Global Statistics Representing Cyclic Olefin Copolymer Market Scenario

Cyclic Olefin Copolymer (COC) is a class of amorphous thermoplastic polymers that exhibit high transparency, good chemical and heat resistance, and excellent dimensional stability. COC is ideal for optical data discs and high precision lenses and finds extensive applications in packaging, diagnostics, electronics, and healthcare. The new film extrusion grade of cyclic olefin copolymer (COC) is observing significant demand with emerging applications in food packaging.

The rapidly growing medical technology sector, which caters optical applications in the form of camera lenses, sensors, and displays, is a key factor driving market growth globally. Applications in the healthcare industry, such as medical technologies, are expected to boost growth prospects on account of increasing health consciousness and rising healthcare expenditure. According to the World Health Organization, 800 million people spend at least 10% of their household budgets on healthcare, and around 100 million people are being pushed into extreme poverty by their healthcare expenditures.

The global cyclic olefin copolymer (COC) market was valued at USD 560 million in 2018 and is expected to reach USD 896 million by 2028, recording a CAGR of 4.1% during the forecast period, 2019–2026.

Intended  Audience

• Product Manufacturers
• Government and Research Organizations
• Raw Material Suppliers and Distributors
• Potential Investors

Segmentation Insights

The cyclic olefin copolymer (COC) market has been segmented on the basis of four key criteria, namely end use, processing technique, grade, and treatment.

Packaging, healthcare, optics, electronics, and diagnostics are the key end uses of COCs. The high chemical resistance and moisture limiting properties of COC, coupled with high biocompatibility, strength, and electrical insulation, are expected to garner attention in food and cosmetic packaging.

Injection molding, cast & blown film extrusion, and blow molding are the key processing techniques studied in the report. COC pharmaceutical containers and trays are manufactured through injection molding, while food and pharmaceutical packaging are produced from injection molding.

On the basis of grade, the market is segmented into resin and film. COC resins, commonly supplied in the pellet form, are used in standard polymer processing techniques such as injection molding, thermoforming, blow molding and used to manufacture bottles, trays, etc.

On the basis of treatment, the market is segmented into corona, plasma, and irradiation. Corona treatment is used to enhance the performance of COC products, such as wettability and coating, printing, and gluing ability. These systems are extensively used for the treatment of syringes, Petri dishes, trays, lenses, needle hubs, and others.

Regional Insights

North America is expected to grow at a fast pace during the forecast period, backed by the flourishing healthcare industry. Every U.S. citizen has medical insurance and awareness regarding healthcare is exceptionally high in North America. According to the Bureau of Labor Statistics 2018, 69% of private industry workers and 89% of state and local government workers benefited or accessed medical care facilities through employee medical care insurance in 2016

Europe’s sizable expenditure on healthcare and medical technology underlines the region’s growth potential for COC. According to Medtech Europe, medical technology accounted for a 7.2% share of Europe’s healthcare expenditure, with pharmaceuticals and other medical non-durables accounting for a 15.9% share

Asia-Pacific is expected to witness strong growth in the global COC market during the forecast period, underpinned by the extensive use of COC in the region’s high-growth healthcare, diagnostic, and electronics industries. India’s pharmaceutical sector is likely to create noteworthy growth prospects for the COC market, with impetus from the country’s 'Pharma Vision 2020', which aims to make India a global leader in end-toned drug manufacturing. The ‘Made in China 2025’ strategic plan, which aims to achieve 70% self-sufficiency in high-tech industries, is expected to boost the market growth in the country. According to India Brand Equity Foundation, India’s generics market is estimated to reach a value of USD 88 billion by 2021, and 2017, Indian pharmaceutical companies received 300 generic drug approvals in the U.S.

According to a report published by the Inter-American Development Bank in 2019, export value and growing manufacturing activities in Mexico, Argentina, and Brazil are likely to create demand for industrial equipment and devices such as control panel, cameras, and others, where cyclic olefin copolymers find application. Brazil, the largest healthcare market in Latin America, spends 9.1% of its GDP on healthcare. As per the ITA, Brazil’s medical devices market was valued at USD 10.8 billion in 2017.

Favorable government policies and interventions for manufacturing are expected to boost MEA’s cyclic olefin copolymer market during the forecast period, 2019–2026. The United Arab Emirates' Ministry of Health and Prevention reduced the prices of 762 innovative and critically required medicines by up to 66% as a part of the seventh initiative of ‘Reduction in Medicine Prices,’ which has augmented the growth of the market for cyclic olefin copolymers.

Key Players

The key players operating in this market are ZEON CORPORATION, TOPAS Advanced Polymers GmbH, Mitsui Chemicals, Inc, JSR Corporation, SABIC, PolyPlastics Inc., and Johnson & Johnson, among others.

Cyclic Olefin Copolymer Market Segmentation

By End-Use Industry

• Packaging
• Healthcare
• Optics
• Electronics
• Diagnostics
• Others

By Processing Technique

• Injection Molding
• Cast & Blown Film Extrusion
• Blow Molding
• Extrusion Blow Molding (EBM)
• Injection Blow Molding (IBM)
• Injection Stretch Blow Molding (ISBM)

By Grade

• Resin
• Film

By Treatment

• Corona
• Plasma
• Irradiation

By Region

North America

• U.S.
• Canada
• Mexico

Europe

• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia-Pacific

Latin America

• Brazil
• Argentina
• Colombia
• Rest of Latin America

Middle East

• Saudi Arabia
• Oman
• Qatar
• Bahrain
• UAE
• Rest of Middle East

Africa

• Nigeria
• Tanzania
• South Africa
• Ghana
• Rest of Africa