NEW YORK, Oct. 5, 2021 /PRNewswire/ -- The burgeoning demand for lightweight vehicles, on account of the surging shift toward fuel efficiency, will create a huge requirement for polymers in the automotive industry in the foreseeable future. The large-scale consumption of polymers can be credited to their exceptional chemical, mechanical, and electrical properties, such as high strength-to-weight ratio and elasticity, and excellent optical and insulating features. The adoption of polymers in vehicle production helps in reducing the overall vehicle weight by 10%, which results in reducing the fuel consumption by a significant margin.
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Apart from this, the surging use of smart polymers in the healthcare industry, owing to the mounting demand for artificial body parts, biosensors, and hydrogels for targeted drug delivery, will drive the polymer market at a CAGR of 5.1% during 2020-2030. According to P&S Intelligence, the market revenue will grow from $533.6 billion in 2019 to $838.5 billion by 2030. Smart polymers, such as poly(hydroxyproline), chitosan, and polysilamine, are strong, flexible, and biocompatible, owing to which they are being increasingly used in the healthcare sector.
Globally, the Asia-Pacific (APAC) polymer market generated the highest revenue during the historical period, and it is projected to continue this trend throughout the forecast period. This can be owed to the increasing adoption of this substance in the automotive, packaging, construction, agriculture, textile, and electronics and electrical industries in the region. They use polymers in the production of flexible bottles, bearings, bushings, safety helmets, battery parts, gears, handles, anti-corrosive seals, film wrapping, cams, and jacketing for cables and wires.
Browse detailed report on Polymer Market Present Scenario And Growth Prospects 2030
Therefore, the soaring demand for lightweight vehicles and escalating need for healthcare devices will boost the consumption of polymers in the forthcoming years.
Polymer Market Report Breakdown by Segments
Based on Type
- Thermoplastics
- Thermosets
- Elastomers
Based on Base Material
- Polyethylene
- Polypropylene
- Polyvinyl Chloride
- Polyethylene Terephthalate
- Polystyrene
- Polyurethane
Based on Application
- Packaging
- Construction
- Automotive
- Agriculture
- Electrical & Electronics
- Textile
Geographical Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific (APAC)
- China
- India
- Japan
- Latin America (LATAM)
- Brazil
- Mexico
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
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Polymer Concrete Market - Presently, North America is the largest polymer concrete market because of the increasing infrastructure repair activities here. All pieces of civil, commercial, industrial, and residential infrastructure are strongly regulated and thoroughly inspected for safety and longevity. As a result, several infrastructure repair projects are underway in the region, along with those involving fresh construction.
Specialty Chemicals Market - Geographically, the Asia-Pacific specialty chemicals market is expected to hold the largest share during the forecast period. This can be attributed to the soaring demand for these chemicals in the electrical & electronics, pharmaceutical, automotive, agriculture, and personal care & cosmetics industries of India and China.
Conductive Polymers Market - Presently, North America is the largest conductive polymers market because of the extensive research being conducted to explore and widen the applications of such materials. The region is home to the most-advanced medical device sector, which is why most of the trials and research activities regarding the usage of conductive polymers in prosthetics and implantable medical devices are being conducted here.
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