USD 5.8 billion
Report ID:
SQMIG30B2067 |
Region:
Global |
Published Date: March, 2025
Pages:
195
|Tables:
65
|Figures:
71
Plastomers Market size was valued at USD 5.8 billion in 2023 and is poised to grow from USD 6.18 billion in 2024 to USD 10.31 billion by 2032, growing at a CAGR of 6.6% during the forecast period (2025-2032).
Plastomers provide unique advantages such as scalability, flexibility, sturdiness, and electrical resistance. The benefits are compelling the vendors to focus on expanding their plastomers markets. The beneficial features can help vendors in venturing into untapped markets such as the construction industry. The use of plastomers is explored in several applications such as roof linings, side panels, roofing solutions. Plastomers are being driven by the growing demand for lightweight vehicles and electric vehicles. With a 4.7 percent increase in sales, the number of electric cars sold in 2020 was around 3.1 Billion, and Europe crossed China as the world's largest electric vehicle market for the first time. As a result, rising demand for electric vehicles will propel the plastomers market during the forecast period.
Packaging is widely used in trade to protect agricultural products such as fruits and vegetables, cereals, oils, and others from being damaged or spoiled. Factors such as the increasing use of POE in solar module encapsulation, followed by the rising demand for electrical wires and cables in the automotive industry.
Additionally, the rising production of vehicles globally, along with the increasing volume of construction activities, backed by rising urbanization and increasing household disposable income of individuals are expected to contribute to the market growth during the forecast period. The increasing demand for plastomers from the automotive industry due to their superior properties is one of the primary factors driving the market's growth. The growth opportunities for the plastomers market are growing demand from emerging economies, infrastructure development, and manufacturing activities. Market challenges include price volatility, availability of alternatives, sustainability and environmental awareness, and high competition. Asia-Pacific dominated the market owing to the high demand from end-use industries, such as automotive, construction, and packaging.
The shift towards eco-friendly and recyclable materials is one of the prominent trends in the plastomers industry. With growing awareness of environmental issues, both consumers and regulatory bodies are putting pressure on manufacturers to adopt sustainable practices. Plastomers are increasingly being developed to be compatible with recycling processes, which is in line with the global movement towards a circular economy. In addition, innovations in bio-based plastomers, derived from renewable resources, are gaining traction as companies seek to reduce their carbon footprint and offer greener alternatives to traditional plastic materials.
The automotive industry presents a significant opportunity for the expansion of the market. As the automotive sector increasingly prioritizes fuel efficiency and reduced emissions, there is a rising demand for materials that are lightweight yet durable. Plastomers, with their ability to replace heavier, more rigid plastics and even metal components, are well-positioned to capitalize on this trend. Their application in automotive interiors, exteriors, and under-the-hood components can lead to weight reduction, improved vehicle performance, and compliance with stringent environmental regulations. This opens a lucrative market segment for plastomer manufacturers, especially as electric vehicles (EVs) continue to grow in popularity.
Despite its potential, the plastomers market faces challenges that could hinder its growth. One of the primary restraints for the market is the volatility in raw material prices. Plastomers are derived from petrochemical feedstocks, which are subject to fluctuations in oil and gas prices. These fluctuations can lead to unpredictable manufacturing costs, which in turn affect the pricing and profitability of plastomers. In addition, the increasing focus on sustainability has led to stricter regulations around the use of petrochemical-based products, further complicating the market landscape. Companies may need to invest in research and development to create alternative feedstocks or more efficient production processes, which could require significant capital and time.
Market Key Attributes
In October 2023, Huntsman Corporation finalized its acquisition of a chemical specialty company to expand its portfolio in engineering thermoplastics. This strategic move aims to enhance Huntsman's offerings in high-performance materials, catering to industries that demand advanced thermoplastic solutions. The acquisition reflects Huntsman's strategy to strengthen its position in the market.
In May 2023, Borealis launched a new line of circular plastomers and elastomers called Bornewables, produced from renewable feedstock. This initiative aims to meet the growing demand for sustainable materials that maintain high performance while reducing carbon emissions. This launch followed the International Sustainability and Carbon Certification (ISCC PLUS) of Borealis' production site in Geleen, the Netherlands, in March 2023. The Bornewables line utilizes feedstock derived solely from waste and residue streams, such as used cooking oil and vegetable oil by-products, ensuring that no virgin fossil resources are used.
In June 2023, SABIC announced its plans to expand the capacity of its NEXLENE plant in Ulsan, South Korea, through its joint venture, SABIC SK NEXLENE Company. This expansion is set to be operational by the second quarter of 2024 and aims to meet the increasing demand for advanced polyolefin materials, such as SUPEER mLLDPE, COHERE metallocene polyolefin plastomers (POP), and FORTIFY POE. The decision to expand is driven by the growing need for NEXLENE-based solutions in high-end markets, including photovoltaics, new mobility, footwear, and advanced packaging.
Market snapshot - 2025-2032
Global Market Size
USD 5.8 billion
Largest Segment
Food Packaging
Fastest Growth
Non-food Packaging
Growth Rate
6.6% CAGR
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Global Plastomers Market is segmented by Type, Processing Method, Application and region. Based on Type, the market is segmented into Ethylene-Propylene, Ethylene-Butene, Ethylene-Octene and Others. Based on Processing Method, the market is segmented into Injection Molding, Blow Molding, Extrusion and Others. Based on Application, the market is segmented into Packaging, Automotive, Consumer Goods, Wires & Cables, Healthcare, Electrical & Electronics, Construction and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Product
As per global plastomers market outlook, the ethylene propylene segment led the market with the largest revenue share of 49.04% in 2024. The demand for ethylene propylene plastomers is primarily driven by their versatile applications in the packaging and automotive industries. The growing demand for lightweight and durable materials in these industries is expected to drive the growth of the segment. These plastomers offer a unique combination of flexibility, toughness, and excellent heat seal properties, making them ideal for use in flexible packaging solutions. With the rise of consumer demand for convenient, resealable packaging in food, beverages, and personal care products, manufacturers are increasingly turning to ethylene propylene plastomers to meet these requirements.
Ethylene butene segment is the fastest growing in the market due to their superior mechanical properties and cost-effectiveness. One of the primary drivers for these materials is their use in the production of stretch films and shrink films, which are essential in various packaging applications, including pallet wrapping, food packaging, and industrial packaging. The growing demand for efficient and durable packaging solutions in logistics and transportation is propelling the need for ethylene butene plastomers, as they offer excellent puncture resistance, clarity, and elasticity. Moreover, the material’s ability to enhance the performance of flexible packaging structures, such as those used in liquid packaging and pouches, further boosts its demand.
Analysis by Application
As per global plastomers market forecast, the food packaging segment led the market with the largest revenue share of 45.11% in 2024. This can be attributed to the rapid expansion of the food delivery industry due to the increasing popularity of online food ordering platforms and the convenience they offer. In addition, the rising demand for packaged foods, particularly among the working population, has further fueled the growth of this segment. With more people leading busy lifestyles, there is a growing preference for ready-to-eat meals and convenient, pre-packaged food options that save time. This trend has led to a surge in demand for reliable, durable, and safe packaging solutions that ensure the freshness and quality of food products, driving the overall revenue growth in the food packaging segment. As per the global plastomers market analysis, the non-food packaging segment is expected to grow significantly through the forecast period, fueled by the rise of e-commerce and the subsequent need for secure, lightweight packaging for a wide range of products. This is also expected to further propel the demand for plastomers in non-food packaging. The versatility of plastomers, with their ability to enhance the performance of packaging films, labels, and wraps, makes them an attractive choice for manufacturers looking to improve product safety and reduce environmental impact through downgauging and recyclability.
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The Asia Pacific region in the plastomers market dominated globally in 2024 with the largest revenue share of 39.83%. This large share is driven by rapid industrialization and urbanization, coupled with the growing middle-class population. As more people migrate to urban areas, the demand for consumer goods, packaged foods, and personal care products is soaring. This surge in consumerism has led to an increased need for advanced packaging solutions that offer flexibility, durability, and sustainability, which are key attributes of plastomers.
In the Asia Pacific region, the growing demand for advanced wire and cable solutions is a significant driver for market growth. With the rapid expansion of infrastructure projects, urbanization, and the ongoing electrification efforts in countries like China, there is a heightened need for high-performance materials in the wire and cable industry. Plastomers are increasingly being used in the insulation and jacketing of wires and cables due to their superior flexibility, durability, and resistance to harsh environmental conditions.
The North America region in the plastomers market growth is driven by the growing emphasis on sustainable packaging solutions. As consumers and businesses alike become more environmentally conscious, there is a strong push towards reducing plastic waste and adopting materials that can be easily recycled or downgauged without compromising performance. Plastomers, with their ability to enhance the recyclability of packaging and reduce material usage, are increasingly being adopted by manufacturers aiming to meet stringent environmental regulations and cater to the eco-friendly preferences of consumers. This trend is particularly strong in the packaging and automotive industries, where the demand for sustainable materials is driving market growth.
The plastomers market in the U.S. is driven by the expanding healthcare and pharmaceutical sectors. With an aging population and increasing healthcare needs, there is a rising demand for medical devices, pharmaceutical packaging, and hygiene products that require materials with excellent flexibility, clarity, and chemical resistance. Plastomers are ideally suited for these applications, offering the necessary properties to ensure product safety and performance.
The plastomers market in Europe is driven by the stringent regulatory environment that is focused on reducing carbon emissions and promoting circular economy. The European Union's regulations on plastic usage and waste management are encouraging manufacturers to adopt materials that are not only high-performing but also recyclable and environmentally friendly. Plastomers, with their ability to enhance the sustainability of packaging and automotive components, are becoming increasingly popular as companies seek to comply with these regulations while maintaining product performance.
Germany has a well-established automotive and manufacturing sector, leading to a substantial demand for plastomers. Companies are investing in research and development to produce high-performance materials that meet stringent environmental regulations.
The Middle East and Africa are emerging markets for the polyolefin elastomers and plastomers (POE-POP) industry, with increasing investments in infrastructure and development projects. The demand for polyolefin elastomers and plastomers (POE-POP) solutions is rising, driven by government initiatives and a focus on modernization.
The UAE is emerging as a significant player in the industry. The Abu Dhabi National Oil Company (Adnoc) has made strategic moves, such as the acquisition of German company Covestro for €15 billion, aiming to enhance its presence in the global market.
Latin America presents a mixed landscape, with varying growth rates across countries. Brazil is leading market, driven by a growing demand for Polyolefin Elastomers and Plastomers (POE-POP) products in various sectors. However, challenges such as economic volatility and regulatory barriers may impact growth.
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Plastomers Market Drivers
Growing Use of Plastomers in Packaging Applications
Advancements in Plastomer Technology and Applications
Plastomers Market Restraints
Availability of Alternatives
Sustainability and Environmental Awareness
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The global plastomers industry is characterized by the presence of several key players who contribute to its competitive landscape. Notable companies include ExxonMobil Chemical, known for its Exact plastomers, and Dow, recognized for its AFFINITY™ polyolefin plastomers. These industry leaders focus on developing advanced materials that combine the elasticity of elastomers with the processability of plastics, catering to diverse applications across sectors such as packaging, automotive, and consumer goods. The market is also witnessing a shift towards sustainability, with research exploring bio-based alternatives.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the steadily increasing product demand from the food packaging industry is one of the key factors driving the growth of the market. Plastomers are majorly used as a sealing and melting polymer as they have low-density and aid in preserving the quality and freshness of the food products, thereby increasing their shelf life. Furthermore, the widespread adoption of controlled plastomers in the production of medical and healthcare products is providing a boost to the market growth. Plastomers are used for manufacturing intravenous (IV) bags, continuous ambulatory peritoneal dialysis pouches, pharmaceutical ingredient bags and packaging for bioreactors. They exhibit high packaging integrity even at low temperatures and can avoid damage in case of accidental drops. Additionally, various product innovations and the utilization of plastomers to manufacture gaskets, seals, vibration dampening and impact absorption products, acoustical sound insulation systems, cushioning, seating and hydrophobic and hydrophilic foams, are also contributing to the market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 5.8 billion |
Market size value in 2032 | USD 10.31 billion |
Growth Rate | 6.6% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Plastomers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plastomers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plastomers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plastomers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Global Plastomers Market size was valued at USD 2.30 Billion in 2023 and is poised to grow from USD 2.45 Billion in 2024 to USD 4.07 Billion by 2032, growing at a CAGR of 6.56% in the forecast period (2025-2032). The growing penetration of plastomers into new sectors is one of the key plastomers market trends.
The global plastomers industry is characterized by the presence of several key players who contribute to its competitive landscape. Notable companies include ExxonMobil Chemical, known for its Exact plastomers, and Dow, recognized for its AFFINITY™ polyolefin plastomers. These industry leaders focus on developing advanced materials that combine the elasticity of elastomers with the processability of plastics, catering to diverse applications across sectors such as packaging, automotive, and consumer goods. The market is also witnessing a shift towards sustainability, with research exploring bio-based alternatives. 'ExxonMobil Chemical', 'Dow Chemical Company ', 'Borealis AG', 'SABIC', 'Mitsui Chemicals, Inc.', 'LG Chem', 'LyondellBasell Industries N.V.', 'Sumitomo Chemical Co., Ltd.', 'Chevron Phillips Chemical Company', 'INEOS Group Holdings S.A.', 'Sinopec Corporation', 'Braskem S.A.', 'TotalEnergies SE', 'Reliance Industries Limited', 'Hanwha Total Petrochemical Co., Ltd.', 'Versalis S.p.A.'
The packaging industry is another key driver of the plastomers market growth. Plastomers are widely used in packaging applications due to their excellent barrier properties, which help protect products from moisture, oxygen, and other environmental factors. Plastomers are particularly suitable for food packaging, as they meet stringent safety and hygiene standards. The increasing demand for packaged food products, coupled with the growing global plastomers market trend towards flexible and sustainable packaging solutions, is expected to fuel the demand for plastomers in the packaging industry.
Rising Demand for Lightweight Materials in Automotive and Transportation: The increasing need for lightweight materials in the automotive and transportation industries is a significant driver for the global plastomers market growth. Plastomers, with their unique combination of strength, flexibility, and lightweight properties, offer an ideal solution for various automotive components, such as bumpers and interior trim. The adoption of lightweight materials in vehicles helps reduce fuel consumption, improve performance, and enhance overall vehicle efficiency.
The Asia Pacific region in the plastomers market dominated globally in 2024 with the largest revenue share of 39.83%. This large share is driven by rapid industrialization and urbanization, coupled with the growing middle-class population. As more people migrate to urban areas, the demand for consumer goods, packaged foods, and personal care products is soaring. This surge in consumerism has led to an increased need for advanced packaging solutions that offer flexibility, durability, and sustainability, which are key attributes of plastomers.
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