|
Jun 27, 2023
|
The United Kingdom Plastomers Market is projected to expand at a significant CAGR of 4.6% from 2023 to 2033. It is anticipated to reach a market valuation of US$ 198,623.9 thousand by the end of 2033. Rising demand for plastomers from packaging, automotive, construction, and aerospace industries is likely to drive the market in the forecast period.
The United Kingdom plastomers market is dominated by a small number of leading manufacturers, who control around 80% of share. Manufacturers from Asia Pacific are seeking to enter the United Kingdom market. They are partnering with established distributors, resulting in intense competition among distributors rather than manufacturers.
The market is expected to benefit from the circular economy model, which emphasizes recycling and reusing plastics. It is projected to lead to new opportunities for recycled and biodegradable plastics and increased investment in research & development. Development of innovative and eco-friendly plastomers, as well as increased demand for recycling infrastructure and technology would also propel growth.
Plastomers are being increasingly used in the United Kingdom packaging industry, particularly in the production of flexible packaging materials. Growing popularity of flexible packaging, driven by high convenience and environmental concerns, is likely to push plastomers demand.
Plastomers are also being used in the production of healthcare products such as medical devices, drug delivery systems, and packaging materials. Growing demand for healthcare products on the back of rising aging population and increasing healthcare spending, is projected to augment plastomers sales.
Get a holistic overview of the market from industry experts to evaluate and develop growth strategies. Download the sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-17184
Key Takeaways from United Kingdom Plastomers Market Study:
The United Kingdom market of plastomers is projected to witness a CAGR of the magnitude of 6% from 2023 to 2033.
By product type, the ethylene octene segment is expected to surge at a rapid CAGR of 8% through 2033.
By application, the packaging segment is anticipated to flourish at 6% CAGR in the assessment period.
By processing type, the cast film segment is likely to experience a significant growth rate at a CAGR of 5% in the next ten years.
The United Kingdom plastomers market witnessed sluggish growth from 2018 to 2022 at a CAGR of 0%.
“Need for plastomers is anticipated to be fueled by the automotive industry's adoption of fuel-efficient and electric/hybrid vehicles. Other elements driving demand include presence of numerous emerging players and technological breakthroughs & innovation. High demand for environmentally friendly and sustainable goods is also anticipated to spur growth.” – Says a lead analyst.
Competitive Landscape
Several plastomers manufacturers in the United Kingdom are investing heavily in research and development to improve the properties of their plastomers. They are striving to make their products more suitable for a wide range of applications. It includes developing new formulations, improving processing techniques, and exploring new applications for their products.
Plastomers manufacturers are also increasingly investing in marketing and branding to differentiate themselves in the market and build customer loyalty. It includes developing strong brand identities, creating targeted marketing campaigns, and offering value-added services to their customers.
A few new entrants are adopting sustainable practices such as using renewable energy sources, reducing waste, and improving recyclability of their products. It not only helps to reduce their environmental impact but also improves their reputation in the market.
For instance,
Borealis unveiled Borstar Nextension in October 2022, a patented technology that combines Borstar and Borstar Nextension catalysts. It makes it possible to produce a huge selection of specialized polyolefins. It also makes it easier to replace several materials with just one. It might lead to increased recyclability and encourage environmentally friendly design strategies.
Key Companies Profiled
ExxonMobil Corporation
INEOS
Borealis AG
LyondellBasell Industries N.V.
LG Chem Ltd
Dow Inc.
SABIC
SK United Kingdom
Mitsui Chemical
Westlake Chemical Corporation
Get More Insights into the United Kingdom Plastomers Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the United Kingdom plastomers industry, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the United Kingdom market potential, growth, and scope, it is segmented based on product type (ethylene butene, ethylene hexene, ethylene octene, ethylene propylene), processing type (blown film, cast film, extrusion lamination, extrusion molding, injection molding), application (packaging application, adhesive & sealants, wire & cable compounds, polymer modifiers, molded & extruded products, auto component parts, foam products & footwear, heavy duty bags, non-woven coatings, industrial liners), end-use industry (automotive, building & construction, compounding, consumer appliances, electrical & electronics, healthcare, food & beverages, agriculture), and country.
