Global Polyolefins Market is expected to growth at a CAGR of ~6.49% during the forecasted period from 2017 to 2023:
Polyethylene (PE) as a major type of Polyolefins emerged as one of the leading revenue generator in the global market.
Market Research Future Published a Cooked Research Report on Global Polyolefins Market that contains facts about the market’s past trend and growth since 2016 along with its predicted future information till 2023. The Global Polyolefins Market has been growing at the CAGR of ~6.49 % from 2017 and is expected to continue the same till 2023.
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Market Highlights:
Although Polyolefins have a large number of advantages, the most important is their versatility. The increasing need for high standard performance plastic across all modern applications is driving the growth of Polyolefins Market. This has also resulted in the development of newer and improved application and performance properties; Polyolefins that are fast, easy, and low cost are in demand. Such newly developed polyolefins include fast curing polyethylene and polypropylene and others.
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.
Major Market Player
- SABIC
- LyondellBasell Industries BV
- LG Chem
- Mitsubishi Chemical Holdings Corporation
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.
From the application side, the market has been segmented into film & sheets, blow molding, injection molding, fibers and others. Among these applications, films and sheets is the leading application where polyolefins consumed most. Polyolefins are majorly used in the production of film and sheets. The major raw materials used in its production are polyethylene and polypropylene. Polyethylene has accounted more demand when compared to polypropylene. These film and sheets are widely used in plastic packaging and other industries as well. Packaging industry accounts the largest demand as they are wise used in packaging of food & beverages, pharmaceutical and personal care products. Other industries such as construction, electronics, and medical have also enjoyed a strong demand.
Polyolefins polymers such as polyethylene, polypropylene and other have a huge demand from the packaging industry, especially from plastic packaging. The major factors that has driving the packaging industry are increasing demand for plastic packaging, growing consumption, and company expansions. Geographically, Asia-Pacific is the largest market for Polyolefins Market for packaging application which has acquired 48% of the total market followed by North America and Europe.
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