Plastomer Market Overview, Global Size, Share, Industry Trends, Growth and Research Report 2022-2027
The global plastomer market size reached US$ 3.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.9 Billion by 2027, exhibiting a growth rate (CAGR) of 7.1% during 2022-2027.
According to IMARC Group’s latest report, titled “Plastomer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global plastomer market size reached US$ 3.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.9 Billion by 2027, exhibiting a growth rate (CAGR) of 7.1% during 2022-2027.
Plastomer represents specialized polymers that exhibit properties of both plastics and elastomers. They are derived using several processing methods, such as blow film extrusion, cast film extrusion, injection molding, etc. Plastomer polymer variants have elasticity, processability, clarity, and gloss finish similar to plastic and rubber. They provide improved impact performance, processability, and melt strength when used by themselves or with blends and compounds. As compared to mixed polymers, they can be converted to mono-material solutions that are highly cost-effective and environment-friendly. As a result, they plastomer polymer materials find extensive applications across numerous sectors, including food and beverage (F&B), packaging, automotive, wires and cables, agriculture, medical, etc.
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Market Trends and Drivers:
The escalating product utilization in the food packaging segment as a sealing and melting polymer, on account of its lower density that aid in preserving the freshness and quality of the food products and improving their shelf life, is among the key factors driving the plastomer market. Besides this, the increasing adoption of controlled plastomers in the manufacturing of medical and healthcare products, such as intravenous (IV) bags, pharmaceutical ingredient bags, continuous ambulatory peritoneal dialysis pouches, packaging for bioreactors, etc., is further stimulating the market growth. In addition to this, the rising investments in research and development (R&D) activities to innovate new products and the expanding product requirement to produce gaskets, vibration dampening and impact absorption products, insulation and acoustical systems, seating and hydrophilic and hydrophobic foams, and seals, of automobiles, on account of their light-weight feature are acting as significant growth-inducing factors. Moreover, the elevating usage of the product to package agricultural products, which include fruits and vegetables, cereals, oils, etc., to prevent them from getting damaged is expected to propel the plastomer market over the forecasted period.
Plastomer Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the plastomer market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Alpha Group
- Borealis AG
- Exxon Mobil Corporation
- LG Chem Ltd.
- Mitsui Chemicals Inc.
- Saudi Basic Industries Corporation (SABIC)
- SK Group
- Sumitomo Corporation
- The DOW Chemical Company
Key Market Segmentation:
The report has segmented the global plastomer market based on application, processing method and region.
Breakup by Application:
- Film-based Food Packaging
- Film-based Non-food Packaging
- Stretch-film and Shrink-film Packaging
- Polymer Modification
- Wires and Cables
Breakup by Processing Method:
- Blow Film Extrusion
- Cast Film Extrusion
- Extrusion Coating
- Injection Molding
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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