The rising use of cyclic olefin copolymers due to their exceptional optical properties, superior dimensional ability, and reliable chemical and heat resistance to offer substantial growth to the cyclic olefin copolymers market during the forecast period of 2021-2031. The high purity and distinct properties of cyclic olefin copolymers have made it a dominant material in advanced diagnostic and microfluidic utilization. These factors are likely to have a profound impact on the growth of the cyclic olefin copolymers market.
The growing influence of cyclic olefin copolymers in the pharmaceutical industry is projected to serve as a growth booster for the global market. These polymers are used extensively in pharmaceutical packaging aspects. Hence, these aspects are projected to serve as growth generators for the cyclic olefin copolymers market. They are preferred, especially due to high purity and low shrinkage of COC.
Transparency Market Research (TMR) has conducted an extensive research on various factors etched to the growth of the cyclic olefin copolymers market. According to the analysts at TMR, the global market for cyclic olefin copolymers is estimated to expand at a CAGR of 4.8% during the forecast period. The global cyclic olefin copolymers market is prognosticated to reach US$ 980.7 Mn valuation by 2031.
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Beneficial properties of cyclic olefin copolymers are estimated to invite attractive growth prospects for the global market. Technological advancements in the medical industry are driving the cyclic olefin copolymers market. Optical applications in the form of camera lenses, displays, and sensors are proving to be key growth drivers for the cyclic olefin copolymers market. Due to the emergence of the COVID-19 pandemic, investments in the healthcare sector are expected to rise, which will have a positive influence on the cyclic olefin copolymers market. Furthermore, rapid industrialization and urbanization in the Asia Pacific region will have a major impact on the growth of the cyclic olefin copolymers market. However, manufacturers should focus on increasing awareness about the use of cyclic olefin copolymers in applications other than pharmaceutical and healthcare to increase the growth rate.
Key Findings of Report
Emergence of Cyclic Olefin Copolymers as Feasible Alternatives to Polymethacrylates (PMMA) and Polycarbonates (PC) to Attract Extensive Growth
Cyclic olefin copolymers are generally used as a good alternative to PMMA and PC. The optical characteristics of cyclic olefin copolymers are similar to PMMA, while the heat resistance is better than PC. The benefits of cyclic olefin copolymers over these materials will have a massive influence on the growth of the cyclic olefin copolymers market.
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Less Shrinkage and High Purity of Cyclic Olefin Copolymers to Offer Exponential Growth
Advantages associated with the use of cyclic olefin copolymers in medical design and other industrial applications make them one of the preferred materials among various end-use industries. The resin is competent in generating fine detail through injection molding even at the submicron level. Exceptional dimensional resistance and low shrinkage are also fueling growth of the cyclic olefin copolymers market. In addition, the volumetric accuracy of most comparative resins does not match with cyclic olefin copolymers. These factors are projected to influence the growth of the cyclic olefin copolymers market to a great extent.
Some of the key players operating in the cyclic olefin copolymers market are ZEON CORPORATION, JSR Corporation., TOPAS Advanced Polymers GmbH, and JSR Corporation.
Global Cyclic Olefin Copolymers Market: Key Drivers
- Growing demand for microfluidics in the medical sector notably among OEMs is a key driver of the cyclic olefin copolymers market
- Expanding 3D printing application areas is a key trend that will bolster the prospects of chemical companies in the global market
Global Cyclic Olefin Copolymers Market- Segmentation
By End-use Industry
- Others (including 3D Printing Part Designing)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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