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

Regional Analysis

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North America has been dominating the global synthetic polymers market for a long time due to strong industrial presence and large consumer base in the region. The region is expected to account for 36.7% of the market share in 2024. The U.S. is the world’s second largest manufacturer of synthetic polymers owing to the well-established petrochemical industry and major end-use industries like automotive, construction, and packaging located within the country. Easy availability of raw materials and pro-business regulatory environment have attracted major polymers producers to set up their production facilities catering to both domestic and international markets. The region also has an advantage of price stability over volatile global markets since feedstock supply is largely based on domestic reserves.

However, the fastest growing regional market has been Asia Pacific in recent years and the trend is expected to continue. China plays a pivotal role in the growth of the Asia Pacific market with the country now being the largest producer and consumer of synthetic polymers globally. Factors such as rising incomes, growing urban population, increased infrastructure investments, and expanding manufacturing sector have been driving polymer consumption extensively across industries. Countries like India and Southeast Asian nations are also witnessing heightened polymer demand fueled by robust economic development and government initiatives to boost manufacturing and construction activities. The presence of a large polymer conversion industry alongside end-use sectors has made the region an attractive export hub. While imported polymers currently meet a significant portion of the massive regional requirement, domestic production capacities are increasing at a tremendous pace supported by favorable foreign investment policies of different governments. This is expected to reduce the dependence on imports and provide competitiveness to the Asia Pacific synthetic polymers industry over the long run.