PUBLISHER: Grand View Research | PRODUCT CODE: 1362993
PUBLISHER: Grand View Research | PRODUCT CODE: 1362993
The global polyolefin market is anticipated to reach USD 357.3 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to expand at a CAGR of 5.1% from 2023 to 2030. The market is poised for growth due to increasing adaptation across the end-use industries. The use of polyolefins in automotive applications helps reduce fuel consumption on account of their ability to reduce the density and weight of vehicles compared to conventional materials such as rubber and metal.
The use of polyolefins in automotive applications helps reduce fuel consumption on account of their ability to reduce the density and weight of vehicles compared to conventional materials such as rubber and metal. Increasing awareness regarding health hazards and consumer safety in various industries, such as electronics, healthcare, wire & cable, construction, and automotive, is expected to drive the global market over the forecast period.
The use of polyolefins in automotive applications helps reduce fuel consumption on account of their ability to reduce the density and weight of vehicles compared to conventional materials such as rubber and metal. Increasing awareness regarding health hazards and consumer safety in various industries, such as electronics, healthcare, wire & cable, construction, and automotive, is expected to drive the global market over the forecast period.
In the Polyolefin Market, major players have adopted various strategic initiatives such as new product launch, production expansion, merger & acquisition, and others. These strategic initiatives enable the market players to maintain the competitive environment and meet global demand. For instance, in May 2023, Borealis, an advanced & circular polyolefin solution provider launched Stelora to its existing portfolio of polyolefins. This sustainable engineering polymer provides attributes such as strength, durability, and higher thermal resistance.
Research activities focused on new materials, which combine several properties, are projected to gain wide acceptance in this industry in the coming years. Some of the prominent companies manufacturing these products include China Petrochemical Corporation; LyondellBasell Industries Holdings B.V.; PetroChina Company Limited; TotalEnergies; Chevron Corporation; Repsol; Dow, Inc.; Exxon Mobil Corporation; Braskem; and Borealis AG.