Cyclic Olefin Copolymer Market by Application (Packaging, Construction, and Others), End Use Industry (Pharmaceuticals and Biotechnological, Medical, Chemical, Food & Beverage, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Global Cyclic Olefin Copolymer Market Analysis

The global cyclic olefin copolymer market size was $825.4 million in 2021 and is predicted to grow with a CAGR of 5.5%, by generating a revenue of $1,410.0 million by 2031.

Global Cyclic Olefin Copolymer Market Synopsis

The superior chemical performance of cyclic olefin copolymer (COC), especially their resistance to diluted bases, acids, and alcohols, has led to an increase in demand for them as packaging material in various industries like chemical and food & beverage industries. Cyclic olefin copolymer are a practical option for a variety of packaging applications. Cyclic olefin copolymer are being used in the field of medical technology at an exponentially rising rate due to their outstanding advantages in medical design. All these factors are expected to boost the development of the cyclic olefin copolymer market during the forecast period.

The availability of substitute products in the market such as films made of polyethylene, and polypropylene, is expected to hinder the expansion of the cyclic olefin copolymer market during the forecast time. Cost-cutting is a priority for operating packaging businesses. Since cyclic olefin copolymer are an expensive product, the major focus of the companies shifts towards using less expensive materials for packaging. This factor is likely to impede the market growth in the coming years.

The development of cyclic olefin copolymer as microfluidic materials with high optical transparency, low water absorption, moisture barrier qualities, and superior chemical resistance presents the market with enormous potential opportunities for cyclic olefin copolymer market growth. The rise in the use of COC films in the packaging for food, medical, and other industries is what is causing the cyclic olefin copolymer market to grow.

According to regional analysis, the Europe cyclic olefin copolymer market accounted for a dominating market share in 2021. The regional growth is majorly attributed to the rise in demand for high-quality and inert packaging material in the pharmaceutical, medical, and food & beverage industries.

Cyclic Olefin Copolymer Overview

Cyclic olefin copolymer (COC) are composed of cyclic olefin copolymer and linear olefins and exhibits properties like high performance, amorphous, and transparent copolymers. COCs have a special set of characteristics that can be changed by altering the copolymer's chemical composition. The main attributes of COCs are their low density, great transparency, extremely low water absorption, outstanding biocompatibility, temperature resistance up to 170°C, minimal water vapor transfer, high stiffness and strength, and simplicity of processing. Owing to such properties, COC has many applications like optical data storage, sensors, optics, lenses, lighting, film, blister packaging, and others.

COVID-19 Impact on Global Cyclic Olefin Copolymer Market

The COVID-19 pandemic has increased demand for cyclic olefin copolymer (COC) for vaccine and medicine packaging as well as diagnostic disposables. Borosilicate glass has been the material of choice for medical syringes and vials as well as disposable diagnostic containers for a very long time. The requirement for an equivalent and even better substitute for packaging like cyclic olefin copolymer has increased owing to the increase in demand for medical supplies during the COVID-19 pandemic, globally, which has boosted the market growth during the pandemic period.

Cyclic olefin copolymer are being used in COVID-19 testing, and efforts are being made to include them in future vaccines and treatments. Companies are employing the purest, most inert materials for their R&D as they consider a variety of novel tests and medicines. The pharmaceutical industry's rising concern over a shortage of glass vials for COVID-19 vaccines has spurred interest in cyclic olefin copolymer.

Exclusive Properties of Cyclic Olefin Copolymer Projected to Drive Market Growth

Rise in the use of cyclic olefin copolymer in industries like pharmaceutical and medical industries is expected to drive the cyclic olefin copolymer market growth. Cyclic olefin copolymer have become the standard material in cutting-edge diagnostic and microfluidic applications because of their exceptional purity and special characteristics. As newer pharmaceutical compounds and formulations are more chemically sensitive to lower-purity polymers and glass, due to which high resistant materials like COC material are now more frequently used in main medication packaging, including prefilled syringes, vials, blisters, pouches, and lightweight wearables. The benefits of using COC for medical design have increased its use among many medical devices manufacturing companies. Through injection molding, the COC resin can reproduce exceedingly fine detail, down to the submicron range. In addition, it has remarkable dimensional stability and little shrinkage, which allows for volumetric precision that few rival resins can match. All such properties and advantages of cyclic olefin copolymer are expected to drive the cyclic olefin copolymer market share growth during the forecast period.

To know more about global cyclic olefin copolymer market drivers, get in touch with our analysts here.

High Cost of Cyclic Olefin Copolymer to Restrain Market Growth

Cyclic olefin copolymer are an expensive chemical material and not every manufacturer can afford it for their products’ packaging. Pure cyclic olefin polymers are highly challenging to produce because of their extremely high melting temperatures (300°C to 450°C) and during the production of cyclic olefin copolymer, decomposition of the reactants typically starts before reaching the melting point. Thus, it becomes very difficult to produce cyclic olefin copolymer. Therefore, a substitute polymer with greater heat resistance than a polyolefin like ethylene is produced by the use of a comonomer. These factors are responsible for impeding the cyclic olefin copolymer market expansion in the future.

Growing Applications of Cyclic Olefin Copolymer in the Medical Industry Projected to Drive Market Growth

With more people becoming aware of the benefits of cyclic olefin copolymer, their demand has also increased significantly in the past few years. The remarkable purity and resulting medication stability provided by COC syringes have been manufactured by prefilled syringes. The purity and dimensional stability of COC are used in wearable insulin administration systems, where they produce high potency and accurate medication control. In terms of diagnostics, COC disposables used in disease diagnosis and testing are becoming more common, generally taking the place of polypropylene and polystyrene when a more exact analysis is needed. Also, COC proves to be a great material for designing and creating microfluidic components for analytical systems, research, and biomedical devices due to its distinct features. Such factors are likely to provide huge opportunities for cyclic olefin copolymer market share growth during the forecast period.

To know more about global cyclic olefin copolymer market opportunities, get in touch with our analysts here.

Global Cyclic Olefin Copolymer Market, By Application

By application, the market has been divided into packaging, diagnostics, and others. Among these, the packaging segment accounted for a dominant market share in 2021 and is anticipated to have the fastest growth during the forecast period.

Global Cyclic Olefin Copolymer Market Share, by Application, 2021

Source: Research Dive Analysis

The packaging segment accounted for a dominant market share in 2021. Cyclic olefin copolymer are widely used as a packaging material by various food & beverages and medical products manufacturers. Cyclic olefin copolymer provides multilayer polyolefin packaging sheets. Cyclic olefin copolymer also deliver better performance in packaging. High-clarity barrier films for packaging are also being made using COC more frequently. Also, COC has the property of containing moisture four to five times better at containing moisture than LDPE. Such factors are responsible for the growth of the cyclic olefin copolymer market share during the forecast time.

Global Cyclic Olefin Copolymer Market, By End Use Industry

By end use industry, the market has been divided into pharmaceuticals and biotechnological, medical, chemical, food and beverage, and others. Among these, the medical segment had a dominant market share in 2021 and is anticipated to have the fastest growth during the forecast period.

Global Cyclic Olefin Copolymer Market Share, by End Use Industry, 2021

Source: Research Dive Analysis

The medical segment accounted for a dominant market share in 2021. Cyclic olefin copolymer (COC) includes high-volume materials like polyethylene (PE) and polypropylene (PP) and is a widely used material in medical and packaging applications. COC is now the material of choice for sophisticated diagnostic and microfluidic applications owing to its exceptional qualities and high level of purity. The substance is now more frequently used in main medication packaging, such as prefilled syringes, vials, blisters, pouches, and lightweight wearables, as newer pharmaceutical compounds and formulations tend to be chemically more sensitive.

Global Cyclic Olefin Copolymer Market, Regional Insights

The cyclic olefin copolymer market was analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Global Cyclic olefin copolymer Market Size & Forecast, by Region, 2021-2031 ($ Million)

Source: Research Dive Analysis

The Cyclic olefin copolymer Market in Asia-Pacific to be the Most Dominant

The Asia-Pacific cyclic olefin copolymer market size accounted for a dominating market share in 2021. The region offers tremendous growth opportunities for key players operating in the cyclic olefin copolymer market. The region has a vast presence of prominent medical, pharmaceutical, and biotechnological companies, where COC is majorly used for the packaging of medicines and other medical products. Also, COC is highly interred because of which it is used widely in the food & beverage industries as a packaging material. Thus, the high presence of food & beverage industries in the region is expected to drive the regional market growth during the forecast period.

Competitive Scenario in Global Cyclic Olefin Copolymer Market

Investment and agreement are common strategies followed by major market players. For instance, on February 1, 2023, Polyplastics Group announced that it would exhibit at MD&M West in Anaheim, California, an enlarged portfolio of acetal materials for the medical and healthcare sector. The business will highlight its recently created DURACON POM (polyoxymethylene or polyacetal) PM series for medication delivery and contact applications. The company's TOPAS Cyclic Olefin Copolymer (COC) product, a high-purity material for medical applications that have served the industry for decades, is complemented by the DURACON PM series.

Source: Research Dive Analysis

The key players profiled in this report include Zeon Corporation, Borealis Group, Topas Advanced Polymers, Inc., MITSUI & CO., Ltd, JSR Corporation, Polysciences, Inc., Entec Polymers, Lyondellbasell Industries Holdings B.V., Ravago Group, and VELOX GmbH.