The market for polyolefin is driven by growing demand for environmentally sustainable packaging and the ease of access to raw materials in developing nations. Growing research activities in combination with new product launches are projected to fuel the growth of the industry. The significant increase in the market is due to the wide variety of applications in which polyolefin is commonly used, significant growth in the packaging industry, and growing demand from the manufacturing and building industries. The packaging and automotive industries are undergoing tremendous expansion, with a triple-digit billion dollar mark projected to be registered by the end of 2022. In these big end-use industries, this is supposed to raise demand for polyolefin. Furthermore the polyolefin market is largely driven by growing demand for FMCG and consumer products. As the sector is being more interconnected, the variables that have a direct effect on the market are evolving accordingly.
Polyethylene costs are projected to provide a benefit over other plastic resins with the production of ethylene feedstocks from new sources, such as bio-based products, coal and shale, thus boosting the demand and use of polyethylene in the sector. In addition, continuous developments in technology for polymerization catalysts are expected to increase polyethylene resin yield, performance, and customization.
In addition, government regulations to improve fuel efficiency and reduce CO2 emissions have fueled the automobile sector’s appetite for these polymers. Polyolefin demand is anticipated to reach 180 million tonnes globally by 2022. This is reinforced by the growing disposable incomes of the ordinary population, which has expanded the market reach.
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The eminent players of Global Polyolefin Market report include- Ineos Group AG, BASF SE, LyondellBasell Industries Holdings B.V., E. I. du Pont de Nemours and Company, The Dow Chemical Co., Formosa Plastics Corporation, Sinopec Corporation, China National Petroleum Corporation, ExxonMobil Corporation, SABIC, Braskem S.A., Total S.A., and Arkema S.A.
The global polyolefin market is segmented based on the type, application and region.
The market, by type, is segmented on the basis of polypropylene (PP), polyethylene (PE), polymethylpentene (PMP). Polypropylene segment has the largest applications base, thus driving the market. PP is followed by PE, which is the most widely used polymer in the plastic industry
The market, by application, is segmented into films and sheet, blow molding, injection molding, tapes and fibers, and others. Film & sheet is the largest end-use application of PO.
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The regions of North America and Europe are well developed markets for these polymers and along with technical innovation and application-specific product growth, are increasing their R&D investments in order to grow further. Thanks to the rising demand from the construction industry, the US is expected to be leading the market. The main end-use product demand is projected to be injection moulding.
Geographically, in terms of value and volume, Asia-Pacific holds a healthy market share, which clearly means that demand from China, India, Japan, Taiwan, Malaysia and other countries has had a positive effect on the rising polyolefin market. With more and more manufacturing plants being set up by multinational companies, the region has seen rapid industrialization. China is one of the fastest developing markets, and has now become one of the world’s largest manufacturing firms. One of the main contributors to the economy is the country’s manufacturing sector. At present, China is a big worldwide producer of polyolefin. As the strong courier sector has contributed to a rise in demand for plastic packaging, growth is largely influenced by the rise in e-commerce.
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