The global methylpentene copolymer market was valued at US$ 392,943.9 thousands in 2017, according to Methylpentene Copolymer Market Report, by End-use Industry (Electrical and Electronics, Chemical, Pharmaceuticals, Packaging, Automotive, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global methylpentene copolymer market is projected to reach US$ 526,419.4 thousands by 2026, exhibiting a CAGR of 3.7% during the forecast period. Methylpentene copolymer offers properties such as heat resistance, impact resistance, and is lightweight, finding major applications in the automotive industry. Therefore, growth in the automotive industry is projected to fuel demand for methylpentene copolymer. For instance, according to the China Association of Automobile Manufacturers (CAAM) and the Society of Indian Automobile Manufacturers (SIAM), sales of cars in China was valued at 28.03 million and 3 million in India in 2016. The CAAM also estimated growth of automobile sales in China by 5% to 29.4 million units in 2017.
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Browse 70 market data tables* and 27 figures* on "Methylpentene Copolymer Market” - Global forecast to 2025.
Key Trends and Analysis of the Methylpentene Copolymer Market:
- Among end-sue industry, packaging segment accounted for the largest market share in the global methylpentene copolymer market in 2017. Rapid growth in packaging industry is one of the major factors driving growth of the global methylpentene copolymer market. For instance, according to the India Brand Equity Foundation, (IBEF), India packaging industry was valued at US$ 27.8 billion in 2014 and increased to US$ 17.3 billion in 2011, witnessing a CAGR of 14.9%.
Key Takeaways of the Market:
- North America is the second-largest market valued at US$ 2,797.4 thousand in 2016 and is expected to expand at a CAGR of 2.5% during the forecast period. Pharmaceutical applications of methylpentene copolymer include autoclavable medical and laboratory equipment. Furthermore, growing pharmaceutical industry in the U.S. is another factor driving growth of the methylpentene copolymer market. According to the International Trade Association (ITA), total pharmaceutical sales in 2016 was pegged at US$ 333 billion in the U.S.
- The U.S. Food and Drug Administration (FDA) approved use of methylpentene copolymer in components intended for use in contact with food and beverages in CFR Title 21 Sec. 177.1520. Increasing application of methylpentene copolymer in food processing machinery and films and coatings for gas permeable packaging of food and beverages is driving growth of the methylpentene copolymer market in this region.
- Latin America is projected to exhibit significant growth in the global methylpentene copolymer market over the forecast period. Growth of various industries such as construction, automotive, and electronics have fueled growth of the methylpentene copolymer market in this region. Increasing demand for automotive parts in Latin America is expected to drive growth of the automotive sector. This in turn requires protective packaging, thereby propelling growth of the methylpentene copolymer market. According to the United States of Commerce, the U.S. exported automotive parts to Mexico, which was valued at US$ 12.1 billion in 2009, and this figure doubled in 2015, reaching US$ 30 billion.
- Increasing demand for automobiles and electronics in Brazil and Argentina has resulted in growth of the methylpentene copolymer market. According to the U.S. International Trade Administration, Brazil has the largest automotive market and is the largest producer of automobile in Latin America with sales of around 2 million units in 2015.
- Major players operating in the global methylpentene copolymer market include Mitsui & Co., Ltd. and RTP Company Inc.