Polymers MarketSize and Trends

Market Dynamics

Increasing demand for compounds made from polymers from industries such as automotive, electronics, building and construction, water treatment, waste management, energy, oil and gas, mining and coatings is a major factor driving growth of the global polymers market. In electrical and electronics industry, major forms of polymers used include polyphenylene sulphide, nylon 46, polythiazide, and polycyclohexylenedimethylene terephthalate. These polymers are highly preferred, as these can withstand high temperature and can also withstand surface mount technology.

Moreover, recycling of plastics is another major factor that drives growth of the polymers market, as it aids in reduction of plastics in waste stream. Also, in plastic recycling, waste plastics are recovered by reprocessing them into useful products.

Market Outlook

The global polymers market size was valued at US$ 670 billion in 2018 and it is expected to increase at a CAGR of 5.3% during the forecast period (2019-2027).

On the basis of region, the global polymers market is segmented into North America, Latin America, Asia Pacific, Middle East, and Africa. Asia Pacific, Middle East, and Latin America together accounts for largest share in the global polymers market, as they are the major consumers of these compounds in the market. Economic growth of the Asian countries, growing electronics industry in India, and developing infrastructure industry in China are major factors boosting the market growth in Asia Pacific. Moreover, North America has witnessed a considerable revival from the recession in 2008. The demand for polymers has grown significantly in the region over the past few years.