LONDON, Dec. 13, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Synthetic Polymers Global Market Report 2023, the global synthetic polymers market is set to experience substantial growth, with an anticipated increase from $29.97 billion in 2022 to $31.76 billion in 2023, representing a notable Compound Annual Growth Rate (CAGR) of 6%. Looking ahead, the synthetic polymers market is projected to reach $39.41 billion in 2027 at a CAGR of 5.5%.
Drivers Fueling Growth
Automotive Sector's Weight Reduction Initiatives:
The surge in automotive production, catalyzed by a 5.7% growth to 85.4 million units in 2022 globally, is a pivotal driver. Automobile manufacturers are intensifying efforts to enhance fuel efficiency and meet regulatory standards by adopting synthetic polymers, particularly reinforced plastics and composite materials. These lightweight alternatives contribute significantly to the evolution of manufacturing processes, aiding the development of advanced and efficient vehicles.
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Trends Shaping the Market
Concentration of Top Players:
The global synthetic polymers market is highly concentrated, with the top ten competitors commanding 58.4% of the total market in 2022. Leading the pack is LyondellBasell Industries Holdings BV, capturing 14.5% synthetic polymers market share, followed by Formosa Plastics Corporation (7.7%), Saudi Basic Industries Corporation (7.6%), and others. Consolidation strategies, including acquisitions, partnerships, and global market penetration, mark the landscape.
Market Segmentation
- By Type:
- Styrene Acrylic
- Styrene Butadiene
- Acrylic
- Vinyl Acetate Copolymer
- Polyvinyl Acetate
- Vinyl Acetate Ethylene
- Other Types
- By Application:
- Paints And Coatings
- Adhesives And Sealants
- Nonwovens
- Carpets
- Paper And Paperboard
- Other Applications
- By End User:
- Construction
- Automotive
- Electronics
- Textile
- Healthcare
- Other End-Users
Opportunities and Sustainable Practices
Styrene Acrylic Segment Leading the Way:
The most promising opportunities within the synthetic polymer market lie in the Styrene Acrylic segment, expected to achieve $3,379.0 million in global annual sales by 2027. Furthermore, manufacturers are adopting sustainable practices by using renewable raw materials, contributing to the circular economy. For instance, Covestro AG collaborated with SK Geo Centric Co., Ltd., and Neste Oyj to produce polyurethane raw material using renewable Neste RETM, made entirely from waste oil and fats.
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This comprehensive synthetic polymers market report on the global synthetic polymers market provides invaluable insights into the growth trajectory, market drivers, and emerging trends. As the automotive sector continues to drive demand for lightweight materials, the synthetic polymers market is poised for substantial expansion. Stakeholders, from industry players to investors, can leverage this information to make informed decisions, navigate market dynamics, and capitalize on emerging opportunities.
Synthetic Polymers Global Market Report 2023 by The Business Research Company provides insights on the synthetic polymers market size, synthetic polymers market segments, synthetic polymers market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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