The polymers market in 2020 is forecasted to experience high demand due to increasing demand from virtually all industries. In recent times, the market has enjoyed more patronage and extensive applications across most sectors of human endeavor, including electronics, consumer products and telecommunications.
Thanks to advancements in technology, thermoplastic manufacturers have been able to harness the best properties of polymers in producing polymer products. Some everyday products you can find around you include water bottles, electric cables or wires, plastic bags, toys, electronic, automobile parts and much more.
The Future of Polymers Market In 2020
Polymer processing has evolved over the years, and more applications of polymers are forecasted in 2020. Carbon polymer, which is a relatively new polymer material, is being used in the automotive industry to manufacture lightweight cars.
The carbon-fiber-reinforced polymer is regarded as the next-generation material that will help car manufacturers realize their dream of lighter fuel-efficient cars. Outside of the automotive industry, polymer manufacturing companies are also pushing the frontier in creating artificial skin made with silicon polymer.
Silicon Polymer artificial skin is expected to serve as an anti-aging remedy to millions of people across the globe seeking solution to one skin condition or the other. If this exploration turns out well, this artificial skin will provide relief to some skin conditions like eczema.
How Is Polymers Market Fairing So Far?
The global polymers market in 2020 has endured its fair share of victories and setbacks as well. However, the polymers industry still has some challenges bewildering the sector. Here are some of the challenges the industry is contending with.
Seasonal Demand
Some polymer products experience seasonal demands, which tend to slow down production. Seasonal demand affects cash flow, staff hiring, operation schedules – and all of these can quickly ruin businesses.
The seasonal demand for products also leads polymer industries to adopt seasonal pricing. Seasonal pricing means that polymers market in 2020 will use low prices to entice customers during off-seasons and make up their revenue during periods when prices are high.
Volatile Costs of Raw Materials
Polymer materials such as plastics are derived from crude oil and natural gas. This dependency implies that any fluctuation in the cost of production and supply of these materials will directly impact the global polymer industry.
If you are wondering why the prices of polymer products fluctuate in the market, it’s the manufacturers trying to pass on the costs incurred from the price volatility of raw materials.
Environmental Concerns
New policies and regulations are being implemented regarding the chemicals used in polymer manufacturing and production. Concerns have also been raised about the disposal of plastics as it contributes to environmental pollution.
Polymers market in 2020 have to deal with all of these issues while also trying to meet up with increasing demand.
Fragmented Polymer Industry
The increased use of polymer materials across many industries has led to a fragmented industry. Specialized polymer products are produced, usually in low volumes, to meet the various custom applications of polymers in industries.
Increased Use
The use of polymer materials has gained momentum in highly developed industries like aerospace, automotive, electronics, construction, and lots more.
Innovation
As the applications of polymers extend to technical and sophisticated industries, a lot of resources have been invested in developing processes and equipment that meet specific standards.
Also, regarding the rising environmental concerns about polymers, a lot has been going on in creating biodegradable plastics while also advancing the course of renewable plastic materials.
The Polymers Market and Coronavirus
The recent coronavirus impact on economic activities has affected the global polymer industry in several ways, including reduced demand, halt of operations, disruption in schedules as well as supply chains.
With the current set back in the polymer industry, thermoplastic manufacturers are looking up to polymer processing companies to improve polymer properties so they can perform optimally while satisfying the forecasted massive polymer demand.
Hopefully, these early preparations will help in absorbing the massive demand that will follow post-covid-19, while measures are also put in place to contain the damages caused in the polymer industry.
