High Use in Food Packaging will Bolster Growth of Synthetic Polymers Market
Scientists and engineers create synthetic polymers out of petroleum products. Nylon, Teflon, polyester, polyethylene, and epoxy are some types of synthetic polymers. Natural polymers are usually water-based as they are extracted from nature. Synthetic polymers have high chemical resistance and reasonable strength and are available at low cost. These factors are projected to increase the sales growth of the global synthetic polymers market in the forecast period. Polymers are considered the chains of monomer units, and the structural and chemical formation of the chain determines the unique properties of final materials. Synthetic latex is an aqueous distribution of petroleum polymers created in a laboratory. It is a chemical compound that has been artificially synthesised and has high strength, flexibility, and water resistance. These polymers are made from butadiene and styrene using chemical catalysts obtained through the emulsion polymerization process. Synthetic latex polymers are used to modify the molecular mass and mechanical properties of other compounds.
According to a research report on the synthetic polymer industry by TMR, the market is projected to rise at a CAGR of 5.06 % and reach USD 43.58 Bn by 2031. The forecast period set between 2021 and 2031.
High Tensile Strength and Water-resistance Properties of Synthetic Polymers will Bolster Growth
Polymers are chains of molecules, and the structural and chemical composition of the chain determines the unique properties of the final materials. Synthetic latex is an aqueous distribution of petroleum polymers created in the lab. It is an artificially synthetic chemical compound with high tensile strength, versatility, and water resistance. These polymers are derived from butadiene and styrene with the help of chemical catalysts obtained from the emulsification polymerization process. The molecular mass and mechanical properties of other compounds are modified using synthetic latex polymers.
Increasing Use in Paints, Coatings, and Inks will Bolster Growth of Market
The rise in construction activities stands as another key factor augmenting the growth of the global synthetic polymers market. Additionally, the rise in demand for raw materials such as paints, coatings, and inks will also augment the growth of this market in the coming years. Besides this, the Food and Drug Administration (FDA) department has authorized the use of synthetic polymer sealant in the food and beverage packaging industry. This is ultimately expected to increase the sales of the global synthetic polymer market in the forecast duration.
Flexible Packaging Segment Emerged Dominant Owing to Convenience
With respect to segmentation by technology, the flexible packaging segment earned the dominant share for the global synthetic polymers market. This is owing to the increasing popularity and high consumption of food and beverage products and continuously increasing demand for synthetic polymers from the food and beverage manufacturing and packaging industry.
Asia Pacific Earned Largest Share Owing to Increasing Number of Infrastructural Development Activities
Regionwise, Asia Pacific emerged as the largest revenue generator for synthetic polymers market followed closely by Europe. This is accountable to the presence of major manufacturers in the region, coupled with the increasing number of construction activities for infrastructural development in countries such as India, Japan, and China. The increasing demand for synthetic polymers for use in paints, inks, and coatings will further help this region continue dominating the global synthetic polymers market in the forecast period as well.
Players focusing on Innovations and are Making Heavy Investments to Gain Significant Position
Leading players of the synthetic polymers market are investing on joint ventures and merger and acquisition strategies to obtain significant position in the overall market competition. Besides this, other players are engaging in brand expansion and improving product portfolio to attract high revenues in the forecast period.
Some of the key players of the global synthetic polymers market includeSabic, Braskem, Nova Chemicals Corporate, SCG Chemicals Co., Westlake Chemical Corporation, Sasol Limited, INEOS, Formosa Plastics Corporation, Borealis AG, Dow, LyondelllBasell Industries Holdings B.V., and others.
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