The global cyclic olefin copolymer market is anticipated to reach $1,410 million by 2031, growing from $825.4 million in 2021 at a CAGR of 5.5% from 2022 to 2031. Cyclic olefin copolymer (COC) refer to a class of amorphous plastic resins with low native stress birefringence. The global cyclic olefin copolymer industry is expanding due to an increase in demand from various end-use sectors such as packaging, healthcare, electronics, and optics. Because of its excellent chemical resistance and optical transparency, which are required to replace expensive PAN-based polymers, it has become one of the most sought-after substances in the healthcare and packaging industries. Rise in government regulations around the world about the use of conventional plastic resins for packing is causing a greater adoption of sustainable alternatives, such as cyclic olefinic resins, which are driving the industry growth even further.
The availability of alternative polymers such as polyethylene and polypropylene to cyclic olefin copolymer is expected to restrain the market growth during the forecast period. Polycarbonates (PC) and polymethacrylates (PMMA) are also used as COC substitutes in the market. Polyethylene and polypropylene are used in a variety of packaging applications, including food and general packaging. However, the cost of cyclic olefin copolymer is higher than that of standard packaging polymers. The average price of cyclic olefin copolymer is $11-25/kg, while other materials cost $1-2/kg. The high COC price is also anticipated to limit the market growth during the forecast period.
The use of conventional plastic as a raw material has been prohibited in many economies, particularly in the Western European region due to strict rules and regulations. Plastic cups, for example, have been banned in France. This has prompted governments all over the world to prefer sustainable alternatives to conventional plastic resins, such as olefin copolymers, for packaging. Therefore, as more sustainable resin manufacturing develops, the global cyclic olefin copolymer market is expected to have lucrative growth opportunities in the future. Producers and distributors of cyclic olefin copolymer develop future business strategies based on dynamic demand from end users ranging from electronics to healthcare.
The COVID-19 pandemic had an impact on various industries, with the plastic industry being one of the few that was primarily affected to some extent. Manufacturing activity delays and shutdowns in various end-use industries such as packaging, electronics, personal care, food & beverages in both developed and developing countries impacted market growth for cyclic olefin copolymer during COVID-19. However, the industry also faced supply chain, workforce, raw material supply issues, and others. According to the Plastic Europe article, Europe's plastic production fell by more than 5%, from around 58 million tons to 55 million tons, representing a loss of one point of market share (from 16% in 2019 to 15% in 2020).
The key players profiled in this report include Zeon Corporation, Borealis Group, Topas Advanced Polymers, Inc., MITSUI & CO.,Ltd, JSR Corporation, Polysciences, Inc., Entec Polymers, Lyondellbasell Industries Holdings B.V., Ravago Group, and VELOX GmbH.
The availability of alternative polymers such as polyethylene and polypropylene to cyclic olefin copolymer is expected to restrain the market growth during the forecast period. Polycarbonates (PC) and polymethacrylates (PMMA) are also used as COC substitutes in the market. Polyethylene and polypropylene are used in a variety of packaging applications, including food and general packaging. However, the cost of cyclic olefin copolymer is higher than that of standard packaging polymers. The average price of cyclic olefin copolymer is $11-25/kg, while other materials cost $1-2/kg. The high COC price is also anticipated to limit the market growth during the forecast period.
The use of conventional plastic as a raw material has been prohibited in many economies, particularly in the Western European region due to strict rules and regulations. Plastic cups, for example, have been banned in France. This has prompted governments all over the world to prefer sustainable alternatives to conventional plastic resins, such as olefin copolymers, for packaging. Therefore, as more sustainable resin manufacturing develops, the global cyclic olefin copolymer market is expected to have lucrative growth opportunities in the future. Producers and distributors of cyclic olefin copolymer develop future business strategies based on dynamic demand from end users ranging from electronics to healthcare.
The COVID-19 pandemic had an impact on various industries, with the plastic industry being one of the few that was primarily affected to some extent. Manufacturing activity delays and shutdowns in various end-use industries such as packaging, electronics, personal care, food & beverages in both developed and developing countries impacted market growth for cyclic olefin copolymer during COVID-19. However, the industry also faced supply chain, workforce, raw material supply issues, and others. According to the Plastic Europe article, Europe's plastic production fell by more than 5%, from around 58 million tons to 55 million tons, representing a loss of one point of market share (from 16% in 2019 to 15% in 2020).
The key players profiled in this report include Zeon Corporation, Borealis Group, Topas Advanced Polymers, Inc., MITSUI & CO.,Ltd, JSR Corporation, Polysciences, Inc., Entec Polymers, Lyondellbasell Industries Holdings B.V., Ravago Group, and VELOX GmbH.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cyclic olefins copolymers market analysis from 2021 to 2031 to identify the prevailing cyclic olefin copolymer market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cyclic olefin copolymer market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cyclic olefin copolymer market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Others
- Packaging
- Diagnostics
By End Use Industry
- Pharmaceuticals and Biotechnological
- Medical
- Chemical
- Food and Beverage
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- zeon corporation
- borealis group
- Topas Advanced Polymers, Inc
- MITSUI & CO.,Ltd
- jsr corporation
- polysciences, inc.
- entec polymers
- Lyondellbasell Industries Holdings B.V.
- Ravago Group
- VELOX GmbH
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CYCLIC OLEFIN COPOLYMER MARKET, BY APPLICATION
CHAPTER 5: CYCLIC OLEFIN COPOLYMER MARKET, BY END USE INDUSTRY
CHAPTER 6: CYCLIC OLEFIN COPOLYMER MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Cyclic Olefin Copolymer Market," the cyclic olefin copolymer market was valued at $825.40 million in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.Cyclic olefin copolymer (COC) are engineering thermoplastics with a unique combination of properties such as excellent transparency, low density, and outstanding optical properties. Cyclic olefin copolymer elastomers are thermoplastics with high tensile strength, resistance to fatigue, and chemical resistance. COC is capable of withstanding extreme temperatures and pressures while retaining its physical properties. COC are used in a variety of applications, including packaging, medical and healthcare, optical and optics, electronics, and others. COC is used as a replacement for traditional flexible materials such as PVC, Polyamide, Polyethylene Terephthalate (PET), and Polyacrylonitriles in a variety of applications such as food packaging, medical equipment, and specialty pharmaceutical packaging. The cyclic olefin copolymer is a proven material that is widely used in point of care (POC) diagnostics that required precise fluid control due to which it is a proven material of choice by many companies. The material is quickly becoming a popular choice in the packaging industry because of its superior performance and distinct properties. It offers greater flexibility, improved disposal options, and increased sustainability at a lower cost.
The healthcare industry is using cyclic olefin copolymer as an excellent alternative to glass in a wide range of medical products as they offer various properties such as high purity, moisture barrier, clarity, sterilization compatibility, and others. In medical applications, cyclic olefin copolymer are commonly used to prevent breakage and reduce weight. Cyclic olefin copolymer have a very low-energy and nonreactive surface, which will help to extend medication shelf life and purity. They are used to make vials, syringes, catheters, medical films, medical cartridges, and other things. According to the data published by India Pharmaceutical Departments, the medical device industry in India has the potential to reach $50 billion by 2025. According to a Scroll Media Incorporation article, India has more than 20 syringe manufacturers with a monthly production capacity of 50 crore syringes. Every month, Hindustan Syringes and Medical Devices Ltd, Iscon Surgicals Ltd, and Becton Dickinson India Pvt Ltd manufacture over 15 crore auto-disable syringes. Such factors are responsible for creating huge demand for cyclic olefin copolymer thereby fueling the market growth in the future.
Leading companies are increasing their R&D resources in order to innovate the performance characteristics of cyclic olefin copolymer in order to meet the needs of end users. The major suppliers of cyclic olefin copolymer particularly in regions such as North America and Europe have focused on increasing the size of distribution units. Market leaders are likely to strengthen their positions in order to expand their product line as their proprietary manufacturing techniques improve. Manufacturers create policies with the packaging industry as a target industry in mind.
The cyclic olefin copolymer market is segmented on the basis of application, end use industry, and region. On the basis of application, the market is classified into packaging, construction, and others. On the basis of end use industry, the market is classified into pharmaceuticals and biotechnological, medical, chemical, food and beverage, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
The key players profiled in the study include Zeon Corporation, Borealis Group, Topas Advanced Polymers, Inc., MITSUI & CO.,Ltd, JSR Corporation, Polysciences, Inc., Entec Polymers, Lyondellbasell Industries Holdings B.V., Ravago Group, and VELOX GmbH. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, on February 1, 2023, Polyplastics Group announced that it would exhibit at MD&M West in Anaheim, California, an enlarged portfolio of acetal materials for the medical and healthcare sector. The business will highlight its recently created DURACON POM (polyoxymethylene or polyacetal) PM series for medication delivery and contact applications. The company's TOPAS COC (cyclic olefin copolymer) product, a high-purity material for medical applications that has served the industry for decades, is complemented by the DURACON PM series.
Key Market Insights
- Based on application, the packaging sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period
- Based on end use industry, the medical sub-segment emerged as the global leader in 2021 and the pharmaceuticals and biotechnological sub-segment is anticipated to be the fastest growing during the forecast period
- Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain its position during the forecast period
Companies Mentioned
- zeon corporation
- borealis group
- Topas Advanced Polymers, Inc
- MITSUI & CO.,Ltd
- jsr corporation
- polysciences, inc.
- entec polymers
- Lyondellbasell Industries Holdings B.V.
- Ravago Group
- VELOX GmbH
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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