Polymer is made from the combination of several monomers, which produce different types of polymers based on their molecular chain. Plastic polymers are chained molecules with high molecular weight. They are synthetic polymers that can be remolded or reshaped owing to their elasticity property. They are also called as organic polymers.
The global plastic polymer market is segmented based on various types of plastic application such as engineering plastics, commodity plastics, and specialty plastics. On the basis of resin materials, the global market is segmented as thermoplastic and thermosetting polymers. Further, thermoplastic polymers segment is sub-segmented as polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), and polystyrene. Of which, polythyene) is of high demand in plastic material segments. However, thermosetting plastics are further sub-segmented based on material as melamine formaldehyde, polyster resin, polyimides, duroplast, and others. On the basis of end-user, the global plastic polymer market is segmented as packaging, transportation, agriculture equipments, textiles, film and sheet, automotive, and toys.
Increasing urbanization, growing income and rising demand from the end-user segments are resulting in high growth of the global market. Utilization of the plastic in food processing industry due to consumer preference and changing food practice to store the food products such as raw meat, fish, and vegetables in consumable state without degrading the nutritional qualities of the food are key factors augmenting the growth of the global plastic polymer market. Application of plastic in road safety and constructional equipment such as helmets, safety goggles, sign boards, and barricades as preventive measures in order to avoid hazardous mishap is also one of the factors driving the global plastic polymer market. Research and development for new innovations and better alternatives respective to plastic polymers is also a vital factor growing the market globally. Moreover, development of plastic types which can be recycled after single-use has boosted growth rate of the plastic polymer market. On the other hand, government taking initiatives to ban un-degradable plastic material that are hazardous to ecosystem may hinder the growth of the plastic polymers in future.
Asia Pacific is the largest market for plastic polymer market mainly owing to rising constructional projects and automotive industries. North America is expected to grow at a steady pace due to its constant focus on developing sustainable alternatives.
Some of the companies operating in the global market include BASF, SABIC, E. I. du Pont de Nemours and Company, Dow Chemical Company, Lyondell Basell Industries, ExxonMobil Corporation, Formosa Plastic Group, Total SA, Bayer Material Science, Arkema, Celanese Corporation, Chi Mei Corporation, Eastman Chemical Company, and Mitsubishi Chemical Holdings Corporation.
Plastic Polymer Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa