PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127434
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127434
Polyolefin Market size was valued at USD 264.5 Billion in 2021, growing at a CAGR of 5.7% from 2022 to 2028.
The thermoplastics polypropylene and polyethylene belong to the polyolefin family. It is mostly produced from natural gas and oil using the polymerization processes of ethylene and propylene. It is made from olefins, hydrocarbons, and monomers, and it has excellent chemical stability, high processability, and long-lasting durability. The most popular thermoplastic polymer, it can be utilized for a variety of purposes, including packaging, consumer goods, fibers, and textiles.
Rising consumer demand for fuel-efficient vehicles is expected to drive the overall market growth. Due to its use in a variety of industrial applications and its ease of molding, demand for this product is increasing at a constant rate. Ethylene and propylene are typically polymerized to produce polyolefins from natural gas and oil, respectively. It is formed of hydrocarbons, monomers, and olefins and exhibits excellent processability, good chemical stability, and a long lifespan. Since it is the most widely used thermoplastic polymer, it can be used in a wide range of applications, including packaging, consumer goods, fibers, and textiles.
The demand for polyethylene, polypropylene, and ethylene-vinyl acetate in the automobile industry has increased as a result of their use in interior and exterior automotive components. 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 consumer applications, the total market is predicted to increase at a constant rate.
The Global Polyolefin Market is segmented on the basis of Type, Application, and Region. The market is divided into four categories based on product type: PP, PE, TPO, and EVA. Ethylene-Vinyl Acetate dominates the global market with ~42% market share of the Polyolefin market in terms of revenue. Ethylene Vinyl Acetate is widely utilized 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. Additionally, the demand for polyethylene compounds is anticipated to increase due to restrictions on the movement of people to stop the spread of COVID-19. These restrictions are expected to increase demand for packaged food, and milk caps for food packaging, drums, trays, and other liquid food packaging.
The market is divided into four categories based on application: Injection Molding, Film & Sheet, Profile Extrusion, and Blow Molding. The film and sheet segment accounted for the largest share over 27% 2021 of the Polyolefin market in 2021. In industrial thermoforming and other processes, film and sheet plastic are extensively employed. Plastics called polyolefins are strong and useful, and they are widely utilized in the sheet and film industries. Because they are chemically resistant, odorless, and nonporous, plastics made from polyolefins are frequently utilized in the consumer products and food packaging industries.
The global market for Polyolefin is made of a number of both international and local producers, making it a fairly competitive sector in the world. Key players are adopting strategic actions such as investment in research activities, new product introductions, and strategic collaborations to expand their market presence. In May 2022, BASF SE announced the expansion of its Irganox 1010 production capacity in Singapore. The company incorporated another manufacturing line into the current production facilities.
The scope of this report covers the market by its major segments, which include as follows: