Methylpentene Copolymer Market Foreseen to Grow Exponentially over 2025
Methylpentene copolymer is a thermoplastic polymer. It shows properties such as transparency, low moisture absorption, high thermal stability, good electrical and acoustical properties, chemical resistance, good dielectric characteristics, and excellent optical properties. Copolymers of 4-methyl-1-pentene are commercially used, owing to its transparency and robust processing behavior. It is used in a broad array of applications including laboratory apparatus, medical equipment, ovenware, wire and cable coating, sonar covers, ultrasonic transducer heads, speaker cones, optical components, baking cartons, animal cages, and heat resistant non-woven materials, among others.
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Rising applications of methylpentene copolymer in baking cartons, paper coatings, release film and paper, high-frequency films and food packaging such as gas permeable packages for fruit and vegetables is driving growth of the global methylpentene copolymer market. According to the World Packaging Organization (WPO), packaging market is expected to be valued at US$ 1 trillion, which in turn will drive demand for methylpentene copolymer in the packaging industry. Applications of methylpentene copolymer in production of injection molded products such as blood test cells, cosmetic containers and laboratory wear as well as extrusion molded products including sight glass, wire and cable coating is propelling growth of the global growth of this market. Furthermore, owing to properties such as good temperature stability, methylpentene copolymer is used for autoclavable laboratory and medical equipment, cookware and microwave components. According to Coherent Market Insights’ study, the market for reprocessed medical devices, which includes sterilizable and autoclavable medical devices, is expected to witness a robust CAGR of 20.4% during the forecast period (2017-2025), which in turn will drive growth of the global methylpentene copolymer market. Also, growing demand for methylpentene copolymer in LED molds, due to its excellent electrical insulator properties is fuelling growth of the global methylpentene copolymer market. According to the Coherent Market Insights’ study, global LED lighting market is projected to reach over US$ 120 billion by 2025, exhibiting a CAGR of 16.61% during the forecast period (2017-2025). This rapid growth in the LED lighting market is propelling growth of the global methylpentene copolymer market.
North America held substantial market share in 2017 in the global methylpentene copolymer market. The U.S. Food and Drug Administration (FDA) approved use of methylpentene copolymer in components of articles or articles 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. Furthermore, according to the Bureau of Economic Analysis (BEA), the U.S. Department of Commerce, value added to GDP by the food, beverage, and tobacco products manufacturing in the U.S. was US$ 250.0 billion in 2014, which increased to US$ 283.7 billion in 2016. This significant growth in the food and beverages manufacturing sector is fuelling growth of the methylpentene copolymer market.
Europe is expected to be a lucrative market for methylpentene copolymer with U.K., Germany, and France been major growth engine in the region. This is attributed to growing demand from end-use industries such as electrical and electronics, chemical and pharmaceutical and packaging, among others. According to the European Federation of Pharmaceutical Industries and Associations, pharmaceutical production was US$ 270.33 billion in 2014, which increased to US$ 275.22 billion in 2015. Furthermore, increasing food related applications of methylpentene copolymer such as food preservation packs, food wraps, and baking carton is fuelling growth of this market in Europe. According to FoodDrinkEurope, total food and beverages revenue in Europe was US$ 1,338.5 billion in 2014, which increased to US$ 1,342.2 billion in 2015, thereby fuelling growth of the methylpentene copolymer market in this region.
Asia Pacific market is projected to exhibit significant rate in the global methylpentene copolymer market, during the forecast period. This is due to significant demand for methylpentene copolymer in manufacturing of electrical components such as LED molds and components of various electric equipment such as coffee maker. According to the India Brand Equity Foundation (IBEF), Government of India, electronics market in India is expected to grow from US$ 69.6 billion in 2012 to US$ 400 billion in 2022 a compound annual growth rate of 24.4% between 2012 and 2020. This growth in the electronics industry is driving growth of the methylpentene copolymer market in this region. Furthermore, according to the U.S. International Trade Association (ITA), medical device market in China was US$ 56 billion in 2016 and increased by 20.1% from 2015. This growth in medical equipment industry is also fuelling growth of the methylpentene copolymer market in Asia Pacific.
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Key players operating in the global methylpentene copolymer market are Mitsui Chemicals, Inc., RTP Company, Inc., Westlake Plastics Company, Inc., Honeywell International Inc., Merck KGaA, Nytef Plastics Ltd., CS Hyde Company, and ComPlex Plastics, Inc. among others.
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