Global Polyolefins Market has observed a very broad market in coming recent years. MRFR analysts has anticipated that packaging and automotive are about to grow near USD 160 billion by the year 2023 which means more demand for these industries and in turn for polyolefins. Another driver for polyolefins market is growing Asia-Pacific market. The polyolefins market is majorly driven by its growing consumption in FMCG and consumer good, however, it has created a global platform for the manufacturers to expand and to increase the production capacity to meet current as well as forecast demand. Geographically, Asia-Pacific holds the healthy market share in terms of value and volume, which direct implies, the demand coming from China, India, Japan, Taiwan, Malaysia and other countries positively affecting the growing of polyolefins market.
- Global polyolefins market is projected to reach USD 324 billion by 2023 with 6.49% CAGR during review period of 2017-2023
- Asia-Pacific accounted for largest share due to growing application industries in this region
- Among types, polyethylene has acquired the market share of 46% in 2015 with the market value of USD 96.6 billion in 2016 growing at a CAGR of 6.45% till forecast period.
- Among applications, packaging industry emerged as the leading application industry in global polyolefins market.
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The Global Polyolefins Market has been segmented into types, application, end users and region.
- Polyethylene (PP) – HDPE, LDPE, LLDPE
- Polypropylene (PP)
- Film & Sheets
- Blow Molding
- Injection Molding
By End User
- Electronics & Electricals
The APAC region is the largest consumer of polyolefins such as polyethylene and polypropylene in the world which has accounted around 47% of market in 2016. Within this region, the polyolefins market is wholly dominated by China which represents 45% of the total market volume in 2016. Demand for PP and PE from India accounted for 19% of the total demand, hence, the Indian market will come up with ample growth opportunities owing to the investments, big giants entering into Indian market and strong dominance of domestic players with respect to production, while Japan represents 23% of the market in terms of volume. Because of its strong, growing middle class, the entire region is a significant market for end markets that use polyolefins, including packaging, consumer goods and FMCG and textile. Japan, Australia, and South Korea are the most developed countries in the APAC region and have mature growth outlooks.
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Polyolefins polymers such as polyethylene, polypropylene and other have a huge demand from the packaging industry, especially from plastic packaging. The major factors that has driving the packaging industry are increasing demand for plastic packaging, growing consumption, and company expansions. Geographically, Asia-Pacific is the largest market for polyolefins market for packaging application which has acquired 48% of the total market followed by North America and Europe.
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