Rising Use of Cyclic Olefin Copolymer across Various Industries Expected to Propel the Growth of the Global Cyclic Olefin Copolymer Market by 2031

Cyclic olefin copolymer (COC) is a high-temperature polymer that has excellent chemical and thermal stability. These properties make it suitable for use in various industries including medical devices, optics, and electronics. One of the key benefits of COC is its transparency. It has excellent light transmission properties and is often used in the manufacture of optical components such as lenses, prisms, and light guides. COC is also highly resistant to UV radiation, making it an ideal material for outdoor applications. COC is biocompatible, which means it does not cause a harmful reaction when it encounters living tissue. This makes it a suitable material for use in medical devices such as syringes, IV sets, and drug delivery systems. In addition, COC is also used in the electronics industry. It has low moisture absorption and high dimensional stability which makes it an absolute material for the manufacture of microelectronic components such as integrated circuits and microelectromechanical systems (MEMS). 

Forecast Analysis of the Global Cyclic Olefin Copolymer Market

According to the report published by Research Dive, the global cyclic olefin copolymer market is anticipated to generate a revenue of $1,410.0 million and grow at a healthy CAGR of 5.5% over the estimated timeframe from 2022 to 2031.

The growing use of cyclic olefin copolymer across various industries such as pharmaceutical and medical industries due to its exclusive properties is expected to bolster the growth of the cyclic olefin copolymer market over the estimated timeframe. Moreover, the increasing applications of cyclic olefin copolymer in the medical industry such as its use in wearable insulin administration and for disease diagnosis and testing are expected to fortify the growth of the market over the analysis timeframe. In addition, the increasing use of COC for designing and creating microfluidic components for analytical systems, research, and biomedical devices due to its beneficial features is expected to amplify the growth of the market throughout the forecast period. However, the high cost of cyclic olefin copolymer may hinder the growth of the market over the estimated period. 

The major players of the cyclic olefin copolymer market include Polysciences, Inc., JSR Corporation, Entec Polymers, MITSUI & CO., Ltd, LyondellBasell Industries Holdings B.V., Topas Advanced Polymers, Inc., Ravago Group, Borealis Group, VELOX GmbH, Zeon Corporation, and many more. 

Cyclic Olefin Copolymer Market Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global cyclic olefin copolymer market to grow exponentially. For instance:

• In September 2021, Borealis, a leading Austrian chemical company announced its collaboration with TOPAS Advanced Polymers, the world’s leading maker of COC (cyclic olefin copolymer). With this collaboration, the companies aimed to develop a unique class of engineering materials for capacitor film applications that would balance the performance gap between high-end plastics and standard polymers.
   
• In January 2022, Nephron Pharmaceuticals Corporation, a mid-sized company that manufactures generic respiratory medications announced the launch of its new product- the COC syringe which is produced under the highly successful Nephron 503B Outsourcing Facility operation. Along with this, the company also aimed to provide lure-lock vials, pre-filled sterile syringes, IV bottles, and IV bags for hospitals throughout America.
   
• In January 2023, Zeon Corporation, a leading developer of sustainable chemicals announced its acquisition of Edge Precision Manufacturing, Inc., a leading manufacturer of custom micro-featured thermoplastic disposables for diagnostic, clinical, optics, and research. With this acquisition, Zeon aimed to accelerate business in healthcare and life sciences and develop new businesses for cyclic olefin polymers (COPs).

Most Productive Region

The Asia-Pacific region of the cyclic olefin copolymer market registered the highest revenue in 2021. This is mainly due to the presence of renowned medical, biotechnological, and pharmaceutical companies across the region. Moreover, the increasing use of COC in the food & beverage industries of the region is expected to boost the regional growth of the market over the estimated timeframe. 

Covid-19 Impact on the Global Cyclic Olefin Copolymer Market

Though the outbreak of the Covid-19 pandemic has devastated several industries, it has benefitted the cyclic olefin copolymer market. This is mainly due to the increased demand for cyclic olefin copolymer (COC) for vaccines, and disposable diagnostic containers during the pandemic. Moreover, the increasing need for a better substitute for packaging owing to the rising demand for medical supplies and the rising use during the pandemic period has inclined the growth of the market throughout the crisis.