The Global Cyclic Olefin Copolymer Market size was $825.4 million in 2021 and is predicted to grow with a CAGR of 5.5%, by generating a revenue of $1,410 million by 2031.
Impact Analysis of COVID-19 on Cyclic Olefin Copolymer Market
The COVID-19 pandemic positively impacted the Cyclic Olefin Copolymer Market share growth. The need for medical supplies has tremendously increased in order to satisfy the demand of the coronavirus infected population. Thus, the COVID-19 pandemic has boosted the need for cyclic olefin copolymer (COC) for packaging vaccines, medications, and diagnostic disposables. The need for a similar to borosilicate and even better packaging substitute, like cyclic olefin copolymer, has increased due to an increase in demand for medical supplies during the COVID-19 pandemic, which has boosted the market growth during the pandemic.
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Global Cyclic Olefin Copolymer Market Analysis
Exclusive properties and advantages of cyclic olefin copolymer have increased the demand for cyclic olefin copolymer in many industries such as medicine, pharmaceutical, and food. A cyclic olefin is copolymerized with an olefin such as ethylene or propylene to create cyclic olefin copolymer. COC is now the material of choice for sophisticated diagnostic and microfluidic applications due to its exceptional qualities and high level of purity. COCs have a special set of characteristics that can be changed by altering the copolymer's chemical structure. Low density, great transparency, extremely minimal water absorption, low water vapor transfer, temperature resistance up to 170°C, high stiffness and strength, excellent biocompatibility, and simplicity of processing are among COCs' key attributes. As newly discovered pharmaceutical compounds and formulations tend toward more chemical sensitivity to lower-purity polymers and glass, the COC is now more widely used in main medicine packaging, including prefilled syringes, vials, blisters, pouches, and lightweight wearables. Cyclic olefin copolymer are low extractable and leachable making them perfect for direct medication interaction, while the virtually nonexistent ions maintain the potency of delicate formulations. It is frequently employed in the most difficult medicine delivery and packaging situations where even medical glass fails. Such properties are anticipated to generate huge potential for cyclic olefin copolymer market growth during the forecast period.
Cyclic olefin copolymer market growth is expected to decrease during the forecast period as these chemical compounds are extremely costly due to their difficult production process. Also, using COC for the packaging of medicines and food beverages by the manufacturers only increases the final cost of the product due to which many manufacturers prefer to use a cheap substitute of COC like polystyrene and polyethylene. Such factors are likely to restrain cyclic olefin copolymer market share growth during the forecast time.
Rapid increase in applications of cyclic olefin copolymer in the packaging of various products has increased its demand globally. COC is also being used more frequently to make high-clarity barrier films for packaging. Applications for COC are frequently found in fields where conventional materials fall short and the need for one or more high material performance requirements arises. The inventory of medical and packaging supplies must now include COC. Also, it provides greater performance and recyclability for plastic films while enabling superior pharmaceutical stability and unparalleled illness diagnostic capacity. As this material satisfies complicated performance requirements and facilitates many of the expanding trends in the medical sector, such as medication complexity, point-of-care diagnostics, and wearable technology, further significant growth is predicted. Cyclic olefin market expansion in the packaging sector will be driven by the demand for effective and environmentally friendly packaging.
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Global Cyclic Olefin Copolymer Market, Segmentation
The cyclic olefin copolymer market is segmented on the basis of application, end use industry, and region.
Application:
The application segment is further classified into packaging, diagnostics, and others. Among these, the packaging sub-segment accounted for a dominant market share in 2021. In (thin) optical lenses and films, particularly in medical and electronic applications like diagnostic tubes, touch screens (ITO film), light guides, and reflection films, COCs are increasingly used as a shatter-resistant alternative to glass. They are a wise choice for main pharmaceutical packaging as well as for disposable medical diagnostics due to their outstanding biocompatibility, chemical resistance, and water vapor barrier.
End Use Industry:
The end use industry segment is further classified into pharmaceuticals and biotechnological, medical, chemical, food and beverage, and others. Among these, the chemical segment is expected to have the fastest growth in the future. Cyclic olefin polymers (COPs) are becoming more common as substrate materials for microfluidics. This is because of its advantageous characteristics, including excellent chemical resistance, minimal water absorption, good optical transparency in the near UV spectrum, and simplicity of production. These benefits are anticipated to create several growth opportunities for the major players operating in the cyclic olefin copolymer market during the forecast period.
Region:
The cyclic olefin copolymer market in Asia-Pacific is anticipated to show the fastest growth by 2031 due to the region’s rapidly expanding end-use industries. The presence of various countries such as China and India is driving the market expansion in the region. Local demand for cyclic olefin copolymer is further supported by the availability of an abundance of raw material resources and labor availability. The existence of top manufacturers of food, drink, and personal care items, like Unilever, Nestle, and PepsiCo has fueled the demand for cyclic olefin copolymer for their product packaging. The market expansion of cyclic olefin copolymer is specifically supported by Samsung, Guangdong Oppo Mobile Telecommunications Corp. Ltd., Xiaomi Technology Co. Ltd., and Huawei Technologies Ltd.
Key Players in Global Cyclic Olefin Copolymer Market
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
- VELOX GmbH
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