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Global Cyclic Olefin Copolymers Market was Valued at US$ xx Mn in 2019 and it is Expected to Reach More than US$ 1011 Mn by 2028, Likely to Grow with the CAGR of 4.2% During the Forecast Period.
Cyclic olefin polymers are the high-temperature polymers with good chemical and heat resistance, outstanding optical properties and excellent dimensional stability. Cyclic olefin copolymer is the material made from, two or cyclic monomer. These plastic materials have a number of exceptional properties such as lightweight, break-resistant, temperature resistant, and have excellent barrier properties and are used in a wide range of markets and applications including packaging, electronics, healthcare, diagnostics, and among others.
The demand for the Cyclic Olefin Copolymers for the packaging market is propelling due to increasing use in the manufacturing of packaging solutions such as vials, bottles, syringes, packaging films, lenses, medical devices, and among others. The primary driving factor for the growth of cyclic olefin copolymers for the packaging market is the increasing demand from the healthcare industry, electronics, pharmaceuticals, optical, and among other sectors.
However, the growth of cyclic olefin copolymers for the packaging market might be hampered due to the available alternative packaging solutions such as polypropylene, polyethylene films, and among others.
The Packaging Segment is Expected to Dominate The Cyclic Olefin Copolymers Market During the Forecast Period
The packaging segment was the largest segment, accounted for over one-third revenue share of the global cyclic olefin copolymers market, in 2019 and this trend is expected to continue over the forecast period. The packaging industry is likely to remain the most lucrative end-use industry for cyclic olefin copolymers market in the future.
In 2019 around 20-kilo tons of cyclic olefin copolymers were consumed by the packaging industry which was valued at over US$205 Mn. The demand for packaging material with superior chemical performance will only grow in the upcoming years, which is expected to reflect on the rapid growth in the consumption of cyclic olefin copolymers in the packaging industry.
The Cyclic Olefin Copolymer Resins is Expected to Witness Highest Growth in the Global Cyclic Olefin Copolymers Market across the Globe
The cyclic olefin copolymer resins segment constituted a significant share of the Cyclic Olefin Copolymers market in 2019 and is projected to grow at the highest rate in the Cyclic Olefin Copolymers market during the forecast period.
The rising demand for cyclic olefin copolymer resins is primarily due to the need to substitute high-cost Polyacrylonitrile (PAN) based polymers which have a colloquial reputation in the medical packaging industries with an effective resin with high chemical resistance and optic transparency. The use of barrier products, including ethylene vinyl alcohol (EVOH), has affected sales of PANs in food packaging and this trend spreads through the pharmaceuticals sector with the increasing implementation of cyclic olefin copolymers.
The Market in Europe Expected to Hold a Significant Share in Cyclic Olefin Copolymers Market over the Forecast Period
Europe is another prominent region in terms of the production and consumption of cyclic olefin copolymers and is anticipated to hold above 35% market share in the global Cyclic Olefin Copolymers market in terms of revenue and is expected to grow at considerable CAGR over the forecast period.
The use of conventional plastic as a raw material has been banned in Europe owing to stringent rules and regulations. This has led to shift preference towards sustainable alternatives to conventional plastic resins, such as Olefin copolymers, for packaging. Therefore, it is expected that the cyclic olefin co-polymers market will face lucrative opportunities for growth in the future as more manufacturers turn towards the manufacturing of sustainable resins. Production capacity expansion and an increase in research activities to manufacture cyclic olefin copolymers at low costs are boosting the market in the region.
The Asia-Pacific Region Is Projected to Register a Highest Growth in the Cyclic Olefin Copolymers Market during the Forecast Period
The Asia Pacific accounted for over xx % of global revenue share in 2019 and is expected to be the fastest-growing region during the forecast period. ZEON CORPORATION is the largest manufacturer of cyclic olefin copolymers, which is based in the Asia-Pacific region. Japan leads in terms of production and consumption of cyclic olefin it is the largest base of cyclic olefin copolymer globally with a share of around 48 % in 2019 copolymers in the Asia-Pacific. The demand for cyclic olefin copolymers is high in the Asia-Pacific, primarily owing to factors such as a high population.
Actually, the production of cyclic olefin copolymer is only distributed in Japan and Europe presently. There are just four producers of cyclic olefin copolymer globally with high industry concentration as well as technological barriers.
Some of the key players in the global Cyclic Olefin Copolymers market are Owens Illinois Inc., Polyplastics USA, Inc., The Dow Chemical Company, Stack Plastics, TOPAS Advanced Polymers GmbH, ZEON CORPORATION, Mitsui Chemicals, Inc. and JSR Corporation.
Cyclic Olefin Copolymers Market Key Segments:
Cyclic Olefin Copolymers Market, By Grade
Cyclic Olefin Copolymers Market, By End-use Industry
Cyclic Olefin Copolymers Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America