Global Polymer Market to Hit Sales of $1 Trillion by 2028 | Smart Polymers are Making Their Way into Healthcare Sector
Global polymer market was valued at USD 701.79 Billion in 2021, and it is expected to reach a value of USD 1000.73 Billion by 2028, at a CAGR of 5.20% over the forecast period (2022–2028).
Westford, USA, Nov. 30, 2022 (GLOBE NEWSWIRE) — Global polymer market is expected to grow at CAGR of 5.2% during the forecast period. This growth is driven by the increasing demand for products made from polymers, such as plastics, composites, and elastomers. It is further supported by increasing demand for polymers in a variety of industries, such as automotive, construction, electronics and packaging. One of the drivers of this growth is the increasing deployment of 3D printing technology. Polymers can be used to create intricate and complex objects that wouldn’t be possible with other manufacturing methods.
Over the next few years, SkyQuest predicts that 3D printing will account for a whopping 50% of overall polymer spending. Another factor driving increased demand for polymers is the substitution of traditional materials, such as metals and plastics, with new ones that are environmentally friendly or more sustainable. For example, companies are replacing lead-acid batteries in cars with lithium-ion batteries that are made from polymeric materials.
The report also finds that the large volume producers, led by polycarbonates, are still dominant, but the global polymer market is seeing growth from smaller players who are exploiting new opportunities. In particular, the demand for thermoplastic elastomers (TPEs) will grow sharply in the next few years as expansion in automotive manufacturing and medical applications accelerates. The key trends shaping the polymer industry over the next few years include: the report underscores the importance of TPEs for future growth in the sector, and underlines that despite overall market growth, manufacturers need to focus on cost optimization and product differentiation when choosing materials for their products.
Despite these positives, there are also some challenges associated with the growth of the polymer market. One of these is increased competition from alternative materials, such as composites and graphene.
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Automotive Sector to Generate 60% Revenue of Polymer Market
One key area where polymer technology will continue to play a major role is in the automotive sector. The automotive is one of the most important consumers of polymer materials, and polymer technologies are being applied in a wide range of areas including body construction, drive systems, and engines. In addition, manufacturer global sales forecasts suggest that the automotive market will account for nearly 60% of total polymer market sales by 2030.
The technology behind these products is advancing rapidly, which is helping to drive down costs while also improving performance and durability. SkyQuest expect that this trend will continue, with cost reductions estimated at 6% annually throughout the forecast period. In addition, newer technologies are providing even greater degrees of flexibility and customization for end users. One particularly exciting application area for polymer materials is smart materials, which are materials that can be adaptively controlled using light or energy input. This could include using light to activate chemicals inside the material so that it can switch its shape or behavior on command or using energy to control its temperature or stiffness.
SkyQuest Analysis Suggests Growth in Not Even in All Segments of the Global Polymer Market
The global polymer market is growing at a rate of around 5.20%, but this growth is not uniform across all segments. SkyQuest predicts that the high-performance polymers segment will grow by 9% in product volumes, while the low-performance polymers segment will see growth of just 2.3%. In terms of value, the polymer market to grow by 35% in 2028.
One reason for this uneven growth may be the shift from volume to value-added applications. While volume-based products account for 60% of total market sales. It is believed that the growing demand for value-added polymers will more than make up for any slowdown in volume growth.
We have also identified key drivers that are fueling the polymer market’s continued growth. These include increasing consumer demand for sustainable materials and improved performance over traditional materials such as steel and concrete. Looking ahead, the following market trends are likely to continue
- Increasing demand for sustainable materials: With governments and businesses seeking ways to reduce their environmental footprints, environmental concerns are continuing to drive consumer demands for more environmentally friendly products. This is driving polymer market growth in submarkets such as renewable polyesters and bioplastics.
- Growth in intelligent polymer systems: As advances in sensing, processing and analytics capabilities are making it possible to develop more advanced polymer systems, companies are seeking ways to reduce costs and speeds up production to take advantage of the lucrative growth opportunities.
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Smart Polymers are Slowly Making Their Way into Healthcare Sector in Global Polymer Market
Smart polymers have become an important area of research because they can be tailored to specific applications, making them more efficient and reducing waste. In 2021, the global smart polymers market was valued at $1.7 billion and the market is projected to expand at a CAGR of over 20% in the years to come. Today, they are increasingly being used in medical devices and implants, as well as in wound healing products, especially for diabetic patients. One of these products is called PolyHearth 3D®, which is designed to help heal wounds faster by stimulating regeneration and cell growth. PolyHearth 3D works by combining heat, light, and acoustic energy with special agents that promote healing.
One of the most common uses for smart polymer market is in medical devices. These devices are often custom-made to fit a patient’s unique needs, which means that they can be specifically designed to improve the patient’s health. For example, there is a smart polymer implant that is used to treat Parkinson’s’ Disease. This implant helps to stabilize the symptoms of the disease by releasing a small amount of dopaminergic drugs into the brain on a regular basis.
Another example of a medical device that uses a smart polymer is an artificial heart valve. These valves are used to replace defective or failing hearts. The valves are made from bioresorbable polymers, which means that they can dissolve over time in the body and be eliminated without causing any harm or discomfort to the patient. This makes them ideal for patients who are scheduled for surgery and do not want to have metal surgery implanted permanently into their body.
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Top Players in Global Polymer Market
- LyondellBasell Industries N.V. (Netherlands)
- BASF SE (Germany)
- SABIC (Saudi Arabia)
- Dow Inc. (US)
- DuPont de Nemours, Inc. (US)
- Evonik Industries (Germany)
- Sumitomo Chemical Co., Ltd. (Japan)
- Arkema (France)
- Celanese Corporation (US)
- Eastman Chemical Company (US)
- Mitsui & Co. Plastic Ltd. (Japan)
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