Jun 11, 2020 (Global QYResearch via COMTEX) -- Rising demand for the polyolefin materials such as polyethylene and polypropylene from the end user industries such as automotive, construction and packaging are driving the global polyolefin market. The global polyolefin market is expected to grow from USD 214.83 Billion in 2019 to USD 367.36 Billion by 2027, at a CAGR of 6.94% during the forecast period 2020-2027, according to the new report published by Acumen Research and Consulting .
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Polyolefins are one of the largest classes of organic thermoplastic polymers that are out there. They are formed by the polymerization of olefin monomer units. The word Polyolefin means "oil like" and is commonly referred to as a polyalkene since polyolefin has a waxy texture. Polyolefin are odorless, non-polar, and non-porous materials that are used in the production of the structural plastics, consumer goods, industrial products, and food packaging. Polypropylene (PP) and polyethylene (PE) are the most common polyolefins. Polypropylene is known for its superior mechanical properties. It exhibits excellent strength, temperature performance range and fatigue resistance. On the other hand, polyethylene is used in applications where exposure to light is not desirable. Also, polyethylene does not rip easily and is known for its flexibility. Polyolefins are increasingly being preferred over the metallic and non-metallic substitutes owing to its light weight, durability, and chemical resistance properties. Thus, increasing utilization of the polyolefins materials in the automotive, food packaging and other industries are anticipated to fuel the market growth over the forecast period.
Even though the factors such as rapid industrialization in the Asia Pacific region, growth in packaging industry coupled with growing demand for the flexible packaging materials are driving the global polyolefin market,volatility in the raw material prices and the implementation of the stringent environmental norms is predicted to hamper the growth of the global polyolefin market market. The growing demand for the flexible packaging materials and concerns related to the improper disposal of the polyolefin plastic materials are expected to restrain the growth of the market over the forecast period.
The key players such as Dow Chemical Company, ExxonMobil Corp., Sinopec Corp., PetroChina Company Limited, Arkema, Braskem SA, Total SA, Borealis AG, and Lyondell Basel Holdings dominate the market.
For instance, in March 2019, Borealis and ADNOC signed Memorandum of Understanding to explore strategic opportunities in the polyolefin industry. Under the terms of the agreement, Borealis and ADNOC will jointly explore potential growth opportunities within the integrated polyolefin industry in key geographical markets.
Major players are focusing on tapping the unexplored markets in order to increase their market share. For instance, SOCAR polymers in 2019, announced the launch of 120,000tpa high-density polyethylene (HDPE) production facility in Azerbaijan. With this new manufacturing capacity, Azerbaijan will be self-sufficient in the polyolefin.
To better serve the ever increasing demand for the polyolefins, major firms are increasingly launching new and improved products. For instance Borealis AG in 2016, announced the extension of its Queo
Type segment is divided into polyethylene, polypropylene, ethylene vinyl acetate, polymethylpentene and others. Due to their light weight, high durability, non-toxicity and chemical and corrosion resistance properties, the polyethylene materials are extensively used in the manufacturing of the packaging films and household containers, as well as automobile accessories. Thus, polyethylene segment emerged as the leader in the global polyolefin market with USD 84.79 billion revenue in 2017.
Packaging materials segment is anticipated to grow at a CAGR of 8.83% in 2020-2027
Application segment is divided into packaging, automotive, electronics, construction materials and others. Automotive application segment held a robust share of the global polyolefin market in 2017, due to growth in the replacement of the metal with polyolefin materials and growing demand for the lightweight, fuel efficient cars. Growing consumer preference for the ecofriendly packaging materials, increasing demand for the recyclable containers as well as focus on reducing the carbon emission are factors that are expected to propel packaging materials segment to grow at an accelerated CAGR of 8.83% over the forecast period.
Asia Pacific region emerged as the largest market for the olefin with a 43.56% share of market revenue in 2017. Factors such as rapid industrialization, the growth of end user industries as well as increasing demand for the fuel-efficient automobiles in the region are projected to propel Asia Pacific region to grow at an accelerated CAGR of 9.02% over the forecast period. North America region is also anticipated to grow at a robust pace in global polyolefin market due to wide utilization of the polyolefins in the end-use industries such as automotive and transportation, construction, and electronics.
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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
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