Cyclic Olefin Copolymers Market: Introduction
In terms of value, the global cyclic olefin copolymers market is anticipated to expand at a CAGR of ~5% from 2021 to 2031 and reach ~US$ 1 Bn by 2031. The global cyclic olefin copolymers market is driven by growth of the pharmaceutical packaging industry. In terms of value, the market in Asia Pacific is expected to expand at a CAGR of more than 5% during the forecast period. Japan is the major producer of cyclic olefin copolymers in Asia Pacific.
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Cyclic Olefin Copolymers Market: Major Drivers
The demand for cyclic olefin copolymers has been increasing, due to their beneficial properties in the pharmaceutical packaging industry. Cyclic olefin copolymers possess properties that protect a product from adverse environmental effects such as humidity. Pharmaceutical manufacturers are adopting blister packaging, as these are environment-friendly and do not react with chemicals. The demand for cyclic olefin copolymers has also been rising due to their superior chemical and physical properties. They are used as enhancers or additives to deliver excellent results or performance, which ordinary olefin resins cannot deliver.
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High Production Cost, Limited Production to Hamper Market
Prices of cyclic olefin copolymers are five times higher than that of the usual plastics. Small and mid-level healthcare and packaging players cannot afford cyclic olefin copolymers as primary packaging materials. Currently, the production of cyclic olefin copolymers is low, as they are expensive to manufacture and have limited applications. Hence, the price associated with them is high. Furthermore, manufacturers are reluctant to increase the production capacity due to the low demand.
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3D Printing Application to Offer Lucrative Opportunities
Cyclic olefin copolymers are used in 3D printing for the microfluidics industry. They possess purity, clarity, UV transparency, and superior chemical resistance. Cyclic olefin copolymers are ideal for microfluidics in biology and medical environments. The cyclic olefin copolymer is the emerging material in microfluidics. It is expected to meet the rise in demand from the healthcare industry. The printer is designed for ease of use, enabling rapid prototyping of fluidically sealed devices such as sensor cartridges, chips, valves, fluid manifolds, connectors, and medical devices.
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Asia Pacific Dominates Cyclic Olefin Copolymers Market
In terms of production, Asia Pacific holds a major share of the global cyclic olefin copolymers market, as the largest manufacturer of cyclic olefin copolymers, ZEON CORPORATION, is based in the region. Japan leads in terms of production and consumption of cyclic olefin copolymers in Asia Pacific. It is the only producer of cyclic olefin copolymer in Asia Pacific. Three major companies operating in the cyclic olefin copolymers market in Japan are JSR Corporation, Mitsui Chemicals Inc., and ZEON CORPORATION. The demand for cyclic olefin copolymers is high in Asia Pacific, primarily due to factors such as high population.
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Cyclic Olefin Copolymers Market Players
The global cyclic olefin copolymers market is dominated by four major players that operate across the globe. The top four players - TOPAS Advanced Polymers GmbH, ZEON CORPORATION, JSR Corporation and Mitsui Chemicals, Inc. - accounted for 100% share in 2018. TOPAS Advanced Polymers GmbH operates in Germany, while ZEON CORPORATION, JSR Corporation, and Mitsui Chemicals, Inc. operate in Japan. Mitsui Chemicals, Inc. has production capacity of 3,000 tons of cyclic olefin copolymers per year. Others players such as Polyplastics Co., Ltd., Polysciences, Inc., Ravago Group, VELOX GmbH, LyondellBasell Industries Holdings B.V., Goodfellow, and Dalian Great Fortune Chemical Co., Ltd. are the global suppliers of cyclic olefin copolymers.
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