FIGURE 1: Global Polymer Consumption by End Users, 2018 (Million Metric Tons)
In the polymers market, polyethylene are majorly used by end-user industries. It covers30% share in the Polymers market. HDPE is the most widely used of the three polyethylene resins, accounting for just under half of the total demand. Also, LLDPE will continue to gain market share over LDPE going forward, as LLDPE is the primary beneficiary of metallocene catalyst technology, which improves resin performance. The major applications of polymers are diverse in different regions.
Polymethyl methacrylate (PMMA)will witness a positive growth through 2028. PMMA is a commonly used low-cost thermoplastic polymer with boundless applications to everyday life. The overall PMMA market is estimated to reach $12.39 billion by 2028. The unique properties, low cost, and bio-compatibility of PMMA combine to make it the most commercially important acrylic available to date.
FIGURE 2: Polymers Market By Type, 2018 ($)
Geographically, in 2018, Asia-Pacific accounted for nearly 44% of the overall polymers market and this is anticipated to reach nearly 50% by 2028. The Asia-Pacific region, especially China, has been the pioneer in innovation, manufacture, and export of a wide variety of polymers. Following the rapid expansion of the Asian economy in the last decade, the demand for polymers has risen sharply. The relatively strong Asian automotive and construction sectors are propelling the demand for polymers in the region. The FMCG sector in the region, especially in China is driving the growth of the packaging sector, and thereby propelling the growth of polymers.
FIGURE 3: Global Polymer Revenue by Region, 2018 ($)
Polymers are widely used by almost every sector and industries, the new technologies and innovations lead to better growth of polymer in the upcoming years. Chemical industries are investing more in R&D to produce a new polymer with less toxicity level so that these polymers can be used in household daily products as well as by healthcare industries.
Find more market research reports in Chemicals & materials @ https://industryarc.com/Domain/4/chemicals-materials-market-research.html