Acumen Research and Consulting announced latest market research report on "Polyolefin Market- By Global Growth, Share, Trends, Demand and Analysis Report Forecasts to 2024".
Polyolefin is a part of synthetic resins produced by polymerization of olefins such as ethylene, propylene, butane, and copolymers. Polyolefin are non-aromatic compound that consist of carbon and hydrogen atoms.
They are usually processed through extrusion, injection molding and blow molding and rotational molding methods. The two most important and common polyolefins are polypropylene and polyethylene and these are very popular due to their low cost and wide range of applications.
Polyolefin is a rapidly growing and technologically evolving market as the demand for improve grades of polyolefin copolymer from various new markets such as solar power, automotive is increasing continuously.
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Market Classification and Overview
The Polyolefin Market is expected to grow moderately. This is due to the increasing number of applications, technological advancements, and growing demand for metallocene catalyzed polyolefin in Europe and North America.
Growth in the market is driven by rising demand for plastic products. High capacity to demand ratio and rising concerns of plastic disposal are the major factors hindering the market growth.
The introduction of bio-based polyolefin provides high growth opportunities to the market. Although photovoltaic encapsulation is the fastest growing end-user industry of ethylene vinyl acetate, some drawbacks of EVA copolymer used in encapsulation act as major challenges for the growth of polyolefin market.
The market is segmented by type, application and region. Based on type, the market is segmented into polyethylene (LDPE, LLDP, HDPE, and others), polypropylene (homopolymer, copolymer, random copolymer), and functional polyolefin (which includes, EVA, EPDM, TPO, POE, and POP).
Among them, polyethylene is the largest market owing to the increasing applications in film & sheet, extrusion coating, injection molding, wire, and cable among others. Growing population around the world and cheaper plastic products has started replacing metals, woods, and other materials, thus increasing the consumption of plastic products in wide range of applications.
HDPE is projected to dominate the polyethylene type and LDPE is estimated to be the fastest growing sub-type in polyethylene segment. Functional polyolefin is expected to grow at a fastest rate.
This is due to excellent characteristics such as improved impact resistance, easy color ability, and excellent melt strength, which are driving the market in end user applications such as automotive, wire & cable coating, and injection molding.
Based on applications, the market is segmented into film & sheet, injection molding, blow molding, others (which includes, extrusion coating, fibers and raffia, wire & cable.) Film & sheet is the largest application of polyethylene and polypropylene and its continuous growth in various applications such as, packaging, automobile, and photovoltaic is driving the film & sheet application segment. Blowing agent is the second largest market in polyethylene type whereas injection molding is the fastest growing application of polyolefin.
Based on region, the market is bifurcated into North America, Asia-Pacific, Europe, Middle East and Africa (MEA), and Latin America. Asia-Pacific is the largest and fastest region in polyolefin market followed by Europe and North America.
Asia-Pacific polyolefin market is mainly dependent on the growth of plastic industry. The increasing demand for plastics in various end-use industries such as solar power, automotive, plastic molding food and non-food packaging is further expected to spur the market demand.
Key players in the polyolefin market adopted strategies such as merger and acquisition, expansion, new product launches, and agreements to meet the growing demand from the end-use industries such as plastics, building and construction, and so on. Polyolefin manufacturers are mainly focusing on new product launch strategy to cater to the growing demand in the market.
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.
Market by Type
o Random copolymer
Market by Application
Film & sheet
Others (extrusion coating, fibers and raffia, wire & cable)
Market by Geography
o Rest of Europe
o Rest of Asia-Pacific
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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