Cyclic Olefin Copolymer Market Expected to Reach $1.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cyclic Olefin Copolymer Market," The cyclic olefin copolymer market size was valued at $825.40 million in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031. Cyclic olefin copolymer has a wide range of properties that allow it to be used in a wide range of industries, including optics, CD-ROM, packaging, capacitors, and medical equipment. A new polymer family known as cyclic olefin copolymer can be used in a variety of polymerization processes. It has properties such as moisture barrier, high transparency, and low density, which are expected to boost the cyclic olefin copolymer market growth during the forecast period. 

Cyclic olefin copolymer are used in electronic, pharmaceutical, optical, and food packaging. The global cyclic olefin copolymer market is expected to expand rapidly during the forecast period, owing primarily to an increase in demand for these copolymers in the pharmaceutical packaging industry. In many countries, conventional plastic is prohibited. Governments around the world are working to find sustainable alternatives to conventional plastic resins for packaging, such as cyclic olefins resins. Therefore, the global cyclic olefin copolymer market size is expected to be driven by the wide range of applications in packaging.

The expansion of the market is being restrained by the availability of substitute polymers such as polyethylene and polypropylene to cyclic olefin copolymer during the forecast period. In the market, polycarbonates (PC) and polymethacrylates (PMMA) are also used as COC substitutes. Different types of packaging, including food and general packaging, use polyethylene and polypropylene.

Rise in environmental concerns, an increase in government regulations, and a ban on conventional plastics for packaging are expected to drive demand for cyclic olefin copolymer, particularly in the healthcare and food packaging sectors. In addition, cyclic olefin copolymer are being used in the medical technology sector at an exponentially increasing rate due to their exceptional benefits in medical designs. This tends to drive the expansion of COC. COC offers great transparency, a low refractive index, low birefringence, low specific gravity, low weight, good mechanical strength, and a high transformable temperature depending on the chain's structure due to its amorphous nature. The implementation of the COC in the optical industry is facilitated by this beneficial feature. These factors are anticipated to boost the market growth in the upcoming years.

The cyclic olefin copolymer market share is segmented on the basis of application, end use industry, and region. By application, it is classified into packaging, diagnostics, and others. By end use industry, it is classified into pharmaceuticals and biotechnological, medical, chemical, food and beverage, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the cyclic olefin copolymer market 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, and VELOX GmbH

The report offers a comprehensive analysis of the global cyclic olefin copolymer market forecast by thoroughly studying different aspects of the cyclic olefin copolymer market analysis including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the cyclic olefin market analysis and the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Cyclic Olefin Copolymer Industry

• The COVID-19 pandemic had an effect on a variety of businesses, but the plastics industry was one of the few that was primarily affected. The expansion of the market for cyclic olefin copolymer during COVID-19 was hampered by the postponement of industrial activities and the shutdown of numerous end-use industries, including packaging, electronics, personal care, food, and beverages in both developed and developing countries
• Furthermore, millions of employees in the cyclic olefin copolymer market began working tirelessly to supply the material required at the frontlines. The demand for manufactured COCs aided in keeping the market stable at the start of the pandemic
•  However, producers faced disruptions due to raw material shortages. COC was critical in the effort to stop the spread of this virus, from medical supplies to food packaging. All these factors ensure a steady demand for cyclic olefin copolymer after the COVID-19 pandemic. Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market

Key Findings of the Study

• Based on application, the packaging sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period
• Based on end use industry, the medical sub-segment emerged as the global leader in 2021, and the pharmaceuticals and biotechnological sub-segment is predicted to show the fastest growth in the upcoming years
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain its position during the forecast period