The polymer industry has garnered $589,902.9 million in 2021, and it is projected to rise at the rate of 5.4% from 2021 to 2030, to generate $946,991.38 million revenue in 2030. It is ascribed to the growing demand for products in various end-use industries, including automotive, electronics, and packaging.
In addition, plastics are widely used in various sectors, ascribed to their strength, lightweight, flexibility, transparency, easy manufacturing, ease of sterilization, low cost, permeability, and great resistance to biological degradation and physical aging.
Due to numerous advantages, the product suits a wide range of applications. It is utilized in sports, toys, and fashion items. In addition, plastic usually expands instead of getting broken, and hence facilitates the molding and packing of a simple product. These polymer-based goods possess high electrical trembling resistance, despite being electrostatically charged.
The polyethylene category is projected to experience a significant growth rate in the coming years, rising at a rate of 5.7%. It is led by growing demand for products from various end-use sectors. Moreover, the surging usage of high-density polyethylene (HDPE) and low-density polyethylene (LDPE) in food and beverage packaging applications, including fruit juices, milk, and other food products, propels industry growth.
The massive construction application of polyethylene in the form of plates, films, strips, and foils offers plastic protection for flooring. In addition, it is used in fittings and pipes, which are crucial components used in industrial processes. In addition, polyethylene is used in the manufacturing of common household items such as buckets, bowls, drums, water bottles, and trash cans.
Therefore, the rising requirement for polymers is led by growing sales of consumer items, which provides alluring opportunities to suppliers in the industry.
The growing adoption of lightweight materials to replace conventional materials, including metals, and ceramics, has fuelled the growth of the manufacturing and automotive sector. It is ascribed to outstanding electrical, chemical, and mechanical properties, such as insulating, elasticity, corrosion resistance, and strength-to-weight ratio.
Furthermore, a 10% decrease in the weight of vehicles may cause a proportional reduction in fuel consumption, which results in the high application of polymer in automobiles, which fuels the industry's growth.
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