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.
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 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.
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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.
The thermoplastics category is expected to capture the largest industry share, of 69.2% in the industry. It is ascribed to the growing requirement for thermoplastic in the food sector, led by their low cost, ease of manufacturing, and high mechanical strength.
In addition, thermoplastic polymers are utilized in various numerous applications, including food containers, automotive components, electronic appliances, medical devices, and industrial labeling materials, led by their superior properties and lower production cost over other available similar products.
Therefore, the rising manufacturing application of plastic boosts the polymer industry growth.