Global Polyolefin Market - Scope
Market Research Future (MRFR) studied the global polyolefin elastomers market 2021 in the analysis period till 2027. According to MRFR findings, the global polyolefin elastomers market is expected to rise at high pace to earn considerable revenue by 2030. The Polyolefin Market has a CAGR of 7%. This began in 2016 and is expected to continue until 2027. The Polyolefin Market should be worth USD 300 billion by 2022. Global polyolefin production is supposed to amount to 180 million tons by 2022.
The growing awareness about low density and good elasticity properties of all classes of polyolefin polymers that underscores its large-scale utility in the automobile sector is expected to benefit the market in the near future. Advancements in technology used to develop polyolefin elastomers with superior elasticity, high UV resistance, toughness, thermal stability, and low temperature ductility, which are identified to have numerous applications, thus can work in favor of the polyolefin market.
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Global Polyolefin Market – Prominent Players:
BASF SE, - Switzerland,The Dow Chemical Co., - the USA,I. du Pont de Nemours and Company, - France,Formosa Plastics Corporation, - China,Sinopec Corporation, -China,LyondellBasell Industries Holdings B.V., -France,ExxonMobil Corporation, -the USA,China National Petroleum Corporation, -France,SABIC, Braskem S.A., -South Africa,Total S.A., - South Africa,Arkema S.A.- South Africa. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Polyolefin Market.
Market Boosters and Challenges
Surge in advances in plastic technologies, prevalence of using lower priced interior furnishings in vehicles, and stringent industrial rules and standards to curb carbon emissions are cited to be key growth boosters in the global industry. Polyethylene remains one of the fastest growing polyolefins in the market, given its robust tensile strength and impressive impact resistance. These factors have expanded its applications scope in sheets, films and packaging. Polyethylene’s ability to be heated then cooled and heated again with no effects on its quality and strength has made it a popular component in plastic films, bags, geomembranes, and more.
Governments’ growing scrutiny and implementation of stringent rules have encouraged players to focus on innovating and introduce polyolefin products that are high quality and are sustainable. Regulations pertaining to waste disposal are also prompting innovations in the way polyolefins are used in the plastics sector. Another major trend can be the considerable spending on technological advances by the players to capture a bigger customer base and also access niche markets worldwide. Some of the key end-users in the global Polyolefin Market Share are packaging, plastic, and transportation and building construction, and the continuous increase in the demand for polyolefins by these industries is bound to create favorable avenues for the players in the following years.
However, in many countries, for construction, people generally use traditional buildings methods rather than using the new technology, mainly due to the lack of awareness regarding trending technologies. This can hinder the market growth.
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Type and application are the key segments based on which the polyolefin industry has been carefully studied in the MRFR report.
The types of polyolefin available worldwide include Polyethylene (PE), Polypropylene (PP), as well as Polymethylpentene (PMP). PE remains one of the most extensively consumed polymers in the plastic sector, as it is easily available and requires lower priced processing methods compared to other types. PO’s consumption rate is growing rapidly especially in emerging countries, in view of the manufacturers increasingly opting for bio-based polyolefins. As a result, the polyethylene segment can capture a share of nearly 30% in the global market by the year 2022.
Applications of polyolefin include Blow Molding, Films Sheet, Tapes Fibers and Injection Molding. Injection molding is one of the most critical applications of polyolefin, and the key reason can be its properties including lightweight, significant chemical resistance and high toughness at extreme temperatures. Majority of the polyolefin resins are deployed in pellet form for applications in injection molding.
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Global Sandwich Panel Market - Regional Analysis
The polyolefin industry can be geographically assessed with respect to MEA or the Middle East Africa, North America, APAC or Asia Pacific, and Europe.
APAC is the highest gainer with a share of more than 46% in the global market for polyolefin. The region has been noting fast industrialization rate while the number of production units has also mounted significantly in recent years, courtesy of the global companies. This has raised the demand for polyolefins to a large extent. Apart from this, the robust supply chains of the eminent manufacturers in the region, supportive government regulations that encourage the use of high-grade polyolefins in labeling and packaging of food articles also benefit the APAC market.
North America will be one of the most lucrative markets in the years to come, mostly due to the large-scale investments that go into extensive RD activities and the continuous technical innovations to boost the application scope of polyolefins. The strong recovery of the automotive industry across the US combined with high disposable income of the consumers and the surge in construction spending also foster the market demand in the region.
Some of the top manufacturers of polyolefin are The Dow Chemical Co., Ineos Group AG, Formosa Plastics Corporation, BASF SE, LyondellBasell Industries Holdings B.V., China National Petroleum Corporation, Sinopec Corporation, Braskem S.A., E. I. du Pont de Nemours and Company, Total S.A., Arkema S.A, SABIC, ExxonMobil Corporation, and more.
Dow Packaging and Specialty Plastics has expanded its range of AFFINITY GA high-performance polyolefin elastomers, by adding its latest bio-based AFFINITY RE. With escalating consumer demand for sustainable products, Dow’s new AFFINITY RE makes for an ideal alternative to fuel-based products and helps bring down the carbon footprint while also ensuring that the performance is not compromised. AFFINITY RE has been developed with the use of bio-based feedstock like tall oil, which is a by-product of paper-milling.
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