Cyclic Olefin Copolymer Market Size, Share & Trends Analysis Report By Grade (Resin, Film), By Treatment (Corona, Plasma, Irradiation), By Processing Technique (Injection Molding, Cast and Blown Film Extrusion, Blow Molding), By End-User Industry (Packaging, Healthcare, Optics, Electronics, Diagnostics, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global cyclic olefin copolymer market was valued at USD 883.05 million in 2023. It is estimated to reach USD 1,358.20 million by 2032, growing at a CAGR of 4.9% during the forecast period (2024–2032). Cyclic olefin copolymer is a highly versatile material with applications in several end-user industries, such as pharmaceuticals, medical devices, optics, electronics, and packaging. The growth of these industries is anticipated to increase the demand for cyclic olefin copolymers, thereby driving the global market. Moreover, there has been an increase in the demand for COC from its end-user sectors due to its application in manufacturing, resulting in the setting up of new manufacturing facilities by key players, thereby creating opportunities for market growth.

Cyclic Olefin Copolymer (COC) is a polymer classified under the Cyclic Olefin Polymers (COP) family. This novel class of polymers displays a blend of features, rendering it valuable for diverse applications. COC exhibits outstanding optical characteristics. Moreover, it strongly resists various substances, such as acids, bases, and organic solvents.

Additionally, it is biocompatible, allowing for direct interaction with biological tissues without inducing negative reactions. Cyclic olefin copolymer is utilized in industries such as medicines, medical devices, optics, electronics, and packaging due to its unique features. It is frequently selected for applications requiring a blend of transparency, chemical resistance, and biocompatibility.

Highlights

• Asia-Pacific is the largest shareholder in the global market

Market Dynamics

Cyclic Olefin Copolymer Market Drivers

Versatility of COC

The market growth of Cyclic Olefin Copolymer (COC) is largely driven by its versatility. COC offers a distinctive blend of characteristics that render it appropriate for various uses in different sectors. Its exceptional transparency, durability, lightweight nature, and ability to withstand standard sterilization techniques make it ideal for applications requiring clarity and cleanliness, such as medical devices, pharmaceutical packaging, and diagnostic consumables.

COC's low moisture absorption and chemical inertness suit it for use in harsh chemical environments and food packaging. Its capacity to be shaped into intricate forms with great accuracy enhances its prospective uses in fields like electronics, automobiles, and consumer products. COC's adaptability allows it to cater to the unique requirements of various sectors, contributing to its ongoing market expansion.

Cyclic Olefin Copolymer Market Restraint

Price Volatility of Raw Materials 

The price volatility of raw materials significantly constrains the COC market. Key raw material prices for COC production, such as cyclic olefins and co-monomers, are subject to fluctuations caused by variations in crude oil prices, supply-demand interactions, and geopolitical concerns. These variations can affect production expenses, profit margins, and market competitiveness. Uncertain raw material costs challenge COC makers in predicting pricing and ensuring steady margins, which could impact investment decisions and market expansion.

Cyclic Olefin Copolymer Market Opportunities

Rising Demand for COC by Various End-Users

In recent years, there has been a rise in the demand for COC from its end-user industries as they increasingly use it to manufacture their products. For instance, in February 2022, Nephron Pharmaceuticals Corp. introduced a syringe made of cyclic olefin copolymer (COC) produced at their 503B outsourcing facility. COC offers exceptional transparency similar to glass, although durable, lightweight, and can endure standard sterilization techniques. Nephron stated that it is ideal for many medications, including viscous substances, and allows for an extended shelf life.

Moreover, the rising demand has led to the establishment of new manufacturing facilities by the key players. For instance, in September 2020, Polyplastics, headquartered in Tokyo, will build a cyclic olefin copolymer (COC) production plant in Leuna, Germany, to address the increasing worldwide need for its Topas COC polymers. The new factory, run by the Topas Advanced Polymers GmbH subsidiary, will produce 20,000 tons per year, more than twice the company's existing production capacity. The facility will be operational by mid-2023. These factors are expected to create opportunities for market growth.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the global cyclic olefin copolymer market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

Asia-Pacific is the most significant global cyclic olefin copolymer market shareholder and is expected to expand substantially during the forecast period. The region is expected to have significant growth in the global COC market due to the widespread utilization of COC in the region's rapidly expanding healthcare, diagnostic, and electronics sectors. India's pharmaceutical industry is expected to provide significant growth opportunities for the COC market, driven by the country's 'Pharma Vision 2020' initiative to establish India as a leading worldwide producer of high-quality drugs.

Likewise, the 'Made in China 2025' strategy plan, designed to attain 70% self-reliance in high-tech sectors, is anticipated to enhance market expansion in the nation. Moreover, industry participants are launching new polymers to increase their market presence in this region. For instance, in February 2021, Zeon Corporation successfully commercialized and initiated the production of ZEONEX® C2420, a novel cyclo olefin polymer (COP) enhanced with crystalline (stereoregular) characteristics.

Furthermore, there has been a rise in the research on cyclic olefin copolymer, leading to the development of its novel application in several industries. For instance, in August 2022, Professor Leonard Chavas's group at Synchrotron Radiation Research Center, Nagoya University, conducted a research project to develop COC microfluidic devices for diffraction studies at hard X-ray synchrotron sources and macromolecular crystallography-based on diffusion. Traditional fabrication methods for microfluidic devices confront issues due to their constraints in rapid prototyping. COC is suitable for rapid prototyping and is compatible with X-ray scattering, a commonly utilized method for analyzing structural biology. The research results were published in MDPI-Micromachines. Thus, all these factors propel regional market growth.

North America is projected to experience rapid growth in the upcoming decade, supported by the thriving healthcare sector. In 2022, U.S. healthcare spending increased by 4.1 percent, totaling USD 4.5 trillion or USD 13,493 per person, as the Centers for Medicare & Medicaid Services reported. Health spending represented 17.3 percent of the nation's Gross Domestic Product. The expansion of the healthcare sector increases the demand for cyclic olefin copolymer due to its extensive use in healthcare applications.

Furthermore, the regional market growth is propelled by several organizations' approval of cyclic olefin copolymer (COC) for various applications. For instance, in May 2023, the Association of Plastic Recyclers (APR) awarded Polyplastics USA a Critical Guidance Recognition for their flexible multilayer laminated PE films used in stand-up pouches containing up to 20% Topas 8007F-600, 7010F-600, and 6013F-04 cyclic olefin copolymer (COC) grades. The APR recognition shows that Polyplastics' Topas COC provides substantial thermal enhancement and is compatible with PE recycling. The Association of Plastic Recyclers (APR), an international trade organization, has established standards for plastic recyclability at U.S. recycling facilities. These factors contribute to the growth of the regional market.

Segmental Analysis

The global cyclic olefin copolymer market is bifurcated into grade, treatment, processing technique, and end-users.

Based on grade, the global cyclic olefin copolymer market is segmented into resin and film.

Cyclic olefin copolymer (COC) resin is a type of thermoplastic material used in various industries, such as packaging, medical devices, optics, and electronics. High-performance thermoplastic cyclic olefin copolymer (COC) resin is renowned for its remarkable mechanical, chemical, and clarity qualities. It comprises monomers of ethylene or propylene and copolymerized cycloolefin in succession.

COC is a copolymer composed of multiple monomers, including cyclic olefins, which are cyclic compounds containing one or more carbon-carbon double bonds. COC resins, commonly supplied in pellet form, are used in standard polymer processing techniques such as injection molding, thermoforming, blow molding, and manufacturing bottles, trays, etc.

Based on treatment, the global cyclic olefin copolymer market is bifurcated into corona, plasma, and irradiation.

Cyclic olefin copolymers (COCs) can be treated with irradiation for various purposes, including crosslinking, sterilization, and modification of surface properties. Irradiation, typically using gamma rays or electron beams, can induce chemical changes in the polymer structure, altering its properties. Irradiation treatment offers a versatile approach for tailoring the properties of cyclic olefin copolymers to meet the requirements of various applications, ranging from enhanced mechanical performance to improved biocompatibility and sterilization. However, careful control of the irradiation parameters is necessary to avoid undesirable effects such as excessive degradation or loss of desired properties.

Based on processing technique, the global cyclic olefin copolymer market is bifurcated into injection molding, cast and blown film extrusion, and blow molding.

Injection molding technology can produce cyclic olefin copolymer (COC) components with high precision and efficiency. COC pellets are first melted to a viscous state in a hopper-fed injection molding machine. The pellets may be pre-dried to remove any moisture that could affect the quality of the final product. The melted COC material is injected into a mold cavity under high pressure using a reciprocating screw or plunger. The mold is typically metal and designed to shape the COC into the desired form.

The COC material quickly cools and solidifies after being injected into the mold, taking on the shape of the mold cavity. The mold's cooling channels facilitate regulated cooling and consistent solidification. The mold opens once the COC solidifies, and ejector pins or plates are used to remove the completed part from the mold cavity. The part may undergo additional post-processing steps, such as trimming or surface finishing, to achieve the desired final appearance and dimensions.

Based on end-users, the global cyclic olefin copolymer market is bifurcated into packaging, healthcare, optics, electronics, diagnostics, and others.

Cyclic olefin copolymer (COC) is a type of plastic material commonly used in healthcare for various applications owing to its unique properties. Due to its clarity, high strength, and chemical resistance, COC is often used to manufacture medical devices such as syringes, vials, IV containers, and diagnostic cartridges. These properties make COC an excellent choice for sterile packaging and delivery systems in healthcare settings. Moreover, COC is used in the development of drug-delivery systems, including inhalers, implants, and transdermal patches. Its biocompatibility and low extractability make it suitable for direct contact with drugs and biological fluids. Thus, the increasing use of COC in the healthcare sector drives the segment's growth.

Impact of covid-19

The COVID-19 pandemic has created havoc in the entire world. All the sectors around the world were drastically affected. There was chaos in the healthcare sector due to the increasing number of patients worldwide. An automatic organization system had become a need for the hour in this situation. The world healthcare facilities were not prepared for this COVID-19 outbreak, and hence the demand for these systems quickly increased.

After the pandemic, the hospitals realized the need to have quality management systems for administration and overall operations. In such a difficult time, medical errors should be avoided as the number of fatal incidents was already surging in the second wave. It is also crucial for healthcare facilities to keep up with the regulatory landscape concerning the use of the software. Continuous training to understand these changes and requirements due to developing technologies has become necessary post-pandemic. Due to these reasons, the need for medical QMS software will rise in the forecast period. 

Recent Developments

January 2023: Stevanato Group S.p.A., a worldwide supplier of drug containment and delivery solutions to the pharmaceutical, biotechnology, and life sciences sectors, partnered with Transcoject GmbH, a business specializing in medical device and pharmaceutical packaging solutions. The agreement will allow Stevanato Group to incorporate cyclic olefin polymer (COP) and cyclic olefin copolymer (COC) PFS into its current range of solutions.

January 2023: TekniPlex, a global company specializing in materials science and production technology, displayed examples of cyclic olefin copolymer (COC) diagnostic films at Pharmapack.