The market for polyolefins was estimated to be worth USD 178.45 Billion in 2020, and it is expected to increase at a CAGR of 7.5% during the forecast period, growing at a CAGR of 7.5% from 2021 to 2028.
The market is anticipated to be driven by the emerging countries’ rapid development, rising consumer demand for alcoholic beverages, and light, fuel-efficient vehicles.
Due to its use in a variety of industrial applications and its ease of moulding, plastic is becoming more and more in demand. Ethylene and propylene are typically polymerized to produce polyolefins from natural gas and oil, respectively. It is formed of monomers, hydrocarbons, and olefins and has excellent chemical stability, a high degree of processability, and a long lifespan. Since it is the most widely used thermoplastic polymer, it may be used in a wide range of products, including packaging, consumer goods, and fibres and textiles.
Several significant automakers with U.S. headquarters, including General Motors, Ford, and Chrysler, are working to create lightweight cars to meet the Biden administration’s objective of being carbon neutral. Since there is a plentiful supply of polyethylene in the United States, many different businesses use it.
Contrarily, the country’s polypropylene market is expanding more slowly and is not expected to deviate much from supply and demand. However, due to a wide range of application scope in industrial applications as well as in the automotive industry, the market as a whole is predicted to rise steadily. High-grade injection-molded grades are mostly employed in films and sheets as well as the packaging industry after being static load tested.
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The market was dominated by ethylene-vinyl acetate (EVA) in 2021 with a revenue share of about 24.0%. Ethylene Vinyl Acetate is widely utilised in the processing and packaging industries because it promotes transparency, flexibility, and toughness. They are also prominently employed in footwear, auto bumpers, sporting goods, and other products. The demand for polyethylene compounds is also anticipated to increase as a result of restrictions on people’s freedom of movement to stop the spread of COVID 19. These restrictions are expected to increase demand for packaged foods, bottles for milk and fruit juices, caps for food packaging, trays, drums, and other liquid food packaging. EVA has become a popular material for a variety of applications in both developed and developing countries as a result of these features.
With a revenue share of more than 25.0%, film and sheet became the market’s dominating application category in 2021. They are widely used in food packaging, blown film bags, and other industries. In industrial thermoforming and other processes, film and sheet plastic are extensively employed. Plastics called polyolefins are strong and useful, and they are widely utilised in the sheet and film industries. Because they are chemically resistant, odourless, and nonporous, plastics made from polyolefins are frequently utilised in the consumer products and food packaging industries. Food items, gift boxes, and other such products are frequently wrapped in shrink wrap and sheets. Another popular use for polyolefins, which also include LDPE, LLDPE, EVA, HDPE, TPO, and PP, is injection moulding.
As a fiber-forming material, polypropylene is much more adaptable than polyethylene. Olefin fibres are primarily made from olefins and are used extensively throughout the world in the textile industry. These can be used in industries that need polyolefins with high strength, little moisture absorption, and few static components. Polyolefin fibres are utilised in small quantities and for a limited number of applications, with the textile sector representing their greatest application market. The biggest markets for these polyolefins are China, Europe, and the United States. Polypropylene, one of these polyolefins, is mostly used in industrial fabrics and home furnishings.
In 2021, Asia Pacific took the top spot among regions, contributing more than 47.0% of the total income. From 2022 to 2030, the region is anticipated to experience a consistent growth rate. The expansion of the automotive industry and rising polymer consumption are expected to continue to be major market drivers in this area. The demand in the region is further fueled by the fact that APAC is one of the biggest users and producers of electrical and electronic goods, including equipment and wires among others. Over the course of the projected period, market growth is expected to be positively impacted by the change in the manufacturing landscape toward emerging nations, particularly China and India.
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Key Organizations & Market Share Information
In order to strengthen their position in the market, businesses are rapidly growing their production capacity. The market is anticipated to expand quickly during the anticipated period thanks to increased construction activity and governmental assistance for environmental issues in various nations. The market value chain has seen a number of investments made to support green field plants. Many multinational corporations look for chances to invest in the European market in order to broaden their horizons.
- Sinopec Corp.
- LyondellBasell Industries Holdings B.V.
- ExxonMobil Corporation
- The Dow Chemical Company
- LG Chem
- Reliance polymers
- Borealis Group
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