Synthetic Polymers Market Overview: Market Size, Major Drivers And Trends – Includes Synthetic Polymers Market Insights
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The global synthetic polymers market is on a trajectory of growth, anticipating an increase from $29.97 billion in 2022 to $31.76 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 6%. This upward momentum is expected to persist, culminating in a market size of $39.41 billion in 2027, driven by a CAGR of 5.5%.
- Versatile Foundations: Synthetic polymers find extensive applications due to their versatility, making them integral in various industries.
Foundation of Growth: Construction Sector
The synthetic polymers market is poised for expansion, primarily fueled by the burgeoning activities in residential and commercial construction. This sector encompasses the planning, design, and execution of projects, creating living spaces, offices, retail establishments, hotels, and more. The extensive use of synthetic polymers in construction is attributed to their versatility, durability, lightweight nature, cost-effectiveness, and low maintenance requirements.
- US Construction Surge: In the US, the value of residential and non-residential constructions surged by over 8% between 2020 and 2021.
- Global Construction Outlook: The global construction output, valued at $10.7 trillion in 2020, is projected to witness a 42% increase by 2030, reaching $15.2 trillion.
Industry Titans: Key Players Guiding the Market
Major players are instrumental in shaping the synthetic polymers market, contributing to its growth and technological innovation. Industry giants like ExxonMobil Chemical, Dow Inc., and SABIC play pivotal roles in defining the market landscape.
- Strategic Influence: Key players wield significant influence, driving innovation and steering market dynamics.
Innovation Hub: The Trend of Product Innovations
A noteworthy trend in the synthetic polymers market is the emphasis on product innovations. Leading companies are actively engaged in developing novel products to maintain their competitive edge. Toray Industries Inc., for instance, introduced the Ecodear N510 fiber, a sustainable product made from 100% biobased synthetic polymer content derived from castor oil and corn.
- Ecodear N510 Features: Sustainable, softer, breathable, and used in applications like clothing, textiles, and industrial products.
Market Segmentation: Navigating Types, Applications, and End-Users
Understanding the diverse applications of synthetic polymers, the market is segmented across key parameters to cater to a wide array of needs.
- Type Segmentation:
- Styrene Acrylic
- Styrene Butadiene
- Vinyl Acetate Copolymer
- Polyvinyl Acetate
- Vinyl Acetate Ethylene
- Other Types
- Application Segmentation:
- Paints And Coatings
- Adhesives And Sealants
- Paper And Paperboard
- Other Applications
- End-User Segmentation:
- Other End-Users
Regional Dominance: Asia-Pacific Takes the Lead
In 2022, Asia-Pacific emerged as the largest region in the synthetic polymers market. This regional dominance highlights the significant role played by Asia-Pacific in the market’s overall growth.
- Asia-Pacific Influence: The region showcases leadership in synthetic polymer consumption and market dynamics.
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The Synthetic Polymers Global Market Report 2023 provides an overview of the synthetic polymers market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The synthetic polymers market forecast analyzes synthetic polymers market size, synthetic polymers market share, leading competitor and their market positions.
The Table Of Content For The Synthetic Polymers Market Include:
1. Synthetic Polymers Market Executive Summary
2. Synthetic Polymers Market Segments
3. Synthetic Polymers Market Size And Synthetic Polymers Market Growth Rate
4. Key Synthetic Polymers Market Trends
5. Major Synthetic Polymers Market Drivers
25. Key Mergers And Acquisitions In The Synthetic Polymers Market
26. Top Synthetic Polymers Companies
27. Synthetic Polymers Market Opportunities And Strategies
28. Synthetic Polymers Market, Conclusions And Recommendations
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