Automakers and manufacturers around the world are increasingly opting for lightweight materials to improve the energy efficiency of vehicles and machines, owing to which they are replacing conventional materials, such as metals and ceramics, with polymers. This shift from conventional materials to polymers can be credited to the exceptional electrical, mechanical, and chemical properties of the latter. Polymers offer greater elasticity, a higher strength-to-weight ratio, and better optical and insulating properties than ceramics and metals. Thus, the surging use of lightweight materials in the automotive and manufacturing sectors will facilitate the consumption of polymers globally.
Moreover, the surging use of smart polymers in the healthcare sector, owing to the burgeoning need for artificial body parts, biosensors, and hydrogels for targeted drug delivery, is expected to drive the polymer market at a CAGR of 5.1% during 2020–2030. The market was valued at $533.6 billion in 2019, and it is projected to generate $838.5 billion revenue by 2030. The strong, flexible, and biocompatible nature of smart polymers, such as poly (hydroxyproline), chitosan, and polysilamine, make them ideal for advanced healthcare equipment and devices.
The application segment of the polymer market is classified into textile, electrical and electronics, agriculture, automotive, construction, packaging, and others. Under this segment, the packaging category accounted for the largest market share during the historical period (2014–2019) due to high flexibility, high resistance to vibration/shock and surface abrasion, and protective packaging offered by polymers. Additionally, recent technological advancements, such as the addition of nanofillers in polymer matrices, have improved the barriers, physical, and mechanical properties of the polymers, thereby contributing to the growth of this category.
According to P&S Intelligence, the Asia-Pacific polymer market generated the highest revenue during the historical period, and it will exhibit the fastest growth throughout the forecast period as well. This will be on account of an exponential boom in the construction and automotive sectors of India, Indonesia, and China. Additionally, the high volume consumption of polymers in the packaging, electronics and electrical, agriculture, and textile industries will also fuel the market growth in the region.
Thus, the surging adoption of lightweight vehicles and the rising use of smart polymers in the healthcare industry will result in the high-volume consumption of polymers worldwide.