi Basic Industries Corporation (SABIC), Nylene Canada Inc., BASF SE, Exxon Mobil Corp., Lanxess, and China Petrochemical Corporation (Sinopec).
Global Polymer Market Segmentation
- Food Industry
- Building and Construction
- Electronics and Communications
- Polyvinyl Chloride
- North America
- Middle East and Africa
- South Africa
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