Synthetic Polymers Market Poised for Robust Expansion: Advances in Automotive & Construction Segments Forecasted till 2032 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Synthetic Polymers Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.

The global market for synthetic polymers is undergoing a transformative phase, according to recent market analysis, with promising growth and strategic advancements anticipated through 2032. As of 2022, the market recorded a substantial valuation of nearly $28.98 billion, underpinned by a compound annual growth rate (CAGR) of 4.4% since 2017. This trajectory is not only set to continue but to accelerate, reaching an anticipated value of $39.43 billion by 2027 and $57.00 billion by 2032.

Industry growth in historic years has been propelled by the increasing adoption in key sectors such as packaging and consumer goods, as well as an upsurge in plastics manufacturing. Despite challenges such as raw material price volatility, the future outlook is underscored by significant growth drivers which include the expansion of the automotive industry, a boom in residential and commercial construction, and burgeoning demand within the textile sector.

Growth prospects are particularly noteworthy for certain segments.

For instance, the styrene acrylic segment led the market by type, claiming a 26.8% share, equivalent to $7.76 billion in 2022. It is projected to ascend at an impressive CAGR of 7.5% during 2022-2027. Similarly, substantial growth in applications is anticipated within the paints and coatings segment, expected to expand at a CAGR of 7.4% over the same period. By end user, the construction sector held the dominant market share, while the automotive segment is forecasted to race ahead with the fastest CAGR of 7.7%.

Regional Market Dynamics & Competitive Landscape

Regionally, Asia Pacific took the lead, accounting for 43.1% of the global market share in 2022. North America and Western Europe followed in succession. Importantly, Asia Pacific and North America are identified as the fastest-growing regions, leading the charge with CAGRs of 7.9% and 6.3% respectively.

The synthetic polymers arena exhibits a high concentration of market players, with the top ten competitors commanding a 58.4% market share in 2022. Large players reign supreme due to robust product portfolios and geographic penetration, with strong emphasis on acquisitions and partnerships to fortify market standings.

The latest market report offers a wealth of strategic insights that could be instrumental for stakeholders in optimizing their position in the global synthetic polymers space:

• Innovation imperative in polyurethane and polymer products
• Investment opportunities in new production facilities
• The growing importance of renewable raw materials
• Noteworthy developments in high-performance bio-based synthetic fibers
• The role of talc-reinforced plastic parts in automotive polymers

Organizations aiming to leverage these opportunities are recommended to focus on innovation, expand in both emerging and established markets, offer competitive pricing, and actively pursue fast-growing applications and end-user segments. Embracing these measures could prove pivotal in navigating the complex landscape of the synthetic polymers market and capitalizing on the forecasted growth through the next decade.

Key Attributes:

Report Attribute	Details
No. of Pages	322
Forecast Period	2021 - 2031
Estimated Market Value (USD) in 2021	$29 Billion
Forecasted Market Value (USD) by 2031	$57 Billion
Compound Annual Growth Rate	7.0%
Regions Covered	Global

Companies Profiled

• LyondellBasell Industries Holdings BV
• Formosa Plastics Corporation
• Saudi Basic Industries Corporation
• TotalEnergies SE
• Exxon Mobil Corporation
• LG Chem Ltd
• Sumitomo Chemical Co., Ltd
• Westlake Corporation
• INEOS Group Holdings S.A.
• Sinopec Shanghai Petrochemical Company Limited
• Mitsubishi Chemical Corporation
• Toray Industries
• Kuraray
• Asahi Kasei Corporation
• ZEON Corporation
• Apcotex Industries Limited
• PetroChina Company Limited
• Zhejiang Satellite Petrochemical Co Ltd
• Tianjin Dagu Chemical Co Ltd
• Alberdingk Boley GmbH
• BASF SE
• Wacker Chemie AG
• Arkema SA
• Solvay SA
• Evonik Industries
• SIBUR
• Nizhnekamskneftekhim
• Kazan Synthetic Rubber Plant JSC
• Tobolskpolymer (Tobolsk)
• Dow Inc
• ExxonMobil Chemical Company
• DuPont de Nemours, Inc
• Chevron Phillips Chemical Company
• Petroquimica Comodoro Rivadavia S.A
• Enap Refinerías S.A
• Braskem
• Borouge
• ADNOC
• Saudi Aramco
• Sasol
• Polychem (a division of Safripol)
• MC Plastic Nigeria Limited
• Quorum Poly & Plastic Ltd

For more information about this report visit https://www.researchandmarkets.com/r/4gsc8t

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