The global synthetic polymers market comprises synthetic materials like polyethylene, polypropylene, polyvinyl chloride, polyethylene terephthalate, and polystyrene amongst others. Synthetic polymers are petroleum-based plastics that are cheaper to produce and can be customized as per application requirements with varied functional properties. They find widespread use in consumer goods, automotive, electronics, construction and other industrial sectors.

The Global Synthetic Polymers Market is estimated to be valued at US$ 35.61 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global synthetic polymers market are BASF SE, Alberdingk Boley, 3M, Celanese Corporation, Dow, Asahi Kasei Corporation, Trinseo, Wacker Chemie AG, LG Chem, Lubrizol Corporation, Apcotex Industries Limited, Arkema, OMNOVA Solutions Inc., Nouryon, APL, and Arlanxeo. Key players are focusing on capacity expansion plans to cater to the growing demand across industries. The global synthetic polymers market is projected to witness significant growth owing to rising demand from the packaging industry. Growing consumer goods and construction industries in developing regions of Asia Pacific and Latin America are further expected to drive the global expansion of the synthetic polymers market during the forecast period.

Market Drivers

The Synthetic Polymers Market Size is driven by its growing end-use applications. Synthetic polymers are highly preferable for packaging applications due to properties like durability, moisture resistance and light weight. The flourishing e-commerce sector is propelling the packaging industry demand, augmenting the synthetic polymers consumption. Rapid industrialization and infrastructural projects in developing regions are catalysing the construction materials demand, fuelling the synthetic polymers market growth. With rising disposable incomes, growth in automotive and electronics manufacturing will continue to drive synthetic polymers consumption during the forecast period.

Impact of geopolitical situation on Global Synthetic Polymers Market growth

The current geopolitical tensions among major economies have impacted the growth of the global synthetic polymers market. The trade conflicts and sanctions between the US and China have disrupted supply chains and reduced demand from the construction and automotive industries in both countries. The Ukraine-Russia conflict has strained energy supplies in Europe, causing shortages of key raw materials used to manufacture synthetic polymers. Rising commodity prices and economic uncertainties have discouraged capital investments in infrastructure projects using synthetic polymers across developing regions.

To mitigate risks, synthetic polymer manufacturers will need to diversify their sourcing and manufacturing footprints. Companies must explore opportunities in other developing economies that are relatively insulated from geopolitical tensions. Expanding production capacity in Southeast Asia and South America can help reduce over-reliance on any single region. Syndicates and strategic alliances between large and small players also offer potential for knowledge-sharing and cost efficiencies. Adopting advanced polymer technologies that use green feedstocks can make processes more sustainable and resilient to supply disruptions. Overall, a balanced approach considering regulatory, economic and environmental factors globally is important for long-term profitable growth.