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Oct 6, 2020 2:20 PM ET

Plastomer Market is set for a Rapid Growth and is Expected to Reach USD 3.52 Billion by 2026

iCrowd Newswire - Oct 6, 2020

Zion Market Research has published a new report titled “Global Plastomer Market Report by Application (Film-Food Packaging, Film-Non Food Packaging, Film- Stretch & Shrink,   Automotive, Polymer Modification, Wires & Cables, Medical, and Other):  Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2026: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2026.”According to the report, the Plastomer Market accounted for USD 2.28 Billion and is expected to reach USD 3.52 Billion by 2026, growing at a CAGR of around 5.58% between 2019 and 2026.

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Plastomer is a polymer material which holds rubber-like properties of both the plastics and elastomers. It provides characteristics such as processability, flexibility, sealing, and compatibility solutions. The major raw material that is used in the plastomer is natural gas. Plastomer is used in the artificial turf, industrial liners, agricultural sector, and for recreational purposes. Automobiles, polymer modifications, and packaging are the key application areas of the plastomer.

Plastomer is widely used in industries that use non-food packaging for instance, plastomer films are used for applications in industries such as personal care, electrical component, and medical/healthcare etc. Plastomers provide improved toughness and better heat seal properties which anticipate fostering the growth of the market. High-quality packaging improves the shelf life of the food and beverages also it preserves their quality and freshness thus being used widely. The robust growth indicators in the above-mentioned industries are expected to fuel the plastomer market growth in the forecast timeline. However, the inconsistent price of crude oil (the main raw material used in the value chain) is anticipated to obstruct the growth of the plastomer market in the forecast years. Moreover, the prevalence of strict environmental safeguard standards coupled with the advent of bioplastic packaging films is estimated to be a major factor of concern for the market growth in the forecast time period.

On the basis of application, the plastomer market has been segmented into film-food packaging, film-non-food packaging, film- stretch & shrink,   automotive, polymer modification, wires & cables, medical, and other. The food packaging segment witnessed a significant demand in 2018 and is expected to grow at a rapid pace over the years. For food packaging, the plastomer films are widely being used as a sealing polymer which is due to its low density and high-temperature resistance. In addition to this, plastomer has high strength, flexibility, offers superior chemical resistance, and shields the food from getting contaminated. These characteristics make plastomer effective material for making food protective packaging.  

Owing to the changing consumer food habits, lifestyles, and the rising trend of consuming healthy foods, new opportunities to cater to customer demand are on the rise, and this is expected to give a boost to the plastomer market over the forecast period. 

The rising trend of consuming packaged food and drinks especially in the emerging economies such as Middle East and Asia Pacific are expected to offer higher product demand in the forecast time period. These factors are anticipated to fuel the growth of plastomer market in the forecast timeline.

The report covers a detailed competitive outlook including the market share and company profiles of the key participants operating in the global plastomer market. The key players operating in the global plastomer market are Dow Chemical Company, Borealis, ExxonMobil, Royal Dutch Shell, Chevron Phillips Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell, Westlake Chemical Corporation, Mitsui Chemicals, LG Chem. Ltd.

Global Plastomer Market: Application Segment Analysis

Global Plastomer Market: Regional Segment Analysis

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Keywords:    Plastomer Market

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