Plastomers Market Size

Plastomers Market Size

The global plastomers market size achieved USD 2.75 billion in 2023 and will grow at 6.3% CAGR from 2024 to 2032. Rising product demand from food packaging industry is majorly attributed to the growing population in Asia Pacific will make significant contribution to the industry in the forecast period.

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For instance, food & beverage industry in India is expected to reach USD 3.14 trillion by 2032, which will have a positive impact on the product demand in the forecast timeframe. Additionally, rapidly evolving packaging regulations and increasing package food demand in the region are linked to strong R&D investment, which has led to development of new innovative materials for packaging. In the food packaging industry, product is widely applicable owing to combination of excellent properties such as flexibility, strength, light weight, stability, chemical resistance and recyclability & reuse.
 

Product is broadly used in non-food packaging industry such as films for applications across medical/healthcare, personal care, electrical component, etc. Thus, strong growth indicators in these above-mentioned end-user industries will complement the polyolefin plastomers market by 2032. However, fluctuating crude oil prices, which is the major raw material in the value chain, is probable to hamper the overall plastomers industry share. Furthermore, implementation of stringent environment protection norms along with penetration of bioplastic packaging films is likely to be a major concern for the market growth in the forecast spell.