Plastomers Market Is Projected to Expand At A CAGR Of 6.1%Between 2023 And 2031

18 May 2023

Plastomers are a type of materials that display qualities of both plastics and elastomers. This means that plastomers have the elasticity and flexibility of rubber while simultaneously possessing the strength and durability of plastics. From 2023 to 2031, it is anticipated that the market for plastomers will expand at a compound annual growth rate of approximately 6.1%. The expansion of the market is being fueled by the rising demand for plastomers in a variety of end-use sectors like healthcare, automotive, and packaging, among others. Plastomers are utilised in the production of a wide variety of goods, including films, sheets, and injection-molded goods, to name a few.

Plastomers are becoming an increasingly popular alternative to conventional packaging materials such as glass, metal, and paper due to their eco-friendly qualities. Because they are not only lightweight but also flexible and have strong barrier qualities, they are an ideal material for use in applications relating to packing. The market demand for plastomers is being driven in large part by the growing concern about environmental issues as well as the requirement for environmentally friendly packaging solutions. As a consequence of this, a significant number of businesses are making investments in research and development to enhance the recyclability of plastomers.

Plastomers are also finding an increasing amount of usage in the construction industry, including in the fabrication of roofing materials and waterproofing membranes. They provide a number of advantages over traditional materials, including enhanced durability and flexibility, as well as resilience to adverse environmental conditions. The demand for plastomers in the construction industry is being driven by the increased demand for long-lasting and high-performance building materials.

Plastomers are also becoming more common in the electrical and electronics industries. They are particularly useful in the production of materials for electrical insulation and electronic components. They have various advantages over traditional materials, such as better heat resistance, flexibility, and simplicity of processing, and they offer these advantages over traditional materials. The need for plastomers in the market is being driven by the increasing demand in the electrical and electronics industry for materials that are both lightweight and have high performance levels. As a consequence of this, a large number of businesses are making investments in research and development in order to enhance the qualities of plastomers so that they can be utilised in applications relating to electrical and electronic systems.

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Despite the fact that they have a number of benefits, plastomers are produced from petrochemicals, which are non-renewable resources that also have an adverse effect on the natural environment. The manufacturing of plastomers and their subsequent disposal both have the potential to add to environmental degradation and waste. Because of this, there is an increasing amount of worry regarding the utilisation of plastomers and the influence that they have on the environment. It is possible that the demand for plastomers on the market will be negatively impacted as a result of the laws and restrictions that are being imposed on the usage of plastic materials by governments all over the world. For example, the European Union (EU) has enacted a number of regulations and policies in order to cut down on the amount of trash produced by plastic products. These include the Single-Use Plastics (SUP) Directive and the Circular Economy Action Plan. These restrictions intend to prohibit the use of certain single-use plastic products and to promote the use of environmentally friendly substitutes. In a similar vein, several nations all over the world are enacting rules and tariffs on plastic materials in order to lower the amount of plastic that is consumed and to encourage the use of sustainable alternatives.

In 2022, ethylene butene accounted for 25% of the entire revenue in the plastomers market, which placed it in first place in terms of revenue generation.  Because of their superior ability to seal and act as a barrier against the passage of gases and liquids, ethylene buteneplastomers are ideal for use in food packaging applications where resistance to oxygen and moisture is critical. In addition, they have a low density, which minimises the weight of the packaging material. This, in turn, results in lower shipping costs and a less impact on the environment. It is anticipated that the Ethylene Propylene sector of the plastomers market will have the highest CAGR during the forecast period. This is due to the growing need for sustainable and high-performance materials across a variety of industries.

A number of different variables are likely to result in the transportation sector of the plastomers market recording the greatest CAGR throughout the forecast period. The growing demand for lightweight materials in the automotive industry is one of the primary drivers that is driving the demand for plastomers in the transportation sector. Plastomers are being utilised more frequently in the production of a variety of automobile components, including as dashboards, bumpers, and interior trims, due to the fact that they are lightweight, robust, and cost-effective. The need for plastomers in the transportation industry is being driven in part by the expanding market for fuel-efficient automobiles as well as electric vehicles. Plastomers, which are known for their excellent electrical insulation, are becoming an increasingly popular choice for use in the production of a variety of components for electric vehicles, including battery housings and charging ports.

The market for plastomers in Asia-Pacific held the highest share in 2022, followed by the markets in North America and Europe. Because of reasons such as a growing population and urbanisation, increased industrialization, favourable government regulations, low labour costs, and an increasing need for sustainable packaging solutions, Asia Pacific held the biggest market share in the plastomers industry. The territory's relatively cheap cost of labour is making it an attractive location for manufacturing operations in the plastomers market, which has led in the creation of multiple production facilities in the region. This is due to the fact that the region is an ideal location for manufacturing activities in the plastomers market. In addition, the increase in urbanisation as well as the development of various types of infrastructure are increasing demand for plastomers in the business of building and construction. The growing industrialization of the region is the primary force behind the expansion of the market for plastomers in a variety of industrial applications. Furthermore, many nations in the region have enacted favourable government policies to stimulate investment in the plastics and polymer industry. Furthermore, in the Asia-Pacific area, there is a growing trend towards sustainable packaging solutions, which is driving demand for bio-based and recycled plastomers. This need is a direct result of the trend.

ExxonMobil Chemical Company, Dow Inc., LyondellBasell Industries N.V., Borealis AG, SABIC, Mitsui Chemicals, Inc., INEOS Olefins & Polymers USA, and Eastman Chemical Company are some of the key participants on the plastomers market. Other regional players include Mitsui Chemicals, Inc. and Borealis AG. These competitors are concentrating their efforts on a variety of strategies, including mergers and acquisitions, product launches, and strategic alliances, in order to improve their product offerings and broaden their presence in the market. For example, in 2020, Dow Inc. introduced its new AGILITY CE Thermoplastic Elastomers (TPEs) for use in the packaging industry. Likewise, in the year 2020, SABIC introduced a new grade of plastomers and elastomers specifically for use in the healthcare business. These activities are evidence of the severe competition that exists in the market for plastomers. Players in the market are making efforts to develop and provide consumers with solutions that are both cost-effective and innovative in order to maintain a competitive edge in the market.

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