What Is The Current and Historic Market Size Analysis Of The Synthetic Polymers Market?
The synthetic polymers market has seen considerable growth due to a variety of factors.
•In recent times, the market size of synthetic polymers has witnessed a robust expansion. The market is projected to advance from $33.37 billion in 2024 to $35.16 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.4%.
Factors like industrialization and urbanization, an increase in consumer goods production, advances in material science, growth in infrastructure, and the burgeoning automotive industry have played a critical role in the growth experienced during the historic period.
What Are The Predictions for The Synthetic Polymers Market Size In The Coming Years?
The synthetic polymers market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for synthetic polymers is anticipated to witness a significant increase in the coming years, growing to $46.08 billion in 2029 with an impressive compound annual growth rate (CAGR) of 7.0%.
The projected expansion during the forecast period is linked to the burgeoning packaging industry, a heightened emphasis on green polymers, a thriving healthcare sector, and global economic recuperation. A range of key trends for the forecast period will include the development of bio-based polymers, advanced methods in polymer processing, electrically conductive polymers, concoctions of polymer blends and alloys, and applications of polymers in the medical and healthcare sectors.
What Are The Essential Drivers Behind The Growth Of The Synthetic Polymers Market?
The growth of the synthetic polymer market is anticipated to be driven by the escalating residential and commercial construction activities. These activities encompass the structuring of living spaces, offices, retail outlets, hotels, and other commercially purposed establishments. The critical phases of this process are planning, designing, and implementing the construction projects. Synthetic polymers are heavily utilized in these sectors on account of their multiple benefits such as versatility, durability, lightweight, cost-efficiency, and less maintenance, making them a popular choice for various construction uses. In April 2023, Statistics Canada, a national statistical agency from Canada, revealed that the investment in building construction surged by 1.0%, accumulating a total of $20.6 billion and saw positive surges in all its components. The residential sector witnessed a growth of 1.1%, amounting to $15.0 billion, while a 0.8% augmentation was observed in the non-residential sector, amounting to $5.6 billion. Consequently, the upswing in residential and commercial building activities is bolstering the growth of the synthetic polymer market.
How Is The Global Synthetic Polymers Market Divided Into Key Segments?
The synthetic polymers market covered in this report is segmented –
1) By Type: Styrene Acrylic, Styrene Butadiene, Acrylic, Vinyl Acetate Copolymer, Polyvinyl Acetate, Vinyl Acetate Ethylene, Other Types
2) By Application: Paints And Coatings, Adhesives And Sealants, Nonwovens, Carpets, Paper And Paperboard, Other Applications
3) By End User: Construction, Automotive, Electronics, Textile, Healthcare, Other End-Users
Subsegments:
1) By Styrene Acrylic: Styrene Acrylic Emulsions, Styrene Acrylic Resins
2) By Styrene Butadiene: Styrene Butadiene Rubber (SBR), Styrene Butadiene Latex
3) By Acrylic: Acrylic Resins, Acrylic Polymers
4) By Vinyl Acetate Copolymer: Vinyl Acetate Ethylene Copolymer, Vinyl Acetate Butyl Acrylate Copolymer
5) By Polyvinyl Acetate: Polyvinyl Acetate Emulsions, Polyvinyl Acetate Films
6) By Vinyl Acetate Ethylene: Vinyl Acetate Ethylene Emulsions, Vinyl Acetate Ethylene Copolymers
7) By Other Types: Polyurethane, Polyethylene, Polypropylene, Other Specialty Polymers
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What Trends Are Reshaping The Future Of The Synthetic Polymers Market?
Advancements in product development are becoming increasingly popular within the synthetic polymers industry. To maintain their market standing, leading businesses in the domain are focusing on creating groundbreaking products. Take Toray Industries Inc., a textile material manufacturer from Japan, for instance, who in January 2022 introduced the innovative Ecodear N510 fiber. The uniqueness of this product lies in its fully biobased synthetic polymer content. Made from sebacic acid from castor oil and pentamethylenediamine from corn, Ecodear N510 doesn't rely on fossil fuels making it substantially more sustainable. Additionally, being softer and more breathable, it offers enhanced comfort when worn. Its applications range from clothing and textiles to industrial products, providing benefits like sustainability, heat-resistant comfort, stability under humid conditions, and robust, enduring performance.
Who Are the Key Players in the Synthetic Polymers Market?
Major companies operating in the synthetic polymers market include:
• ExxonMobil Chemical
• Sumitomo Chemical Co. Ltd.
• Dow Inc.
• SABIC
• LG Chem Ltd.
• 3M Co
• Mitsubishi Chemical Corporation
• Evonik Industries
• Toray Industries
• Solvay SA
• Chevron Phillips Chemical Company
• DuPont
• Arkema SA
• Eastman Chemical Company
• Celanese Corporation
• Wacker Chemie AG
• Huntsman Corporation
• Lubrizol Corporation
• Kuraray
• Trinseo LLC
• Asahi Kasei Corporation
• ZEON Corporation
• Kraton Corporation
• BASF SE
• OMNOVA Solutions Inc.
• Apcotex Industries Limited.
• Lion Elastomers LLC
• Alberdingk Boley GmbH
What are the Regional Insights into the Synthetic Polymers Market?
Asia-Pacific was the largest region in the synthetic polymers market in 2024. The regions covered in the synthetic polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
