According to ChemAnalyst report, “Global Polyolefin Plastomers (POP) and Elastomers (POE) Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global Polyolefin Plastomers and Elastomers market witnessed a strong demand in the past five years and is projected to achieve a CAGR of 8% during the forecast period owing to its versatile properties like chemical resistance, low temperature ductability, low density, good optical features, superior elasticity and resistant to perforation, and processing advantages therefore find applications in flexible packaging, foaming compounds, molded and extruded products and wire and cables. Additionally, Polyolefin Polymers meet the requirements of sustainable development and green polymer chemistry thus making them the material of choice.
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POP and POE are primarily the copolymers of propylene and ethylene produced by solution processes with rubber-like properties and the processability of plastic. Polyolefin Plastomers due to their unique properties have wide range applications in Food packaging, Industrial packaging, Hot melt adhesive, Footwears, Molded and Extruded products ranging from luggage to toys and Automotive for light weight automobile parts that maintain strength and performance. Similarly, Polyolefin Elastomers have become the most desirable materials in the manufacturing of Automotive parts (interiors & exteriors), Foams, injection molding, Wire & Cable coatings, Extrusion coating films, adhesives, Household Appliances and Medical products. Polyolefin Plastomers and Elastomers are witnessing subsequent demand in the manufacturing of parts for automotive, flexible moldings for construction and eco-friendly alternatives for packaging industry which are likely to boost the market for POP and POE in the forecast period.
Onset of Coronavirus in the first half of 2020 had mixed effects on the value chain of POP and POE commodities. Some segments of POP and POE reported a phenomenal hike on their increased demand for packaging and medical applications while there was a dip in the demand from some of the segments like automotive and construction industry amid the pandemic due to slowdown in the automotive industry with reduction in production and selling of the vehicles as well as hinderance in the construction projects. However, Since the second half on 2020, Industries like automobile, construction and electronics are resuming back with full potential resulting into precipitous increase in POP and POE demand and thereby, expected to propel the market for POP and POE in the forecast period. Additionally, Leading market player like Dow has now employed POE to manufacture its Plastic Pallets not only making them recyclable and reusable but also improving the life span of pallets that supports the goal of promoting circular economy of plastics. Thus, have a positive impact on the Polyolefin Elastomer demand in the upcoming years.
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Region wise, Asia Pacific accounted for the major share in the consumption of POP and POE due to the rapidly expanding polymer and resin industry as well growing Automobile sector in the region. Additionally, a drastic shift in demand towards packaging materials after Coronavirus outbreak is witnessed that also play a key role in the expansion of market size of Polyolefin Plastomers as they offer excellent sealability, brilliant optics and great abrasion resistant which make them ideal for packaging. Moreover, Europe followed by North America is also anticipated to record significant growth in the production and consumption of POP and POE copolymers on the back of propelling demand for packaging materials and medical devices as a ripple effect of the global pandemic.
According to ChemAnalyst report, “Global Market By Global Polyolefin Plastomers (POP) and Elastomers (POE) Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Polyolefin Plastomers (POP) and Elastomers (POE) globally include the Dow Chemical, Exxon Mobil chemical Co., LG Chem, Mitsui Elastomers and SABIC group.
“Being linked to the Automotive, Packaging and Medical sector the global Polyolefin Plastomers (POP) and Elastomers (POE) industry has shown a robust growth alongside growing population and changing consumer preferences. Production of Polyolefin Plastomers and Elastomers materials require high capital investment backed by expensive process technologies. Owing to the high expenses involved, the global Polyolefin Plastomers and Elastomers market is oligopolistic in nature with limited number of players. However, due to its wide range applications and versatile properties like recyclability, less toxicity compared to other commodity plastics, low carbon foot printing, many leading chemical players are now planning to invest in POP and POE that is going to propel their market in the forthcoming years. With new competitors emerging across the Asian Polyolefin Plastomers (POP) and Elastomers (POE) market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
