The Global "Methylpentene Copolymer Market" is expected to grow at a high CAGR during the forecast period (2022-2029).
Methylpentene copolymer is a thermoplastic polymer of methylpentene monomer units. It is a lightweight, high-temperature crystalline polyolefin. It possesses the lowest density among all other thermoplastic polymers with a non-polar structures.
Methyl pentene copolymers is lightweight, high-temperature polyolefin with excellent electrical insulator properties all these key factors are fueling the growth of the global Methylpentene Copolymer Market.
Additionally, methylpentene copolymer offers properties such as heat resistance, impact resistance, and is lightweight, finding significant applications in the automotive industry.
Hence, growth in the automotive industry is expected to boost the Methylpentene Copolymer Market. For instance, according to the China Association of Automobile Manufacturers and the Society of Indian Automobile Manufacturers, in 2016, sales of cars in China were 28 million units.
However, due to rising environmental concerns is a significant factor hampering the growth of this market. Plastic pollution is a major ecological concern nowadays. Around 4 million tons of garbage is disposed of every day, out of which 0.60 Million tons are plastics.
Based on the application the global Methylpentene Copolymer Market is broadly segmented as electric and electronics, pharmaceuticals, packaging, automotive, and others.
Among all these, electric and electronics applications occupied the dominant market share owing to the rise in demand for methyl pentene copolymer in the manufacturing of electrical components such as LED molds and parts of various electric equipment.
Also, growing electronics sector in the region is expected to propel the growth of the market. According to the Census Bureau of the United States, annual retail sales of electronics and appliances in 2014 is USD 103.52 billion.
In the forecast period packaging applications are growing at a higher CAGR of XX% owing to rising demands of methyl pentene copolymer in high-frequency films, release film paper coatings, and food packaging such as gas permeable packages for fruit and vegetables is driving the growth of the global Methylpentene Copolymer Market.
Global Methylpentene Copolymer Market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
The Asia Pacific occupies the dominant share in the Methylpentene Copolymer Market and is expected to grow at a high CAGR in the forecast period.
This is due to rising demand from various industry sectors such as electrical and electronics, pharmaceuticals, chemical, automotive, packaging, and others.
Furthermore, the pharmaceutical manufacturers focus on establishing their manufacturing facilities in India and China, due to high medicine demand along with low initial investment and cost-effective labor are boosting the market.
For instance, in 2016 according to the U.S. International Trade Association, the medical device market in China was increased to USD 56 billion in 2016.
Significant players in the global Methylpentene Copolymer Market are Mitsui, RTP Company, Westlake plastics company Inc., Honeywell International Inc., Goodfellow Inc., Saint Gobain Norton, Merck KGaA, and others.
Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share.
For instance, in 2015, Foster Polymer Distribution Corporation partnered with Mitsui Chemicals to distribute TPX polymethylpentene olefin copolymer to the North America medical market.
In March 2018, RTP Company one of the leading manufacturers of engineering thermoplastics is expanded into Poland to provide a consistent supply of their products to customers operating in Europe.
Get your free sample proposal with a single click!