Polyolefins Market is Expected to Grow at a CAGR of 5.64% by 2030
According to ChemAnalyst report, “Polyolefins Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Polyolefins market has shown considerable growth in historic period and is anticipated to grow at healthy CAGR of 5.64% during the forecast period. Growing demand of Polyolefins can be attributed to surging demand for packaging films in food and pharmaceutical. In addition, Polyolefins are used in the manufacturing of lightweight automotive parts which is bolstering the global Polyolefins market in the next ten years. The production of Polyolefins is highly correlated with safety concerns on human health as well as environment before it can be used which further enhances the compliance standards and macro-economic factors.
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Polyolefin is basically a type of polymer which belongs to the family of polyethylene (PE) and polypropylene (PP) thermoplastics. Polyolefins are non-toxic, durable, and heat-resistant by nature and can withstand different kinds of chemical corrosion. The two most important commercially used polyolefins are polyethylene and polypropylene that are processed by common techniques like blow molding, injection molding, extrusion and thermoforming. Other specialized Polyolefins include polybutene, polyisobutylene and polymethyl pentene.
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The Plastic industry dominates the global Polyolefins market in 2020 due to their versatile characteristics which make them suitable for numerous end-use applications such as rigid plastics, flexible films, bottles and containers, pouches, etc.
Based on product type, market can be segmented into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Ethylene-Vinyl Acetate (EVA), and Others. In 2020, Polyethylene held the largest market share followed by Polypropylene. Growing demand for LLDPE films from food and pharmaceutical packaging sector coupled with the rise in HDPE consumption for manufacturing blow-molded containers and construction-related articles would propel the growth of the industry in the forecast period. Additionally, surging demand of Polypropylene for packaging purposes by food and pharma industries is one of the key factors driving the overall market through 2030. It is estimated that due to growing applications of Polyolefins in automotive for car interior and exterior for reducing the weight is expected to propel the growth of the market. Other polymers that are highly demanded include Polyvinyl Chloride (PVC) resins especially for construction-related applications such as piping or window frames, Polystyrene (PS) for food packaging applications such as cups, trays, and bottles and Ethylene Vinyl Acetate for adhesives, coatings and sealants.
In 2020, as the consequence of COVID-19, the world economy was highly impacted. The production and manufacturing units were temporarily shut down. Many leading market players halted their operations while keeping their employee’s health and wellness in mind. In the first half of 2020, there was a significant fall in the prices of Polyolefins. However, the market hiked by appreciable demand for polymers from packaging and medical industry amid the global crises. Due to government guidelines with proper precautions, the market is anticipated to regain its growth over the next few years.
Region wise, Asia Pacific region dominates the global Polyolefins market due to high demand in 2020. Due to the consistent growth in the demand of Polyolefins from emerging economies like China and India, which are planning to expand their capacities to fasten their manufacturing base and deepen their penetration in the export markets. Rapid industrialization, growing e-commerce sector and increased demand for packaging applications in the food and beverage industry are the key factors responsible for the market growth.
According to ChemAnalyst report, Polyolefins Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Polyolefins market include China Petroleum & Chemical Corporation (Sinopec Corp.), LyondellBasell Industries N.V., Exxon Mobil Corporation Ltd., SABIC, Dow Inc., INEOS Group Holdings S.A. and Others.
“Being linked to the downstream applications in the building, construction and automotive industry, the Global Polyolefins Industry has shown a considerable growth in historic period and is anticipated to bolster the market in the forecast period along with the increasing population and ever-changing consumer preference. Due to coronavirus pandemic, Nationwide lockdowns around the world had affected the global supply chain logistics and caused immediate shortage of raw materials which led to the increased prices of Polyolefins. With emerging competitors across the Polyolefins market, it is extremely important to keep an eye on which region will grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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