Global Cyclic Olefin Copolymer Market to Continue on its Pandemic-Period Growth Trajectory at a Fascinating CAGR of 5.5% in the 2022-2031 Timeframe [250-Pages] | Details by Research Dive
The global cyclic olefin copolymer market is expected to grow primarily due to an increased demand of cyclic olefin copolymers in food and beverages industries. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
NEW YORK, June 5, 2023 /PRNewswire/ -- Global Cyclic Olefin Copolymer Market Forecast Analysis:
As per the report published by Research Dive, the global cyclic olefin copolymer market is expected to register a revenue of $1,410.0 million by 2031 at a CAGR of 5.5% during the forecast period 2022-2031.
Segments of the Cyclic Olefin Copolymer Market
The report has divided the cyclic olefin copolymer market into the following segments:
- Application: packaging, construction, others
- Packaging– Most dominant in 2021
The increased use of cyclic olefin copolymers for packaging of medical products is expected to make the sub-segment a highly dominant one in the forecast period. - End Use Industry: pharmaceuticals and biotechnological, medical, chemical, food & beverage, and others
- Medical– Highest revenue in 2021
Cyclic olefin copolymers are frequently used in main medication packaging such as prefilled syringes, vials, blisters, pouches, and lightweight wearables which is expected to augment the growth rate of the market in the 2022-2031 timeframe. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Significant market share in 2021
The rapid growth of medical, pharmaceutical, and biotechnological companies in this region is anticipated to push forward the market in the forecast timeframe.
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Dynamics of the Global Cyclic Olefin Copolymer Market
The growing demand for cyclic olefin copolymers from the food and beverage industry is expected to make the cyclic olefin copolymer market a highly profitable one in the forecast period. Additionally, exclusive properties of cyclic olefin copolymers are anticipated to increase their demand from pharmaceutical sector and propel the market forward. However, according to market analysts, high cost of cyclic olefin copolymers might become a restraint in the growth of the market.
Growing use of cyclic olefin copolymers in medical industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the wide applicability of cyclic olefins copolymers including in optical data storage, sensors, optics, lenses, lighting, film, blister packaging, etc., is expected to propel the cyclic olefin copolymer market forward in the coming period.
COVID-19 Impact on the Global Cyclic Olefin Copolymer Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The cyclic olefin copolymer market, however, has been an exception. Cyclic olefin copolymers have been in huge demand from the medical and pharmaceutical industry for manufacturing of syringes and packaging of different medical equipment. This increase in demand helped the market to post astonishing growth numbers despite the pandemic.
Key Players of the Global Cyclic Olefin Copolymer Market
The major players of the market include
- Zeon Corporation
- JSR Corporation
- Lyondellbasell Industries Holdings B.V.
- Borealis Group
- Polysciences Inc.
- Ravago Group
- Topas Advanced Polymers Inc.
- Entec Polymers
- VELOX GmbH
- MITSUI & CO. Ltd.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in September 2021, Borealis, a global chemicals company, announced a collaboration with TOPAS Advanced Polymers, a leading developer of cyclic olefin copolymers. This collaboration, aimed at developing a new class of material suited for film capacitors, is expected to help both the companies to expand their business significantly in the near future.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Cyclic Olefin Copolymer Market:
- From Medicine to Automotive, Cyclic Olefin Copolymers are Changing the Game Across Numerous End-User Industries
- Rising Use of Cyclic Olefin Copolymer across Various Industries Expected to Propel the Growth of the Global Cyclic Olefin Copolymer Market by 2031
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