Worldwide Polyolefins Market – Overview
Polyolefin (PO) basically a polymer, formed by the polymerization of olefin monomer units, are rapidly replacing polyamides & other types of plastics; owing to the material characteristics of these polymers. Owing to the properties such as resistance to extreme heat, solvent impact & degradation, Polyolefin makes a product sturdy & hence durable.
Recyclable, Cost Effective, Low cost, versatile, yet easily process-able Polyolefin offers us with innumerable products that are useful in our day to day life. From household use to specialized industrial applications, Polyolefins are the largest volume polymers in the plastic industry today. Therefore, Polyolefins have garnered much more prominence over the past decade. And its market has garnered exponential traction of the global platform.
Recognizing the potential of the market to grow further in the years to come, Market Research Future (MRFR) has published a detailed study report giving out the market forecast for the period 2017 – 2023. In its analysis, MRFR asserts that the Global Polyolefins Market is expected to reach up to USD 324 billion by 2023 growing at 6.49% CAGR during review period of 2017-2023.
In addition to the Biomedical industry, other industries that predominantly drive the market growth include; Automotive, Packaging, Construction, & Electronics & Electricals. All these mentioned industries are burgeoning currently, hence, trends in production and supply of these industries are significant for the growth of Polyolefins Market. The global factors influencing the automotive market are bound to impact the market growth of Polyolefin equally.
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On the other hand, factors such as commodification of the product along with the price volatility of raw materials; are estimated to restrict the market growth during the forecast period. Nevertheless, increasing industrial applications of Polyolefins such as packaging and automobile industries; will provide impetus to the market growth to a large extent.
Worldwide Polyolefins Market – Competitive Analysis
The Global Market of Polyolefins is highly competitive and fragmented. Many large and small key players operating in the market are churning the competition to gain competitive advantage. To sustain their market position these players incorporate collaboration, acquisition, partnership, expansion, and technology launch. Manufacturers operating in the Polyolefins Market strive to deliver the best quality, reliable and consistent pure high-quality Polyolefins products based on innovative technologies, and best practices.
Industry/ Innovation /Related News:
February 26, 2018 – Ultrapolymers (Belgium), leading global provider for technical consultation and service announced its plans to extend portfolio with medical polymer solutions. Extending its distribution agreement of INEOS Styrolution Styrenic Specialties, covering Europe region; the company has included in its distribution portfolio, with Purell EP370S, Lyondellbasell’s newest Purell polyolefin resins, Purell RP375R and a nucleated polypropylene copolymer.
October 20, 2017 – VELOX GmbH (Germany) a leading global leader for the supply & marketing of raw material for the plastics & other industries announced its partnership with Repsol S.A. (Spain), a leading global producer of polyolefins. The partnership was formed based on the increasing the amount of security for the Velox’s healthcare customers in an evolving regulatory environment.
Worldwide Polyolefins Market – Regional Analysis
Asia pacific has dominated the market for Polyolefins with the largest market share, accounting for astronomical amounts and is expected to grow further by 2023. Attributing to the augmented demand for plastic in electronic products, developing economies of APAC region; such as India, Taiwan, Malaysia and China are expiring a rapid growth. This demand is expected to heighten further during the forecasted period.
North-America and Europe are the growing market for Polyolefins and are expected to grow at a substantial CAGR during 2017 to 2023.
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