25th July 2019 – Global Polyolefin
Market is expected to grow at a significant CAGR of 6.7% and reach USD
348.31 billion by 2025. A polyolefin also termed as polyalkenes, a class of
polymers produced from a simple olefin also termed as alkene through
polymerization. Polyethylene and polypropylene are the most prominent members
of polyolefin. Olefins are the hydrocarbons in which carbon atoms are linked
together by a double bond. They are probably derived from low-molecular-weight
constituents of petroleum or from natural gas. Generally, polyolefin packaging
materials are developed by molding or film extrusion.
Polyolefins represent more than 50% of
all polymers consumed in South Africa. These raw materials are cost-effective
and their densities are the lowest of all plastics. They can be easily recycled
into new plastic products. Moreover, recycling rates can rise if consumers discrete
their recyclables from the rest of their waste.
Rising demand from manufacturers like
transportation, plastic, building & construction, and packaging and high
demand for plastic products in various applications like blow molding and
injection molding are documented as major factors of Polyolefin Market that are
estimated to enhance the growth in the years to come. However, high
capacity-to-demand ratio is a factor that may restrain overall market growth in
the coming years. Polyolefin Market is segmented based on product types,
applications, and region.
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Thermoplastic olefins, polyethylene,
ethylene vinyl acetate, polypropylene, and other product types that could be
explored in Polyolefin in the forecast period. Polypropylene and polyethylene
are projected to grow at fastest pace in the coming years in terms of volume.
This may be because of strong supply-to-demand ratio, high demand for food and
packaging, and enhanced R&D sectors. Thermoplastic olefins (TPO) and ethylene
vinyl acetate (EVA) follow suit.
The market may be categorized based on
applications like profile extrusion, film & sheet, blow molding, injection
molding, automotive, plastic modification, building & construction, and
others. The film and sheet segment accounted for the largest market share of
Polyolefin in terms of volume and is estimated to lead the overall market in
the coming years. However, injection molding sector is estimated to grow at
fastest pace in the coming years.
Globally, Asia Pacific accounted for the
largest market share of Polyolefin and is estimated to remain dominant in the
future period. The reason behind the growth of overall market could be
increasing disposable income, high demand for plastic products, and expanding
industries like automotive, construction, and packaging. Also, presence of
skilled labor at low cost is a factor that will boost the market growth in this
region. The developing countries like India and China are the major consumers
of Polyolefin in this region.
Instead, Europe and North America are
also estimated to have a positive influence on the future growth. North America
is the second largest region with significant market share. The growth may
comprise, exclusive application and high demand from major companies like
electronics, automotive and transportation, packaging, construction, and
consumer goods. However, the European market is estimated to grow at
significant rate in the coming years.
The key players of Polyolefin Industry
are Lyondell Basell Holdings B.V, Chevron Phillips Chemical Company, ExxonMobil
Corporation, Sinopec Corp., BASF SE, Sinopec Corp., and The Dow Chemical
Company. These players are concentrating on inorganic growth to sustain
themselves amongst fierce competition. As such, mergers, acquisitions, and
joint ventures are the need of the hour.
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