Synthetic Polymers Market Size, Share, and Trends 2024 to 2034

Synthetic Polymers Market Size and Forecast 2024 to 2034

The global synthetic polymers market size is estimated at USD 35.23 billion in 2024 and is anticipated to reach around USD 58.49 billion by 2034, expanding at a CAGR of 5.20% from 2024 to 2034.

Synthetic Polymers Market Key Takeaways

• By type, the styrene acrylic segment has previously controlled the market with the biggest revenue share and is projected to have the largest market share from 2024 to 2034.
• By application, the paints and coatings segment has dominated the market and will continue to expand strongly in terms of revenue.
• By end user, the construction segment has the largest market from 2024 to 2034.
• The Asia-Pacific region is projected to remain one of the most enticing markets

Market Overview

The structural and chemical characteristics of the chain dictate the distinguishing properties of finished materials, which is why polymers are viewed as collections of monomer units in chains. Chemically produced synthetic latex is a material with outstanding strength, flexibility, and water resistance. Synthetic latex polymers can alter the mechanical properties and molecular weight of other substances. The primary industries using synthetic polymers include aircraft, architecture, healthcare, and automobiles, according to an examination of their basic applications. The recent increase in residential and commercial building drives the requirement for polymer paints and varnishes. A rise in viral and infectious diseases also increases demand for medical supplies such catheters, surgical gloves, wraps, bandages, and stethoscopes.

Synthetic Polymers Market Growth Factors

Fiber, latex, and rubber are examples of synthetic polymers, however recent developments indicate that synthetic latex polymers will soon rule the market. Styrene acrylics, a subtype of synthetic latex, are being used more frequently in building construction and roof coatings, which has raised their demand. The majority of the materials used in the electronic and architectural industries are made of synthetic latex, which is also used in paints, coatings, paper, adhesives & sealants, and carpets.

• The growing end users demand.
• Increasing demand for paper drives styrene butadiene.

Market Scope

Market Dynamics

Key Market Drivers

• Rising demand among end users - The primary driver of the increase in demand for styrene butadiene (SB) latex worldwide is the strong demand from Asia Pacific and Europe, which is brought on by the high demand for paper & paperboard, carpets, adhesives, and fibers in the building and packaging industries. Furthermore, as a result of the ban on plastic bags in countries in Europe and the Asia-Pacific region, more cardboard and paper are being used as packing materials. Additionally, the forecast period will see an increase in the consumption of SB latex due to the growing need for pressure-sensitive adhesives, paints, mortar additives, and coatings in the construction industry.
• Rising demand for polymer’s end product - The market for synthetic polymers is expected to experience significant expansion during the projected period as a result of an increase in commercial and residential construction activities as well as increased product demand for coatings and paints. Additionally, it is anticipated that as research and development efforts increase, the market for synthetic polymers will grow. Demand for synthetic polymers is anticipated to increase due to the production of latex-based surgical gloves, catheters, electrode pads, stethoscopes, elastic bandages, and wraps, which is anticipated to impede the market growth.
• Rising demand for the healthcare industry - Polymers have been employed for a huge range of medical purposes outside of drug delivery systems. In more recent years, synthetic polymers have shown to be flexible and have been used to develop light-activated adhesive materials that aid in resealing blood arteries during vascular surgery. In order to integrate with human tissue as a sealant, adhesive, or the base of 3D-printed implants, the polymers used in the surgical glue were intended to be programmed for multiple functions and ultimately integrate with human flesh.

Key Market Challenges

• Damaging impact on the environment - Governments' attention is shifting from the rising usage of synthetic polymers, which are non-degradable and contain hazardous compounds, to environmental anomalies and climate change. Governments are enacting new laws and regulations and spending money on research to find a degradable replacement for synthetic polymers. 

Key Market Opportunities

• Increasing opportunities in the cosmetic industry - the increase in investment in the personal care and cosmetics sector will likely create additional chances for the market for synthetic polymers to expand during the next few years. Numerous personal care and cosmetic items frequently use polymers. The applications add special benefits to their formulations by utilizing the varied features of these polymers. The variety of properties is as diverse as the class of polymers that have been used. Cosmetic chemists can develop high-performance products using polymers.

Type Insights

The styrene acrylics category, which has previously controlled the market with the highest revenue share, is anticipated to have the largest market share in the upcoming years. This segment will also continue to expand well. This coating of styrene acrylic is utilized in building and construction to give concrete and roofing applications that are more flexible, heat sealable, salt stable, and water resistant. Chemically speaking, styrene acrylic is simply a modified acrylic polymer that has been added to boost the polymer's resistance to weathering. Roofs and other construction components that are directly exposed to the outside atmosphere have longer lifespans thanks to styrene acrylic coating. Buildings and homes covered in styrene acrylic are fashionable because to the acceleration of global warming. With the rise in demand for weatherproof coating, it is projected that the styrene acrylic market will expand over the course of the forecast period.

The increase in demand from the construction and automotive industries will drive the styrene butadiene market during the forecast period. Additionally, the increased demand for paper is fueling the styrene butadiene industry's expansion. Additionally, it is predicted that the market for styrene butadiene latex would grow in tandem with the expansion of the carpet sector. On the other hand, it is further projected that the concerns about the increase in feedstock costs will restrict the expansion of the styrene butadiene latex market in the timeframe period. In the upcoming years, the market for styrene butadiene latex may also experience development due to the increased demand for carpet and fiber products.

Application Insights

The paints and coatings category, which has dominated the market and will continue to expand strongly in terms of revenue, is anticipated to have the biggest market share by application in the upcoming years. Due to urbanization, the paints and coatings market is expanding rapidly. Indian paint producers keep expanding their plant capabilities to keep up with the rising demand. Asian Paints announced a $53 million investment to construct paint manufacturing facilities in 2018. Additionally, Kansai Nerolac intends to build two additional factories in India. One of the most important driving the expansion of the synthetic polymers market is the increasing demand for paints and coatings from different regions of the world.

End User Insights

Construction is predicted to have the largest market share by the end user in the upcoming years; historically, this segment has dominated the market with the highest revenue share and will continue to increase. The government's increased investment in infrastructure development projects has fueled the expansion of the construction industry. To speed up these initiatives, they are also utilizing private-public models, which is increasing demand in emerging markets. Construction polymers are being used more frequently as paints and coatings for building materials.

Regional Insights

Geographically, Asia-Pacific is anticipated to remain one of the most enticing markets and will account for the bulk of the market's revenue share over the course of the projection period. Asia-Pacific nations have a competitive advantage over other regions because they have substantial supplies of the raw ingredients needed to make synthetic polymers. They also hold the biggest market share for synthetic polymers, and due to urbanization and rapid development, it is anticipated that they will continue to maintain their dominance in the years to come.

The cheap availability of raw materials used to make plastics will also help the synthetic polymers market grow in the region over the course of the projected period.

Synthetic Polymers Market Companies

• Alberdingk Boley
• 3M
• Celanese Corporation
• Dow
• Asahi Kasei Corporation
• BASF SE
• Trinseo
• Wacker Chemie AG
• LG Chem
• Lubrizol Corporation
• Apcotex Industries Limited
• Arkema, Arlanxeo
• OMNOVA Solutions Inc.

Recent Developments

• In January 2018 – The Synthomer Leuna GmbH production facility in Sachsen-Anhalt, Eastern Germany, has been taken over by Alberdingk Boley GmbH. Alberdingk Boley firmly secures the growth strategy for its polyurethane and acrylate dispersions by taking over the new site in Leuna.

Segments Covered in the Report

By Type

• Styrene Acrylic
• Styrene Butadiene
• Acrylic
• Vinyl Acetate Copolymer
• Polyvinyl Acetate
• Vinyl Acetate Ethylene
• Others

By Application

• Paints and Coatings
• Adhesives and Sealants
• Nonwovens
• Carpets, Paper and Paperboard
• Others

By End User

• Construction
• Automotive
• Electronics
• Textile
• Healthcare
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)