The global synthetic polymers market size was evaluated at USD 31.99 billion in 2022 and is expected to touch around USD 52.85 billion by 2032, growing at a noteworthy CAGR of 5.2% from 2023 to 2032.
The distinctive qualities of finished materials are determined by the chain's structural and chemical makeup, which is why polymers are thought of as collections of monomer units in chains. Aqueous distributions of petroleum polymers made in a lab are known as synthetic latex. It is a chemical substance that has been synthesized chemically and possesses exceptional strength, flexibility, and water resistance. Chemical catalysts acquired through the emulsion polymerization technique are used to create these polymers from butadiene and styrene.
The molecular mass and mechanical characteristics of other substances are changed by synthetic latex polymers. The aerospace, architectural, medical, and automotive industries are seeing an increase in demand for synthetic polymers, according to an analysis of their basic applications. The requirement for polymer paints and varnishes is being driven by the recent increase in industrial and residential building. The need for medical supplies such catheters, surgical gloves, wraps, bandages, and stethoscopes is also boosted by an increase in viral and infectious diseases.
Report Highlights:
Styrene acrylics will have a bigger market share by type during the next few years, and the quantity of money made from using this product will increase significantly in the following year. Architectural paints are produced using styrene acrylics. The expansion of the worldwide construction industry, a major consumer of paints, coatings, adhesives and sealants, is expected to enhance demand for styrene acrylics in the near future. Styrene acrylic coating extends the life of roofs and other building components that are directly exposed to the outside environment. Styrene acrylic-coated homes and buildings are fashionable right now because of the acceleration of global warming. With the surge in demand for weatherproof coatings during the projection period, it is expected that the styrene acrylic segment will grow.
On the basis of application, the paints and coatings segment has the biggest market share in the synthetic polymers market during the forecast period. The growing demand for paints and coatings from various locations around the world is one of the most significant aspects propelling the growth of the synthetic polymers market.
On the basis of end user, the construction segment has the biggest market share in the synthetic polymers market during the forecast period. On the strength of the rising demand in various types of construction projects around the world, the market for construction is advancing. Manufacturers have been able to extend the life of structures because to advancements in polymer technology. Because of the degrading infrastructure in developing countries, the market for synthetic polymers in construction sector has increased. Because of the rise in building, there is a greater need for polymer paints and varnishes.
Synthetic Polymers Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 33.49 Billion |
| Projected Forecast Revenue in 2032 | USD 52.85 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 5.2% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 To 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshots:
The biggest market share was held by the Asia-Pacific in the synthetic polymers market during the forecast period. The market for synthetic polymers in Asia Pacific now generates the most income, closely followed by Europe. This can be attributed to the existence of significant manufacturers in the area as well as the rising number of construction projects for the development of infrastructure in nations like China, Japan, and India. This region will continue to dominate the worldwide synthetic polymers market in the future thanks to the rising demand for synthetic polymers for usage in paints, inks, and coatings.
Market Dynamics:
Drivers:
The rise in commercial and residential construction activities as well as rising product demand for coatings and paints are two key factors anticipated to propel the growth of the synthetic polymers market during the forecast period. The market for synthetic polymers is also predicted to rise as a result of the expanding research and development efforts. Further predicted to temper the expansion of the synthetic polymers market is the rising demand from the healthcare sector for the production of latex-based surgical gloves, catheters, electrode pads, stethoscopes, elastic bandages, and wraps.
The growth in demand from Asia Pacific and Europe, caused by the strong demand for paper and paperboard, adhesives, carpets, and fibers in the building and packaging industries, is the main reason boosting the global styrene-butadiene (SB) latex business. Furthermore, the use of cardboard and paper for packaging is increasing as a result of the prohibition on plastic bags in nations in Europe and Asia-Pacific. Additionally, the construction industry's rising need for pressure-sensitive adhesives, mortar additives, paints, and coatings will increase the consumption of SB latex throughout the projected period.
Leading market participants for synthetic polymers are engaging in joint ventures and merger and acquisition tactics to gain a considerable competitive advantage. In addition, other competitors are enhancing their product portfolios and expanding their brands in an effort to generate significant revenues during the forecasted time.
Restraints:
The fact that the plastic is non-decomposable and contains a number of dangerous chemicals is another factor that the market for synthetic polymers is expected to face in the coming years.
Opportunities:
Further potential prospects for the expansion of the synthetic polymers market in the upcoming years will be provided by the rise in investment in the personal care and cosmetics sector. In numerous personal care and cosmetic items, polymers are frequently used. In order to give their formulations special advantages, the applications make use of the varied features of these polymers. As many different classes of polymers have been used, so have their properties. Cosmetic chemists are able to produce high-performance products using polymers. Numerous cosmetic and personal care products use a wide variety of polymers as film-formers, emulsifiers, thickeners, modifiers, protective barriers, and aesthetic enhancers. These polymers come in a wide variety of natural, synthetic, organic, and synthetic forms, as well as silicones.
Challenges:
The increased use of synthetic polymers, which are non-biodegradable and contain harmful substances, is receiving less attention from governments as a result of climate change and environmental anomalies. For the purpose of reducing the usage of synthetic polymers, governments are implementing new laws and regulations and investing money in research.
Recent Developments:
Major Key Players:
Market Segmentation:
By Type
By Application
By End User
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