Polymers Market Trends

Growth Drivers

• Rising Demand for Polymers- Polymers can be used as a substitute for many substances such as metals, glass, paper, etc owing to their strength, flexibility, and low cost. It has various applications in different end-user industries owing to its advantageous characteristics.
• Increasing Use in Household Products- Products made of a polymer such as PVC bottles and containers, that are used for household purposes in the kitchen are expected to witness demand during the forecast period.
• Recyclability of Polymer Materials- The chemical, and mechanical ways are used for recycling the polymer materials. It also assists manufacturers in lowering their manufacturing costs.
• Growing Use of Biological Resources- Bio-based polymers consist of renewable carbon components, thus, leading users to shift to biomaterials rather than conventional substances, such as fossil fuels. For instance, more than 14 billion metric tons of fossil fuels are used every year across the globe.

Challenges

• Effect on the Environment- Ordinary plastic has a damaging impact on the environment, though it is lightweight, strong, and corrosion-resistant are widely used. Moreover, they are less expensive than the other metals, and materials. Hence, the dependency of end users on ordinary plastics is estimated to hamper the market’s growth.
• Stringent Regulations by the Government
• COVID-19 Pandemic Severely Attacked the Polymer Market.