The global Cyclic Olefin Copolymers (COCs) Market was calculated to be USD 580 million in 2020 and is estimated to reach USD 876 million by 2025, registering a CAGR of 4.6% over the forecast period 2020 - 2025.
Cyclic Olefin Copolymer (COC) is a class of amorphous thermoplastic polymers that exhibit high transparency, good thermal and chemical resistance, and excellent dimensional stability. The COC is ideal for optical data discs and high precision objectives and finds many applications in the fields of packaging, diagnostics, electronics and healthcare.
The rapidly growing medical technology sector, serving optical applications in the form of camera lenses, sensors and displays, is a key driver of global market growth. Healthcare applications such as medical technologies are expected to drive growth prospects due to increased healthcare awareness and rising healthcare spending. According to the World Health Organization, 800 million people spend at least 10% of their family budget on health care, and about 100 million people are pushed into extreme poverty by their health expenses.
The main drivers of demand for COCs have been its application to a wide range of packaging in the pharmaceutical sector due to its unique properties. As packaging performance and regulatory requirements become increasingly difficult in the years to come, cyclic olefin products will continue to increase their share of this important market.
In April 2020, Mitsui Chemicals was planning to extend its production of cyclic olefin copolymers.
In Oct 2020, TOPAS’ cyclic olefin copolymer earned the prestigious European recyclability certification.
In Sept 2020, Polyplastics decided to expand its production ability of TOPAS® Cyclic Olefin Copolymer (COC).
Cyclic Olefin Copolymer Market Drivers
The global cyclic olefin copolymer industry is experiencing increasing growth driven by its increasing demand from various end use sectors including packaging, healthcare, electronics and optics. It has become one of the most sought after substances in the healthcare and packaging industry due to its excellent chemical resistance and optical transparency, required to replace expensive PAN-based polymers. Growing government regulations around the world related to the use of conventional plastic resins for packaging are leading to greater adoption of sustainable alternatives, such as cyclic olefinic resins, which are pushing the industry even further. Hence, the growth of the packaging segment is expected to boost the global Cyclic Olefin Copolymer industry during the outlook period.
Cyclic Olefin Copolymer Market Restraints
However, the growth of cyclic olefin copolymers for the packaging market could be hampered by the alternative packaging solutions, such as polypropylene, polyethylene and other films.
Opportunities in the Cyclic Olefin Copolymer Market
In many economies, especially in the Western European region, the use of conventional plastic as a raw material has been banned due to strict rules and regulations. For example, France has banned the use of plastic cups. This has prompted governments around the world to shift their preference to sustainable alternatives to conventional plastic resins, for example olefin copolymers, for packaging. Hence, the global Cyclic Olefin Copolymers market is supposed to face lucrative growth opportunities in the future as more sustainable resin manufacturers develop. As end-use sectors, from electronics to healthcare, producers and distributors of cyclic olefin copolymers develop their future business strategies based on the dynamic demands of these end users. Leading companies are strengthening their research and development resources to innovate the performance characteristics of cyclic olefin copolymers to meet the needs of end users. In particular, in developed regions like North America and Europe, the major suppliers of cyclic olefin copolymers have focused on improving the size of distribution units. With the growth of their proprietary manufacturing techniques, market leaders are likely to strengthen their positions to expand their product line. Manufacturers develop their policies which focus on the packaging industry as a target industry. However, threats from profitable plastics continue to limit the development of cyclic olefin copolymers. While emerging as a commercial alternative in PAN-based polymer packaging, cheaper and more commonly available plastics, such as acrylics and polycarbonates, are replacing cyclic olefin copolymers.
Challenges in the Cyclic Olefin Copolymer Market
Manufacturers strategize by focusing on the packaging industry as the target end-use industry. However, the threats posed by low-cost plastics continue to constrain the growth of cyclic olefin copolymer market players. Although large companies such as SABIC, PolyPlastics Inc. and Johnson & Johnson are promoting the adoption of cyclic olefin copolymers, due to their superior chemical properties, the adoption of cost-competitive plastics will likely remain high among small and medium-sized enterprises end users in this market.
Cyclic Olefin Copolymer Market Segmentation as per the research report:
Cyclic Olefin Copolymer Market - By Grade
Resins are the most widely used in the medical packaging industry because they offer high chemical resistance and optical transparency.
Cyclic Olefin Copolymer Market - By Application
Cyclic olefinic polymer comprises only one type of monomer and therefore is widely used in packaging solutions, such as vials, bottles, syringes, packaging films, lenses and medical devices. However, the cyclic olefin copolymer is composed of different kinds of monomers and therefore is mainly used in electronics and optical industries. The demand for cyclic olefin copolymers has increased in the medical, healthcare and packaging industries due to their properties such as high purity, moisture barrier, clarity, and sterilization compatibility. There has been an increased demand for cyclic olefin copolymers in the optical industry due to their low refractivity and now they are widely used in optical films, lenses, touch screens, light guide panels, reflection films and other components for mobile devices, screens, cameras, copiers and other optical assemblies.
Cyclic Olefin Copolymer Market - By Region
Middle East & Africa
North America and Western Europe are among the key markets which are also commercial suppliers of chemicals such as specialty chemicals, bulk chemicals, etc. The key companies in this market are situated in North America and Western Europe. This region has experienced a series of transitions in terms of chemical production and respective applications of end-use industries. The preference for bio-based raw materials has been fundamental in the development of ecological alternatives in these regions. In addition, regulatory authorities have imposed strict guidelines regarding environmental concerns and potential health risks associated with exposure. This was the most decisive in the Western European region from a competitive point of view. Some of the major economies in these regions include USA, Germany, UK, France, Canada, Italy, Spain, etc.
Asia-Pacific and Middle East are expected to experience substantial growth in the global Cyclic Olefin Copolymers market during the foreseen period. This demand is linked to the growth of major end use industries/applications such as packaging, healthcare, optics, electronics and others. The key countries in the APAC region are China, South Korea, Japan, India, Australia, etc. The Middle East includes UAE, Saudi Arabia, Iran, Israel, Egypt, etc. Eastern Europe has been greatly ruled by Russia and Turkey with operations by the region's major chemical giants. The rest of the globe, which consists of South America and Africa, has huge potential for the cyclic olefin copolymer market. Global companies have increasingly invested in these regions to strengthen their presence and take advantage of the potential market. The key economies in these regions for cyclic olefin copolymer markets are Brazil, South Africa, Nigeria, Argentina, Colombia and others.
Impact of COVID-19 on Cyclic Olefin Copolymer Market:
The emergence of the novel coronavirus has affected the global economy, industry dynamics, and company revenues. The entire ecosystem must be impacted by this pandemic disease which would result in a large gap between supply and demand, production delays and low consumer demand for finished products in all industries, including the cyclic olefin copolymers.
Cyclic Olefin Copolymer Market Key Players:
Some of the key players in the global Cyclic Olefin Copolymers market are Owens Illinois Inc., Polyplastics USA, Inc., The Dow Chemical Company, Stack Plastics, TOPAS Advanced Polymers GmbH, ZEON CORPORATION, Mitsui Chemicals, Inc. and JSR Corporation.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Grade
5.1.4 Y-o-Y Growth Analysis, By Grade
5.1.5 Market Attractiveness Analysis, By Grade
5.1.6 Market Share Analysis, By Grade
5.2 By Industry
5.2.8 Y-o-Y Growth Analysis, By Industry
5.2.9 Market Attractiveness Analysis, By Industry
5.2.10 Market Share Analysis, By Industry
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Grade
126.96.36.199 By Industry
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Grade
220.127.116.11 By Industry
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Grade
126.96.36.199 By Industry
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 ZEON Corporation
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 TOPAS Advanced Polymers GmbH
8.3 Mitsui Chemicals Inc.
8.4 Owens Illinois Inc.
8.5 polyplastics USA Inc.
8.6 The Dow Chemical company
8.7 Stack Plastics
8.8 JSR Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of by Grade, Industry and along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Cyclic Olefin Copolymer Market By Region, From 2020-2025 ( USD Million )
Global Cyclic Olefin Copolymer Market By Grade, From 2020-2025 ( USD Million )
Global Films Market By Region, From 2020-2025 ( USD Million )
Global Resins Market By Region, From 2020-2025 ( USD Million )
Global Cyclic Olefin Copolymer Market By Industry, From 2020-2025 ( USD Million )
Global Healthcare Market By Region, From 2020-2025 ( USD Million )
Global Electronics Market By Region, From 2020-2025 ( USD Million )
Global Packaging Market By Region, From 2020-2025 ( USD Million )
Global Optics Market By Region, From 2020-2025 ( USD Million )
Global Diagnostics Market By Region, From 2020-2025 ( USD Million )
Global Others Market By Region, From 2020-2025 ( USD Million )