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.
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Key Market Players:
W.R. Grace, LyondellBasell Industries Holdings B.V, E. I. du Pont de Nemours and Company, PetroChina Company Limited, PolyOne Corporation, Arkema SA and SABIC.
The global polyolefins market is expecting a potential growth in coming years. The major factors that influenced the demand for polyolefins are wide range of applications, growth in packaging industry, increasing demand from construction industry and growing Asia-Pacific region. Whereas, factors that are hindering the growth of polyolefins market are increasing demand – supply gap, fluctuation in crude oil prices and stringent environmental regulations on non-biodegradable plastic residues challenging market growth. Major ongoing opportunities and trends in polyolefins market are Increasing Popularity of green and natural polyolefins, increasing demand for bio-based polyolefin and increasing demand from FMCG and plastic packaging industries.
Market Segmentation Analysis:
The global polyolefins market has been segmented into type, application and end user. Among types, the market has been divided into polyethylene, polypropylene and others. Polyethylene has accounted the largest market in terms of value and volume.
This market was valued at USD 96.6 billion in 2016 which is projected to reach USD 148.6 billion by 2023 with a CAGR of 6.45%. The major reason behind this exponential growth is that PE is undoubtedly one of the most popular plastic across the globe which is majorly used in the plastic industries to manufacture plastic bottles, plastic toys, and grocery bags and also in bullet proof jackets. Along with this, PE also holds a significant role in other application industries such as packaging, electronics, automotive and many others. In the global polyolefin market, polyethylene holds a largest market share of 46% in 2016.
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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China is the one of the largest economy in the world and is still growing at a rapid pace. China is making deliberate efforts to boost various industries including packaging, consumer good, retail, automotive, automotive and consumer products; growing industrial activity has resulted in increasing demand for polyolefins. Currently, China is the single largest market for polyolefins, accounting more than 45% of the total market in APAC.
Although new environmental regulations and the protection of forest resources by the Chinese government are affecting the Chinese polyolefins market. Moreover, the recession had little impact on various end markets for polyolefins in China, including packaging, automotive, FMCG and others which continue to drive demand for polyolefins.
Table Of Contents:
Table 1 World Population By Major Regions (2015 To 2030) (Million)
Table 2 Global Polyolefin Market: By Region, 2014-2022 (Usd Million)
Table 3 Global Polyolefin Market: By Region, 2014-2022 (Kt)
Table 4 North America Global Polyolefin Market: By Country, 2014-2022 (Usd Million)
Table 5 Europe Global Polyolefin Market: By Country, 2014-2022 (Usd Million)
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