Impact Assessment of COVID-19 Outbreak on Cyclic Olefin Copolymers Market
The growing demand for cyclic olefin copolymers can be attributed to advancements in the electronics industry. The need for resilience and durability of electronic products has paved way for increased usage of copolymers. Furthermore, the distinct properties of cyclic olefin copolymers have helped the manufacturers in popularising them across multiple industries. The nascence of these polymers as against polyethylene and polypropylene has played a vital role in driving sales. The wide-ranging applications of cyclic olefin copolymers is another important driver of demand within the global market. The total worth of this market is slated to increase by a dramatic chase in the years to follow.
Transparency Market Research (TMR), in its report, predicts that the global cyclic olefin copolymers market would grow at a steady CAGR of 4.50% over the period between 2019 and 2027. Furthermore, the total value of the global cyclic olefin copolymers market is poised to touch USS 900 Mn by 2027, rising up from a value of US$ 600 Mn in 2018. Use of these polymers in pharmaceutical packaging has played a vital role in driving sales across the market.
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Need for Copolymers within the Packaging Industry
The packaging industry has transcended as a viable consumer of cyclic olefin copolymers. Several advancements in the packaging industry have created room for market growth and expansion. The need for resilient, durable, and shock-resistant packaging has kept industrial manufacturers on their toes. Films used for industrial packaging are subjected to multiple processes that impart strength and resistance to the material. Furthermore, cyclic olefin copolymers are also used in manufacturing vials and lenses used across a plenitude of industries. Electronic displays manufactured from cyclic olefin copolymers have also gained popularity in recent times. Therefore, it is safe to assert that the global market would become a haven of lucrative opportunities in the years to follow.
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It is important to understand the dynamics of the chemical industry in order to gauge the growth of the global market. As this industry invests in developing new classes of polymers, the profit margins of the market vendors are slated to widen. The medical industry has also emerged as an important consumer within the global cyclic olefin copolymers market. These polymers are extensively used in manufacturing medical devices. Surplus investments in medical and healthcare manufacturing are projected to trickle down to the cyclic olefin copolymers market. Optics and fiber spinning are amongst other key applications of olefin polymers. The supremacy of their physical and chemical properties gives them an edge over other similar products.
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Some of the prominent vendors operating in the global cyclic olefin copolymers market are Mitsui Chemicals Inc., TOPAS Advanced Polymers GmbH, SR Corporation, and ZEON CORPORATION. Next-generation electronics are an important area that the vendors can capitalise upon. Polyplastics Co. Ltd. in Tokyo is an important entity within the global cyclic olefin copolymers market. In 2018, the company registered an increase in sales, reaching up to over $1.3 billion.
The global cyclic olefin copolymer is segmented on the basis of:
End-Use Industry
- Packaging
- Healthcare
- Diagnostics
- Optics
- Electronics
- Others (including 3-D printing Part Designing)
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Finland
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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