Polymers

POLYMERS

Market Overview

Polymers are both natural and synthetic material which are in form of long chain. The polymerization is the technique to transform a monomer to a polymer. They are extensively formable and ductile which led to its various applications. The polymers are light weight coupled with low cost which facilitates the wide range of products manufactured by polymers.

The applications of the polymers are very vast such as linings for equipment, nonstick cookware, electrical insulation on wires and cables, gaskets, bearings and seals in automotive and many more. The usage is very high in various fields such as automotive, aerospace, household items, electrical and many more. The various applications for its light weight technology is effecting the market in a positive manner.

Market Size and Forecast

The global polymer market is observing vibrant growth on account of increasing number of cars using advanced sensor system, thereby driving the demand of polymer. Advances in automotive industry in the past few years and growing technological explorations are projected to drive polymer market along with growing population and rise in per capita income. The rising disposable income and various research and developments in polymer is driving the market growth by enhancing its properties and widening its application range.

The application segment has been driven by the automotive sector which is expected to drive the growth of the market during the forecast period. The Polymer Market is anticipated to record a CAGR of 8.1% over the forecast period

Market Size and Forecast

As per Federal Reserve Bank of Chicago, there have been production rise in light weight vehicles from 2016 to 2017. Countries such as China has increased production from 26.88 to 27.54 Million units, Rest of Asia from 22.21 to 22.69 Million units, Europe from 22.4 to 21.57, North America from 17.73 to 16.99 Million units, Latin America from 2.74 to 3.26 Million units and Rest of the World from 2.47 to 2.51 Million units.

Growth Drivers

Rising Demand of Polymer

Polymers are substituting the uses of metals, glass, paper and others in various uses on account of its strength, flexibility coupled with low cost. The widespread application of polyethylene product type in industries such as automotive and packaging are widening the market for polymer. The dependency on polymers by household as PVC bottles and containers, food and beverage industry escalates the growth in polymer market which is expected to witness further demand during the forecast period.