Plastomers Market Size Forecast to Reach $7.3 Billion by 2027
Research Reports
Mar 29, 2022
Plastomers market size is forecast to reach US$7.3 billion by 2027, after growing at a CAGR of 6.8% during 2022-2027. Plastomers are ethylene-alpha olefin copolymers that connect elastomers and plastics and fill the gap between them. Plastomers are widely used in flexible packaging, molded and extruded products, wire and cable, and foaming compounds owing to rubber-like properties and plastic processability. Polyolefin plastomers (POP) are exhibiting robust growth due to the rising demand for polymer solutions. According to Plastic Europe Association, plastic production in European Union has increased in the third quarter of 2021 despite a decline in European Union manufacturing production facility owing to the ongoing demand from abroad. Therefore the growing production of plastics along with growing demand from automotive, packaging, and others will boost the plastomers market during the forecast period.
COVID-19 Impact
The Covid-19 pandemic has been a major challenge for the plastomers market owing to directly affecting the manufacturer’s supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. The major sectors such as automotive, food & beverages, and others have been highly impacted. According to The European Automobile Manufacturers Association, European Union GDP has contracted by 6.3% in 2020 as compared to 2019. The car market has a significant decline of 20.6% in Europe, a 16.6% decline in the United States, 6.8% drop in Chinese car sales throughout 2020. Therefore, the initiation taken by the government and private sector will help to recover the plastomers market during the forecast period.
Plastomers Market Segment Analysis – By Grade
The ethylene-propylene segments accounted for around 25% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Ethylene propylene offers a combination of excellent properties like elasticity, flexibility, softness and compatibility in blends. The ethylene-propylene is widely used in film, fiber, injection molding, extrusion coating, soft compound and sealant applications for various end-use industries like building & construction, food & beverages and others. According to the Associated General Contractors of America (AGC), the construction sector of the US is a major contributor to the economy and creates nearly US$1.4 trillion worth of structures every year. Therefore, the use of Ethylene Propylene plastomers for construction activity will boost demand for plastomers during the forecast period.
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Plastomers Market Segment Analysis – By Application
The Packaging Films segments accounted for approximately 16% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. The Packaging Films are widely used in food packaging and non-food packaging owing to their excellent heat-sealing property. According to the Packaging Industry Association of India, the global packaging industry is developing & expanding, and simultaneously growing the Indian packaging industry. The packaging Industry of India was valued at US$ 50.5 billion in 2019, and it is projected to reach US$ 204.81 billion by 2025, with a CAGR of 26.7% during the period of 2020-2025. This growth is primarily driven by pharmaceutical, food processing, manufacturing industry, FMCG, the healthcare sector in emerging economies like China, India, Brazil, Russia and a few other East European countries. Therefore, the growing packaging industry will boost the demand for packaging films segments which in turn drive the plastomers market during the forecast period.
Plastomers Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the plastomers market in 2021 up to 41%, owing to the growing consumer appliances, processed food industry, large Infrastructure projects, in developing countries like China, India, Indonesia, and others will boost the demand for packaging films, adhesives and sealants, wires and cable compounds and others. According to Invest India, the global electronic components market is expected to reach US$191.8 billion by 2022 driven by the Asia Pacific region to capture a dominant share. According to the Agriculture and Processed Food Products Exports Authority of India, exports of processed food valued US$ 4,987.76 million in 2020-21, which includes the share of products like mango pulp, processed fruits & vegetables cucumber and gherkins, Juices & nuts, and others. Therefore, the growing is growing electronic components and processed food is boosting the demand for the plastomers market during the forecast period.
Plastomers Market Drivers:
The growing demand for plastomers in Automotive
The growing demand for lightweight vehicles and electric vehicles is driving the plastomers market. The usage of plastic by replacing metal in reducing the weight of a vehicle and improving thermal and mechanical properties are fueling the plastomers market. According to the International Energy Agency, electric car vehicle has been increasing in the past decade. The registration of vehicles has increased by 41% in 2020 with 10 million electric vehicles on road globally by end of 2020. The electric cars sold in 2020 were around 3 million with a sales increase of 4.6% and Europe dominated China as the world’s largest electric vehicle market for the first time. Therefore, the growing demand for electric vehicles will be driving the plastomers market during the forecast period.
Growing Trade of Agricultural Products
Packaging is widely used in trade to protect the product from being damaged or getting spoiled of different agriculture products like fruits & vegetables, cereals, oils and others. According to the Republic of Phillippines, the Philippines ‘ total agricultural trade in the second quarter of 2021, amounted to US$5.37 billion, with an increase of 29% and 11.5% in the first quarter of 2021. The growing trade of agriculture will increase the demand for food packaging films across the globe. Therefore the growing trade will increase the demand for packaging, which in turn, will boost the demand for plastomers during the forecast period.
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Plastomers Market Challenges:
Higher Price of Plastomers
The cost of resins like butane, hexane, octane, and others is much higher. Plastomers are premium products, so they are available at higher prices when compared to rubber and other materials. The reason behind this is its production cost, while producing products, the machinery and the equipment which are used are tagged with higher expense, also, these machinery require high maintenance. Owing to this factor, the product of plastomers comes with a higher price as compared to its alternative materials, which tends to constrain the growth of the market.
Plastomers Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the plastomers market. Plastomers top 10 companies include:
The Dow Chemical Company
Mitsui Chemicals
LG Chemicals Limited
SK Group
ExxonMobil
Sumitomo Corporation
Borealis AG
Alpha Group
Saudi Basic Industries Limited
Plastomer Corporation
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Key Takeaways
The Asia Pacific is expected to register a CAGR of 7.8% during the forecast period (2022-2027). The increasing demand from end-use industries such as food & beverages, agriculture, and others in Asian countries such as China, India, Japan, and South Korea is driving the market demand for plastomers.
Polyethylene Plastomers have excellent clarity, gloss, and elasticity properties and are often preferred over a variety of polymers in a vast set of packaging applications, which is likely to aid in the market growth of plastomers.
The emergence of electric vehicles will eventually drive the market growth of plastomers, as they were used in various body parts of the automobile.
Relevant Reports
A. Thermoplastic Vulcanizates Market
https://www.industryarc.com/Report/1301/thermoplastic-vulcanizates-market-analysis.html
B. Polyurethane Elastomers Market
https://www.industryarc.com/Report/1304/polyurethane-elastomers-market-analysis.html
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