Plastomers Market Analysis

Plastomers Market Analysis

Based on product, ethylene propylene segment is anticipated to witness gains at close to 5% in the forecast time period. Ethylene propylene possess combination of excellent chemical and physical properties such as heat sealability, processability, softness, clarity, and compatibility in blends for films, sheets and molded products and growing packaging, automotive and construction industry will make notable impact on the overall plastomers market share in the coming years.

For instance, the overall flexible packaging market size in the U.S. was over USD 30 billion in 2018 and likely to exhibit growth at over 5% by 2025. Such inclination in the packaging industry shall subsequently fuel the overall plastomers market growth, as more than 60% of the application base is occupied by food & non-food packaging applications.

Food packaging application is likely to grow at a CAGR of close to 6.5% in the coming years. They are widely applicable as a sealing polymer in food packaging industry, which is mainly attributed to its low density nature and the fact that there is a difference in its sealing and melting behavior. Additionally, product possess extraordinary properties such as flexibility, strength and excellent chemical resistance to protect food products from contamination and spoilage, which makes it highly desirable across food packaging industry.
 

Changing consumer food habits, lifestyle changes, global travel, and the ongoing trend of healthy foods are offering new opportunities to the food industry. The above-mentioned trends mainly in emerging economies such as Asia Pacific and the Middle East will boost the product demand, which will have a positive influence on the overall plastomers market value in the projected timeframe.
 

Asia Pacific led the overall plastomer market share with over 35% of the global volume in 2018 driven by the rapidly growing food & beverage, pharmaceutical and personal care industry, which positively influences the packaging industry. For instance, improved per capita spending, purchasing parity and socio-economic dynamics ultimately propels package food and personal care product demand. These trends suggest a food and non-food packaging industry, which will help attain promising gains for the plastomers market in the near future.
 

Key players in the segment are developing new and modified packaging materials to attract consumers likely to make a notable impact on the market growth in the coming years. Moreover, rising aging population and growing middle class population in the region will boost the product demand for medical/healthcare industry and thereby its packaging material such as film, sheet, etc. which in turn will help attain a positive outlook for the plastomers market share in the forecast timeframe.