The global Polyolefins market has been growing at the CAGR of ~6.49 % from 2017 and is expected to continue the same till 2023.
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.
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.
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Key Market Manufacturers
W.R. Grace, LyondellBasell Industries Holdings B.V, E. I. du Pont de Nemours and Company, PetroChina Company Limited, PolyOne Corporation, Arkema SA and SABIC.
The APAC region is the largest consumer of polyolefins such as polyethylene and polypropylene in the world which has accounted around 47% of market in 2016. Within this region, the polyolefins market is wholly dominated by China which represents 45% of the total market volume in 2016. Demand for PP and PE from India accounted for 19% of the total demand, hence, the Indian market will come up with ample growth opportunities owing to the investments, big giants entering into Indian market and strong dominance of domestic players with respect to production, while Japan represents 23% of the market in terms of volume. Because of its strong, growing middle class, the entire region is a significant market for end markets that use polyolefins, including packaging, consumer goods and FMCG and textile. Japan, Australia, and South Korea are the most developed countries in the APAC region and have mature growth outlooks.
China is the one of the largest economy in the world and is still growing at a rapid pace. China is making deliberate efforts to boost various industries including packaging, consumer good, retail, automotive, automotive and consumer products; growing industrial activity has resulted in increasing demand for polyolefins. Currently, China is the single largest market for polyolefins, accounting more than 45% of the total market in APAC.
Full report on Polyolefins Market report spread across 151 pages, profiling 15 companies and supported with tables and figures available @ https://www.marketresearchfuture.com/reports/polyolefins-market-2949
- Polyethylene (PP) – HDPE, LDPE, LLDPE
- Polypropylene (PP)
- Film & Sheets
- Blow Molding
- Injection Molding
By End User
- Electronics & Electricals
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