United Kingdom Plastomers Market Challenges and Opportunities: An Industry Analysis
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.
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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
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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.
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