The global synthetic polymers market has witnessed substantial growth over the past few decades. Synthetic polymers, also known as man-made polymers, are chain-like organic polymers that are extensively used across diverse end-use industries such as packaging, automotive, construction, and healthcare among others. Wide industrial applications along with properties like versatility, durability, and flexibility have rendered synthetic polymers as an integral part of modern life. An exponential increase in the demand from fast expanding end-use markets along with technological advancements in polymer materials have been primarily responsible for market growth. However, environmental concerns associated with plastic waste could potentially hamper the adoption of synthetic polymers going forward.
Market Dynamics:
The global synthetic polymers market has been growing considerably over the past decade, driven by factors such as booming end-use industries, product innovation, and increasing consumption in emerging economies. However, the market has also been facing restraints from stringent environmental regulations on plastic waste disposal and recycling. Ongoing technological advancements for developing bio-based and biodegradable polymers present high growth opportunities for sustainable market expansion. Major players are investing in R&D to introduce novel materials with superior properties and reduced environmental footprint. The COVID-19 pandemic negatively impacted the market initially due to disruptions in supply chains and manufacturing activities worldwide.
Key Features of the Study:
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