03 September 2022
Douglas Insights adds the Synthetic Polymers Market report to its comparison engine, enabling its client to check and review the market size, share, trends, constraints, and drivers. The engine is the first of its kind in the world and uses filters and advanced algorithms to help clients compare research reports by using published ratings, dates, prices, and a list of tables. Douglas Insights provides insights on factors affecting market trends and offers a basis for practical decisions leading to increased productivity.
The synthetic polymers market shows a positive trend and will grow considerably in size in the next decade. The expected CAGR is 5.6% for the market in the forecast period starting from this year to 2029. The fundamental application analysis of synthetic polymer reveals its increasing demand in the aerospace, architecture, healthcare, and automobile industries. The recent rise in industrial and residential construction propels the mandate for polymer paints and varnishes. Additionally, the influx of viral and infectious ailments spurs the demand for medical equipment and accessories like catheters, surgical gloves, wraps, bandages, and stethoscopes.
Climate change and the growing environmental anomalies have shifted the focus on the increased use of synthetic polymers as they are non-degradable and contain harmful chemicals. Governments are employing new rules and policies to minimize the use of synthetic polymers and investing in research for its degradable alternative. While there is an opportunity in the cosmetic industry, the strict regulation of specific chemicals and their usage impedes the growth of the synthetic polymer market. Conversely, the fluctuating prices of crude oil and other synthetic components slow down the production of some of the leading polymer types.
The market size encompasses the regional markets of North America, South America, Europe, Middle East and Africa (M.E.A.), and Asia-Pacific (APCA). Asia-Pacific countries have large quantities of raw materials used in the production of synthetic plastic and therefore have a competitive advantage over other regions. They also own the largest share of the synthetic polymer market and are expected to maintain their lead in the coming years because of the rapid development and urbanization.
The leading vendors in the synthetic polymers market are America's Celanese Corporation, Dow Chemical, OMNOVA Solutions, Trinseo, Lion Elastomers, and Lubrizol; Japan's Asahi Kasei, Kumho Petrochemical, Sumitomo Chemical, and Zeon; India's Jubilant Agri & Consumer Products, and Apcotex Industries; Europe's Wacker Chemie, BASF, Arkema, ARLANXEO, Versalis, and Sibur; South Korea's LG Chem and China's Shanghai Baolijia Chemical.
Synthetic polymers include fibre, latex and rubber, but based on recent trends, synthetic latex polymer is expected to dominate the market. The growing application of styrene acrylics, a subtype of synthetic latex, in building construction and roof coatings has increased its demand. Synthetic latex is also used in paints, coatings, paper, adhesives, sealants, and carpets and makes up the bulk of the electronic and architectural industry. The painting and coating industry dominated the application sector of the industry and has contributed to the market acceleration in the Asia-Pacific region.
Furthermore, the synthetic polymer trends also affect the smart polymer market, which has key influences on the ongoing research against coronavirus. As the risk of viral diseases grows, smart polymers and, by relevance, synthetic polymers are high in demand in the biomedical sector and drug delivery systems.
Despite the restraints on its aggressive use because of harmful consequences, the synthetic polymer will continue to grow as long as urbanization and citywide construction in Asia-Pacific and other regions are on the rise.
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