The global polyolefin market is expected to witness considerable growth during the forecast period due to the surging consumption of plastics in both the commercial and industrial sectors including adhesives, home appliances, automotive parts, engineering plastics, grocery bags, toys, containers, medical applications, and prosthetic implants. Owing to durability, lightweight, and capability to resist physical and chemical damages, polyolefins are preferred over metallic and non-metallic substitutes for protection. One of the latest developments in the market is the growing use of bio-based and metallocene-based polyolefins. Green polyolefin helps in reducing greenhouse gas effect on global warming, while the stringent regulations regarding the use of synthetic polymer products will also drive the market growth for bio-based polyolefins during the forecast period. Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The segmentation also includes demand of the product and applications in all regions.
Rushing light weight high performance materials demand in automotive industry has certainly impacted industry growth in past few years. Government laws regarding optimising fuel efficacies in automobiles have led to substantial plea for light weight products. Rising disposable income and increasing volume of automobile usage has augmented the development of automotive sector globally. Stringent global laws for customer goods packaging have further navigated the polyolefin market penetration in packaging materials. Increasing polymeric films and sheet demand in wide host of industries including food & beverage packaging, injection molding, appliances is anticipated to positively affect industry expansion over the next seven years.
Polyolefins offer wide range of benefits to stakeholders and packaging material and consumer goods product manufacturers. These benefits may include improving packaging material and consumer good’s eco-friendly activities. One of the key factors propelling the market for polyolefins across the globe is increased focus on Bio-Based content rather than biodegradability and increasing government regulation and policies regarding environment. The thriving food processing industry, especially across emerging economies in regions such as Asia Pacific, is expanding in terms of consumer base as well as the establishment of manufacturing and packaging facilities. Market of ‘polyolefin are still at a very emerging stage in almost every region across the world and with a billion dollar investments in research and development of applications throughout various industry verticals, market growth of polyolefins has a very high potential. Polyolefin combines increasing category of packaging products and consumer goods that have eco-friendly benefits. That helps in creating a massive potential market for various applications and most of the polyolefin manufacturing companies to adapt the product by 2031.
In packaging industry, polyolefins are a futuristic development with its capacity to look better with good specific healthcare and food quality holding benefits in processed food products. Polyolefin will be one of the major trends to gain attention in this market in the upcoming years. Polyolefin has a massive application potential in consumer goods as well as in agriculture and automotive market. The cumulative shift towards eco-friendly polymer products has directed to the widespread usage of polyolefin in a wide array of applications.
The rise in demand of polyolefins can increase the demand for food packaging material, agriculture & horticulture products, consumer goods and automotive industry which in turn causes the expansion of these industries.
Some of the major players in the polyolefins technology market are BASF, The Dow Chemical Co., Lyondell Basell, SABIC, CNPC, Arkema, DuPont and Formosa Plastic Corp. among others.
Global Polyolefin Market: By Application
Global Polyolefin Market: By Type
Global Polyolefin Market: By Geography