Global Polyolefins Market was Valued at USD 232.8 Billion in 2018 with a CAGR of over 6.2 % during the forecast period 2019-2025
Polyolefin Market Overview
A polyolefin is a macromolecular material that is odorless, non-porous, and non-polar in nature. It is formed through the polymerization of olefin monomer units. The need for polyolefins such as PP (polypropylene) and PE (polyethylene) is estimated to increase steadily, owing to a wide range of applications. Polyethylene and polypropylene are the most common types of polyolefins used in a broad spectrum of applications across various end-user industries. These industries can range from structural plastics, packaging, consumer goods, and electronics.
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.
Key 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
Industry Updates
June 2019: LyondellBasell Inc. and Neste recently announced their parallel production of bio-based polypropylene and low-density polyethylene at a commercial scale. This project used renewable hydrocarbons developed by Neste, which are derived from bio-based raw materials such as waste vegetable oils and animal fats.
The global polyolefins market is expected to witness a 6.49% CAGR, garnering a market valuation of USD 324 billion by 2023. Several factors are contributing to the augmentation of the global polyolefins market over the forecast period. Such factors include the burgeoning growth observed in the packaging industry and the construction industry worldwide. Further, lower economies of scale for manufacturers has enabled a lower cost of polyolefins in the market, driving higher demand for the same. This, in turn, is anticipated to contribute highly to the growth of the global polyolefins market. Growing consumption in the FMCG and consumer goods sector is projected to fuel demand for polyolefins throughout the assessment period. With mushrooming applications of polyolefins in different industries, many growth opportunities are created for market vendors. Prominent market players are expected to invest in expansion projects across the globe, promoting sizeable growth all over the world.
Market Segmentations
The global polyolefins market, by Market Research Future (MRFR), has been segmented on the basis of types, end-users, application, and region. Based on type, the global polyolefins market is studied for the segments of polyethylene and polypropylene. The segment of polyethylene is further segmented into HDPE, LDPE, and LLDPE. Among the primary segments based on type, the polyethylene segment is estimated to hold a larger share in the global polyolefins market over the review period. The segment is anticipated to augment at a 6.45% CAGR between 2017-2023.
Based on application, the global polyolefins market is segmented into blow molding, film & sheets, injection molding, and fibers. Based on end-users, the global polyolefins market is segmented into packaging, automotive, construction, electronics & electricals, and pharmaceuticals/ medical. Among the segments based on end-users, the packaging industry is expected to emerge as the leading end-user industry consuming the highest quantities of polyolefins through the assessment period.
Detailed Regional Analysis
The global polyolefins market is studied for five regions of North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Among these, Asia Pacific held around 47% share in the global polyolefins market in the base year. The region is also estimated to garner the most significant share in the global polyolefins market through the forecast period. The burgeoning witnessed by the market in Asia Pacific can be owed to higher demand from country-specific markets such as India, China, Taiwan, Japan, and Malaysia.
Further, proliferation of the construction industry in the region due to rising population and swelling urbanization is contributing further to the growing demand for polyolefins in the region. Moreover, a rise in the disposable income of consumers has resulted in accelerated demand for advanced automobiles. This is fueling fast-paced growth in the automotive industry, indirectly driving the polyolefins market to a great extent.
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