Polynorbornene is an amorphous, transparent thermoplastic with glass transition produced via Diels-Alder reaction. According to BlueQuark Research & Consulting, the global Polynorbornene market is expected to witness a significant growth rate during the forecast period. Factors such as the growing demand for Polynorbornene in the Automotive industry for grip improvement in racing tire and transmission system, bumper, and door sealers and Polynorbornene's use in personal protective equipment, shoe parts, etc. bumpers are driving the future Polynorbornene's market. Polynorbornene is extensively used in the rubber industry for anti-vibration in rail, building, and other industries and footwear industry for making shoe parts such as mid-sole constructions for sport and work shoes and slip-resistant outsoles that could increase the demand for Polynorbornene. However, the low abrasion resistance and poor resistance to swelling in most hydrocarbon oil are expected to hamper Polynorbornene's growth in the forecasted years.
Polynorbornene is used to manufacture hoses, diaphragms & seals, timing belts, O-rings and gaskets, and construction materials. It serves various end-users like tire, medical, construction, and automobile industry.
The Automotive Industry is a prime consumer of Polynorbornene globally and is expected to drive the future market. The elastomers made from Polynorbornene have good heat, ozone, and weathering resistance, including excellent noise and vibration damping properties, making it a suitable compound for manufacturing auto parts such as bumpers, door seals, and transmission belts and improving grip in racing tires. The increasing population and rapid urbanization have increased the sales of automotive vehicles globally, driving the automotive industry. Furthermore, the automotive industry is experiencing a boom in the electric vehicle market. The environmental awareness amongst citizens coupled with the government offering subsidies on its purchase further propels the automotive industry. The footwear industry also utilizes Polynorbornene for shoe parts such as mid-sole constructions for sport and work shoes and slip-resistant outsoles. According to the Ministry of Micro, Small & Medium Enterprises, India is the second-largest global footwear producer, after China, accounting for about 13% of the global footwear production. Thus, the increasing automotive and footwear demand is all set to propel the future Polynorbornene market.
The global polynorbornene market was found to be consolidated. Major global players in the industry werePromerus,Startech,DerGom,Topas,J Price Bath,Techmould, andDexine Rubber, among others.
The Asia Pacific is expected to be the largest market for Polynorbornene in the forecasted year. Owing to the increasing population in the region, the demand for automotive vehicles is increasing. With the rapid industrialization in the region, the demand for heavy-duty vehicles for commercial purposes is also increasing. Since China's growth rate had been impressive in the last decades, the following decade is also expected to witness the same rise, making China a leader in Polynorbornene demand. Further, China is the leader in footwear manufacturing globally, followed by India. China and India are also the most significant footwear market globally and the United States, making the APAC region a leader in footwear demand and consumption. More than 15,000 manufacturing units in India are engaged in manufacturing footwear, with an estimated turnover of USD 6850 million in 2019. Thus the increasing demand for automobile and footwear in the APAC region is expected to establish the region as a hotspot for Polynorbornene's trade.
Global Polynorbornene Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Polynorbornene market by segmenting based on the Type (Ring-Opening Metathesis Polymerization (ROMP), Addition Polymerization), End-User Industry (Automotive, Footwear, Electronics, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.