GLOBAL SYNTHETIC POLYMERS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Strict environmental regulations are undoubtedly restraining the growth of global synthetic polymers market. The polymer industry needs to adhere to stringent emission norms and follow responsible production practices. Many governments across the world are imposing regulations to curb plastic pollution and reduce the dependence on single-use plastics.  For instance, the European Union passed a directive in 2019 banning select single-use plastic items like plates, cutlery, straws and cotton buds by 2021. Many European nations have additionally implemented plastic bag bans and taxes. Similarly, China aims to ban import of solid waste including plastic scrap for recycling by end of 2025. These regulatory changes have pushed polymer manufacturers to invest heavily in developing sustainable and eco-friendly alternatives. Transitioning to greener production often requires revamping of manufacturing units and supply chains, which is a costly and time-taking process.

Market Opportunities: Rising incomes in developing economies

The accelerating economic development and rising incomes in developing nations can provide substantial opportunities for growth in the global synthetic polymers market. As standards of living increase across Asia, Africa and South America, greater consumer purchasing power is allowing more people to afford everyday plastic-containing products that were previously unaffordable luxuries.  This expands the addressable consumer base that global synthetic polymer producers can market to. More individuals on middle-class incomes means growing demand for packaged and processed foods, plastic packaging and containers of all kinds, clothing made of synthetic fabrics like polyester, and personal care goods contained in plastic bottles, tubes and jars. The consumption of fuels, cars, and other durable plastic-containing goods will also rise along with discretionary spending as developing economies mature. The United Nations predicts that by 2030, over half of all middle-income consumers will be located in what are currently developing regions of the world like China, India, Indonesia and others. As populations in these countries number in the billions, even small increases in per capita consumption can translate into huge volumes of incremental sales for synthetic polymer manufacturers over the coming decade. Already low-cost plastics have become indispensable to the economic progression and improved living standards sought by developing nations.