The global polyolefins market is growing rapidly. The market growth attributes to the increasing consumption of polyolefins in various applications. Polyolefins (PO) is a type of polymer replacing polyamides and other types of plastics rapidly. PO is obtained by the polymerization of olefin monomer units. With its unique mechanical properties, such as resistance to extreme heat, solvent impact, and degradation, Polyolefins make products sturdy and durable while making it lightweight, nontoxic, and non-contaminating.
Simultaneously, polyolefin offers the product some unique properties to withstand exposure to most of the chemicals at average room temperature for up to 24 hours. Resultantly, polyolefins have garnered much more prominence over the past decade, and its market has collected exponential traction on the global platform. According to Market Research Future (MRFR), the global polyolefins market is expected to reach USD 300 BN by 2022, registering a CAGR of at 7% throughout the review period (2016-2022).
The recent COVID 19pandemic has impacted the polyolefin market exponentially. A body representing organizations and stakeholders in the polyolefin value chain known as The Polyolefin Circular Economy Platform (PCEP), has called for a circular economy-focused COVID-19 recovery. The investment decisions are taken as part of the EU recovery package to be focused on delivering the circular economy. Hence, production and supply trends in these industries define the landscape of this market.
Other industries predominantly driving the market include automotive, packaging, construction, and electronics & electrical, which are burgeoning at present. Conversely, commoditization of the product, along with the price volatility of raw materials, impedes the market growth during the forecast period. Nevertheless, increasing industrial applications of Polyolefins are expected to support the growth of the market, providing a tremendous impetus.
Recyclable, cost-effective, low-cost, versatile, yet easily process-able polyolefin are used in the manufacturing of innumerable products that are useful in daily life. These products range from household use to specialized industrial applications, making polyolefins the largest volume polymers in the plastic industry today. Owing to their biocompatible nature, polyolefins have proven to be far more effective in the biomedical field as well.
Also, polyolefines are used in other multiple applications ranging from bone substitutes manufacturing to tissue adhesives and manufacturing of control drug delivery devices. Therefore, these polymers have become vital components in producing quality medical devices and disposable products.
Global Polyolefins Market - Segments
The report is segmented into four dynamics;
By Type : Polypropylene (PP), Polyethylene (PE), LDPE, LLDPE, and others.
By Applications : Blow Moulding, Film & Sheets, Injection Moulding, Fibers, and others.
End User Industries : Automotive, Packaging, Construction, Electronics & Electricals, Pharmaceuticals/Medical, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Polyolefins Market - Regional Analysis
The Asia Pacific region dominates the global Polyolefins market share. The largest market share attributes to augmenting demand for plastic in electronic products in some of the rapidly developing economies such as Taiwan, Malaysia, China, and India. This demand is expected to heighten further during the forecasted period.
Additionally, the rapid industrialization and urbanization in the region boost the growth of the market. The APAC Polyolefins market is estimated to retain its dominance over the global market throughout the forecast period.
Polyolefins markets in North America and Europe are too flourishing. Augmenting demand for Polyolefins to produce a variety of end products, including PVC, films, food packaging, and cables, fosters the growth of the market in these regions. PVC is widely used in the building and construction industry in applications such as pipes, ducting, door profiles, and window frames.
Resultantly, the burgeoning construction sector is a significant growth driver for the growth of the polyolefins market in these regions. In North America and Europe, polyolefins markets are expected to grow at a substantial CAGR from 2017 to 2023, increasing steadily.
Global Polyolefins Market - Competitive Analysis
Highly competitive, the global polyolefins market appears fragmented due to the presence of many large and small players. To sustain their positions, these players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch. Manufacturers strive to deliver the best quality and reliable, high-quality Polyolefins using innovative technologies and best practices.
Major Players:
Players leading the global Polyolefins market include LyondellBasell Industries Holdings BV, E. I. du Pont de Nemours & Company, W.R. Grace, PolyOne Corporation, Arkema SA, PetroChina Company Limited, and SABIC among others.
Industry/ Innovation /Related News:
June 03, 2020 ---- SK Global Chemical Co. Ltd. (South Korea), a leading global manufactures and distributors of petrochemical products, announced the completion of its acquisition of functional polyolefin business from French chemical firm - Arkema S.A.to gain traction through high value-added products. With this buyout worth USD 375.9 MN, SK Global Chemical owns four products along with related production technology, trademarks, and human resources, plus three production plants in France. The functionalized polyolefins are thermoplastic materials used in various applications ranging from packaging films to impact modifiers for engineering plastics in automobiles and electronics.
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