Cyclic Olefin Copolymer Market By Application (Packaging, Diagnostics, Others), By End Use Industry (Pharmaceuticals and Biotechnological, Medical, Chemical, Food and Beverage, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global cyclic olefin copolymer market is anticipated to reach $1,410 million by 2031, growing from $825.4 million in 2021 at a CAGR of 5.5% from 2022 to 2031. Cyclic olefin copolymer (COC) refer to a class of amorphous plastic resins with low native stress birefringence. The global cyclic olefin copolymer industry is expanding due to an increase in demand from various end-use sectors such as packaging, healthcare, electronics, and optics. Because of its excellent chemical resistance and optical transparency, which are required to replace expensive PAN-based polymers, it has become one of the most sought-after substances in the healthcare and packaging industries. Rise in government regulations around the world about the use of conventional plastic resins for packing is causing a greater adoption of sustainable alternatives, such as cyclic olefinic resins, which are driving the industry growth even further.
The availability of alternative polymers such as polyethylene and polypropylene to cyclic olefin copolymer is expected to restrain the market growth during the forecast period. Polycarbonates (PC) and polymethacrylates (PMMA) are also used as COC substitutes in the market. Polyethylene and polypropylene are used in a variety of packaging applications, including food and general packaging. However, the cost of cyclic olefin copolymer is higher than that of standard packaging polymers. The average price of cyclic olefin copolymer is $11-25/kg, while other materials cost $1-2/kg. The high COC price is also anticipated to limit the market growth during the forecast period.
The use of conventional plastic as a raw material has been prohibited in many economies, particularly in the Western European region due to strict rules and regulations. Plastic cups, for example, have been banned in France. This has prompted governments all over the world to prefer sustainable alternatives to conventional plastic resins, such as olefin copolymers, for packaging. Therefore, as more sustainable resin manufacturing develops, the global cyclic olefin copolymer market is expected to have lucrative growth opportunities in the future. Producers and distributors of cyclic olefin copolymer develop future business strategies based on dynamic demand from end users ranging from electronics to healthcare.
The COVID-19 pandemic had an impact on various industries, with the plastic industry being one of the few that was primarily affected to some extent. Manufacturing activity delays and shutdowns in various end-use industries such as packaging, electronics, personal care, food & beverages in both developed and developing countries impacted market growth for cyclic olefin copolymer during COVID-19. However, the industry also faced supply chain, workforce, raw material supply issues, and others. According to the Plastic Europe article, Europe's plastic production fell by more than 5%, from around 58 million tons to 55 million tons, representing a loss of one point of market share (from 16% in 2019 to 15% in 2020).
The key players profiled in this report include Zeon Corporation, Borealis Group, Topas Advanced Polymers, Inc., MITSUI & CO.,Ltd, JSR Corporation, Polysciences, Inc., Entec Polymers, Lyondellbasell Industries Holdings B.V., Ravago Group, and VELOX GmbH.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cyclic olefins copolymers market analysis from 2021 to 2031 to identify the prevailing cyclic olefin copolymer market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cyclic olefin copolymer market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cyclic olefin copolymer market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
Others
Packaging
Diagnostics
By End Use Industry
Pharmaceuticals and Biotechnological
Medical
Chemical
Food and Beverage
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
UAE
South Africa
Rest of LAMEA
Key Market Players
zeon corporation
borealis group
Topas Advanced Polymers, Inc
MITSUI & CO.,Ltd
jsr corporation
polysciences, inc.
entec polymers
Lyondellbasell Industries Holdings B.V.
Ravago Group
VELOX GmbH
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