Significant growth in solar power industry along with increasing demand for POs in numerous applications to boost global polyolefins market through 2024
According to a report released at TechSci Research, “Global Polyolefins Market By Type, By Catalyst, By Application, By Region, Competition, Forecast & Opportunities, 2024” global polyolefins market is anticipated to witness healthy growth during forecast period with a projected revenue of $ 298 billion by 2024. Anticipated growth in the market is led by factors such as significant growth in solar power industry and growing demand for polyolefins in various applications. Polyolefins are macromolecules formed by the polymerization of olefin monomer units. The IUPAC nomenclature term is poly(alkene). The most common polyolefins are polypropylene (PP) and polyethylene (PE).
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Global polyolefins market is broadly segmented into type, catalyst, application and region. Based on type, the market is categorized into polypropylene, polethylene (HPDE, MDPE, LLDPE, LDPE), functional polyolefins and others. Polyethylene (PE) film is the substrate used for food packaging and grocery bags. PE films are thermoformed to manufacture plastic bottles and medical packaging products. Polypropylene (PP) films are used in numerous end-use applications such as clear films, matte films, hazy films, metalized films, colored films, holographic films, adhesive backed films and coated films. Based on Application, the market has been categorized into injection molding, blow molding, film & sheet, fibers & raffia, compounding and others. Among these, film & sheet is the largest application segment in global polyolefins market, on account of its low cost and technical advantages over other polymers.
Based on region, the market has been segmented as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Asia-Pacific is the largest market for PO, wherein China is the leading country, while India is anticipated to be the fastest growing market for PO in the region. The growth of Asia-Pacific polyolefins market can be attributed to growing industrialization in countries like China and India, which is leading to rapid growth of the agriculture, construction, food & beverage, solar energy, and other industries. Furthermore, replacement of woods and metals by PO plastic products is also anticipated to drive the market.
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“There has been a considerable rise in the usage of environment-friendly polyolefins that cause lower emissions and ensure negligible environment degradation. Notably, this can be attributed to increasing consumer awareness regarding environment protection, increasing efforts to control the disposal of plastic waste and strict government regulations. Apart from compliance to environmental regulations, companies are investing in extensive R&D activities, which is encouraging the development of new plastic products which outperform conventional plastics in terms of both the physical and chemical properties.” stated Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Polyolefins Market By Type, By Catalyst, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global polyolefins market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global polyolefins market.
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