Synthetic Polymers Global Market Report 2024

The synthetic polymers market size has grown strongly in recent years. It will grow from $31.76 billion in 2023 to $33.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The increase observed in the historical period can be attributed to factors such as industrialization and urbanization, the upsurge in manufacturing of consumer goods, advancements in material science, infrastructure development, and the expansion of the automotive industry.

The synthetic polymers market size is expected to see strong growth in the next few years. It will grow to $42.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be linked to the expanding packaging industry, an increased emphasis on sustainable polymers, the growth of the healthcare sector, and the global economic recovery. Key trends expected in the forecast period encompass the adoption of bio-based polymers, advancements in polymer processing technologies, the use of electrically conductive polymers, the development of polymer blends and alloys, and the application of polymers in medical and healthcare settings.

The anticipated growth in synthetic polymer market is set to be propelled by the increasing trends in residential and commercial construction. This sector involves the creation of structures for residential and commercial purposes, encompassing the entire process from planning and design to execution. Synthetic polymers find widespread application in this field owing to their versatility, durability, lightweight nature, cost-effectiveness, and minimal maintenance requirements. These qualities make synthetic polymers a preferred choice in various construction applications. For instance, in April 2023, data from the United States Census Bureau revealed an over 8% increase in the overall value of residential and non-residential constructions in the U.S. between 2020 and 2021. Additionally, reports from Oxford Economics in September 2021 projected a 42% increase, or $4.5 trillion, in global construction output from 2020 to 2030, reaching a total of $15.2 trillion. Hence, the surge in residential and commercial construction activities is a driving force behind the growth of the synthetic polymer market.

The anticipated rise in automotive production is also expected to contribute to the growth of the synthetic polymer market. Automotive production involves the manufacturing of various vehicles, including cars, trucks, motorcycles, and other motor vehicles. Synthetic polymers, especially composites, are extensively utilized in the automotive industry due to their durability, resistance to corrosion, and lightweight characteristics. For example, in May 2023, data from the European Automobile Manufacturers Association (ACEA) reported a global production of 85.4 million motor vehicles, indicating a 5.7% increase compared to 2021. Therefore, the increasing trend in automotive production is a significant factor propelling the growth of the synthetic polymer market.

A prominent trend in the synthetic polymers market is the focus on product innovations by major companies to maintain their market positions. In January 2022, Toray Industries Inc., a Japan-based manufacturer of textile materials, introduced Ecodear N510 fiber, an innovative product with 100% biobased synthetic polymer content. Derived from castor oil and corn, this sustainable product eliminates the need for fossil fuels, offering a softer and more breathable alternative for various applications, including clothing, textiles, and industrial products. This innovation combines sustainability with enhanced comfort, heat resistance, dimensional stability under humid conditions, and strong and durable performance.

Major companies operating in the synthetic polymer market are also prioritizing sustainability by developing biodegradable rheology modifiers. These modifiers alter the flow and deformation characteristics of materials and can naturally break down over time, contributing to environmental sustainability. For example, in February 2023, Clariant AG, a Switzerland-based chemicals company, introduced Aristoflex Eco T, a biodegradable rheology modifier that combines the performance of synthetic polymers with the environmental profile of biopolymers. With a renewable carbon index (RCI) of 71%, it is made from tara gum and 2-acrylamido-2-methylpropane sulfonic acid (AMPS), providing strong thickening and stabilizing performance while being readily biodegradable and naturally derived.

In August 2022, Agilent Technologies Inc., a U.S.-based electronics company, completed the acquisition of Polymer Standards Service GmbH (PSS), a Germany-based biochemical company specializing in synthetic polymers and products. This strategic move aims to strengthen Agilent Technologies Inc.'s position in the chemical and biopharmaceutical sectors, expand its product line, and enhance its offerings in the growing polymer analysis industry.

Major companies operating in the synthetic polymers market report are ExxonMobil Chemical, Sumitomo Chemical Co. Ltd., Dow Inc., SABIC, LG Chem Ltd., 3M Co, Mitsubishi Chemical Corporation, Evonik Industries, Toray Industries, Solvay SA, Chevron Phillips Chemical Company, DuPont, Arkema SA, Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, Huntsman Corporation, Lubrizol Corporation, Kuraray, Trinseo LLC, Asahi Kasei Corporation, ZEON Corporation, Kraton Corporation, BASF SE, OMNOVA Solutions Inc., Apcotex Industries Limited., Lion Elastomers LLC, Alberdingk Boley GmbH.

Asia-Pacific was the largest region in the synthetic polymers market in 2023. The regions covered in the synthetic polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the synthetic polymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of polymers in synthetic polymers include styrene acrylic, styrene butadiene, acrylic, vinyl acetate copolymer, polyvinyl acetate, vinyl acetate ethylene, and others. Styrene-acrylic, for instance, is a copolymer derived from the polymerization of styrene and acrylic monomers. These polymers are employed in various applications, such as paints and coatings, adhesives and sealants, nonwovens, carpets, paper and paperboard, among others. The main end-users of synthetic polymers encompass the construction, automotive, electronics, textiles, healthcare, and other related industries.

The synthetic polymers market research report is one of a series of new reports that provides synthetic polymers market statistics, including synthetic polymers industry global market size, regional shares, competitors with a synthetic polymers market share, detailed synthetic polymers market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic polymers industry. This synthetic polymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The synthetic polymers market consists of sales of polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and polystyrene (PS). Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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