Home > Pressrelease > Global Plastomers Market size worth over $3.1 billion by 2025
Global Plastomers Market size worth over $3.1 billion by 2025
- Published Date: June 4, 2019
According to a new research report by Global Market Insights Inc., the Plastomers Market is poised to surpass USD 3.1 billion by 2025. Strong R&D initiatives by the key players in the medical industry will trigger the medical packaging material demand.
Major healthcare manufacturer registered consistent growth in the past few years due to rising aging population and increasing government spending on healthcare in North America. According to the National Health Expenditure Accounts (NHEA), U.S. healthcare spending rose by 3.9% in 2018, reaching USD 3.5 trillion. Medical packaging requires specialized packaging material which requires the information to be displayed effectively. Plastomer possess superior properties including easy processing, flexibility, purity, clarity, etc. which makes it highly preferable for packaging applications in the medical/healthcare sector, thereby likely to drive the market size in the forecast time frame.
Volatile raw material prices as the plastomer production largely depends on crude oil, is likely to impede the global plastomers market growth by 2025. However, long term procurement contracts with the raw material suppliers and propelling product demand across several end-user industries such as packaging, pharmaceutical, automotive, construction industry, etc. will generate sufficient opportunities for the market by 2025.
Browse key industry insights spread across 246 pages with 409 market data tables & 26 figures & charts from the report, “Plastomer Market by Product (Ethylene Propylene, Ethylene Butene, Ethylene Hexene, Ethylene Octene), By Applications (Adhesives, Compounding Foams, Food Packaging, Non-Food Packaging, Wire & Cables, Automotive), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019-2025” in detail along with the table of contents:
Ethylene butene plastomers is expected to exhibit gains of more than 5.5% by 2025. Ethylene butene have better toughness and high melt strength than other commercially available plastomer, which makes it preferable for applications such as wire & cable and impact modification of various thermoplastic resins. These plastomer are designed for use as cling component in multi-layer stretch film and surface protective films. They are also applicable as multilayer cast film owing to its excellent tensile extension and elastic recovery properties.
Based on the application, adhesives contributed close to USD 60 million in 2018. Product is extensively applicable as building blocks for adhesives in both interior and exterior automotive applications. Moreover, plastomer based adhesives are commonly used for fortlifting applications, attaching drywall, fixtures to wall, ceiling applications, bathroom flooring, and molding application.
Rapid industrialization and urbanization in Asia Pacific has triggered construction industry, which will trigger the product demand. For instance, India made infrastructure investment worth over USD 1 trillion from 2012 to 2018, which is likely to increase at a consistent pace in the coming years, resulting in attaining higher gains to the global plastomers market share by 2025.
North America was valued close to USD 550 million in 2018. This is majorly attributed to strong product demand from medical/healthcare & personal care packaging industry, thus resulting in achieving positive gains to the market by 2025. For instance, emergence of male consumers and rising online retail for personal care products in the U.S. is anticipated to drive the plastomers market by 2025.
Some of the key companies in the plastomers industry are Exxon Mobil, Dow Chemical, Borealis, Chevron Phillips, Royal Dutch Shell, SABIC, Westlake Chemical Corporation and Lyondellbasell. Few of these market players are involved in forming strategic alliance to improve its market presence. For instance, SABIC and SK Global signed a joint venture agreement in Seoul, South Korea in 2014, to operate a series of manufacturing plants producing polyolefin plastomer, polyolefin elastomers and various other products to meet the growing product demand from packaging, automotive and healthcare industry.