Synthetic Polymers Global Market Opportunities and Strategies to 2032

This report describes and explains the synthetic polymer market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global synthetic polymer market reached a value of nearly $28.98 billion in 2022, having grown at a compound annual growth rate (CAGR) of 4.4% since 2017. The market is expected to grow from $28.98 billion in 2022 to $39.43 billion in 2027 at a rate of 6.4%. The market is then expected to grow at a CAGR of 7.6% from 2027 and reach $57.00 billion in 2032.

Growth in the historic period resulted from the increasing adoption of synthetic polymers in the packaging industry, rise in demand for consumer goods and increased manufacturing of plastics products. Factors that negatively affected growth in the historic period were fluctuation in raw material prices.

Going forward, rising production of automobiles, increasing residential and commercial construction and growing demand for the textile sector will drive the growth. Factor that could hinder the growth of the synthetic polymer market in the future include stringent regulations.

The synthetic polymer market is segmented by type into styrene acrylic, styrene butadiene, acrylic, vinyl acetate copolymer, polyvinyl acetate, vinyl acetate ethylene and other types. The styrene acrylic market was the largest segment of the synthetic polymer market segmented by type, accounting for 26.8% or $7.76 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the synthetic polymer market segmented by type, at a CAGR of 7.5% during 2022-2027.

The synthetic polymer market is segmented by application into paints and coatings, adhesives and sealants, nonwovens, carpets, paper and paperboard and other applications. The paints and coatings market was the largest segment of the synthetic polymer market segmented by application, accounting for 42.4% or $12.30 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the synthetic polymer market segmented by application, at a CAGR of 7.4% during 2022-2027.

The synthetic polymer market is segmented by end user into construction, automotive, electronics, textile, healthcare and other end users. The construction market was the largest segment of the synthetic polymer market segmented by end user, accounting for 27.1% or $7.84 billion of the total in 2022. Going forward, the automotive segment is expected to be the fastest growing segment in the synthetic polymer market segmented by end user, at a CAGR of 7.7% during 2022-2027.

Asia Pacific was the largest region in the synthetic polymer market, accounting for 43.1% or $12.50 billion of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the synthetic polymer market will be Asia Pacific and North America where growth will be at CAGRs of 7.9% and 6.3% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 4.5% and 4.5% respectively.

The global synthetic polymers market is highly concentrated, with a small number of large players operating dominating the market. The top ten competitors in the market made up to 58.4% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. LyondellBasell Industries Holdings BV was the largest competitor with a 14.5% share of the market, followed by Formosa Plastics Corporation with 7.7%, Saudi Basic Industries Corporation with 7.6%, TotalEnergies SE with 6.3%, Exxon Mobil Corporation with 4.8%, LG Chem Ltd. with 4.4%, Sumitomo Chemical Co., Ltd with 4.1%, Westlake Corporation with 3.8%, INEOS Group Holdings S.A. with 3.3% and Sinopec Shanghai Petrochemical Company Limited with 2.1%.

The top opportunities in the synthetic polymer market segmented by type will arise in the styrene acrylic segment, which will gain $3.37 billion of global annual sales by 2027. The top opportunities in the synthetic polymer market segmented by application will arise in the paints and coatings segment, which will gain $5.26 billion of global annual sales by 2027. The top opportunities in the synthetic polymer market segmented by end user will arise in the automotive segment, which will gain $2.86 billion of global annual sales by 2027. The synthetic polymer market size will gain the most in China at $3.15 billion.

Market-trend-based strategies for the synthetic polymer market include innovation in polyurethane and polymer products, investments in new production facilities to meet the growing demand, increasing use of renewable raw materials for polymer production, development of high-performance bio-based synthetic polymer fibers and introduction of talc-reinforced plastic parts for the automotive polymer market.

Player-adopted strategies in the synthetic polymer market include strengthening operational capabilities through strategic business developments, enhancing production capabilities through business expansions, strengthening business operations through the launch of new products and enhancing business capabilities through new product launches.

To take advantage of the opportunities, the analyst recommends the synthetic polymer companies to focus on innovation in polyurethane and polymer products, focus on investments in new production facilities to meet the growing demand, focus on increasing use of renewable raw materials for polymer production, focus on development of high-performance biobased synthetic polymer fibers, focus on introduction of talc-reinforced plastic parts for the automotive polymer market, focus on fast-growing synthetic polymers types, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing applications and continue to target fast-growing end users.