The worldwide plastomer market is predicted to touch 6.5029 billion US dollars mark by end of the year 2022. The market is expected to grow at a CAGR rate of 7.2% during the forecasted period. The raw materials for Plastomer comprises of natural gas. Polyolefins are generated by process of polymerization in which the short chain hydrocarbons are polymerized in the presence of catalysts to produce long chain polymers. The value chain of the global plastomer market begins through supply of primary raw materials.
The value chain comprises of the production of plastomers and delivery of the items for end user applications. The worldwide plastomer market is bifurcated on the basis of applications and geographical regions.
The worldwide plastomer market by applications includes stretch & shrink films, film food packaging, polymer modifications, film non food packaging, wires & cables, medical, automobiles and other uses & applications in industrial liners, artificial turf, agricultural section and in items used for recreational purpose depending upon their specific functionalities.
The rising popularity and use of plastomers over traditional polymers in different applications and uses plays a pivotal role in stimulating the growth of the worldwide plastomer market. Polymer modifications, packaging and automobiles are the most vital uses and applications of Plastomer.
The packaging section is the key revenue provider of the worldwide plastomer market. The reason for this being that packaging applications like stretch & shrink films and food & non food products contributed largest share to the total market share of the worldwide plastomer market during year 2014. High quality packaging also maintains the freshness and quality of food & beverages along with enhancement of the life shelf of these food & beverages segment. The packaging segment is emerging at a constant rate worldwide with developing economies experiencing high rate of the market growth potential.
The worldwide plastomer market by geographical regions includes sub continent of North America, European continent, Asia Pacific region and region of rest of the world.
In year 2015, sub continent of North America was predicted to contribute largest market share of the worldwide plastomer market in terms of size.
The heavy demand for Plastomer in Asia Pacific region is projected to be the key factor driving the development and expansion of the worldwide plastomer market in this region. The development of the plastomer industry in the region of Asia Pacific can be contributed to some of the factors like recent developments & breakthroughs observed in packaging sector, automobile industry, polymer modification sector and various other fields like industrial liners, agricultural sector, items used for recreation purpose and artificial turf in which plastomers are used based on their explicit/particular functionalities. The country of China which belongs to Asia Pacific region is one of the dominant markets of plastomers all across the globe. The plastomer market in other developing countries like Mexico and India are also anticipated to display fast growth in future.
Among all these regions, Asia Pacific region and region of rest of the world are anticipated to observe high market growth and expansion in future. The demand for plastomers in these regions is supported by evolving economies like India, Brazil, China and Mexico.
Thus it can be summarized that the growth and expansion of plastomer market worldwide i can be attributed to the factors like growing demand for plastomers in evolving economies and high demand for plastomers from the packaging sector.
Key industry players included in the global Plastomer market are as follows: