Polyolefins are polymers produced by polymerization of olefin monomers. Parameters such as material fatigue, long shelf life, and high impact strength can support the production of polyolefins. Their use varies from daily items to special industrial applications. The global polyolefins market report by Market Research Future (MRFR) outlines pertinent drivers, opportunities, trends, and challenges for the period of 2022 to 2030 (forecast period).
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Market Scope
The global polyolefins market is set to touch a valuation of USD 300 billion by 2030. It can display a CAGR of 7% over the forecast period. It is driven by the use of eco-friendly packaging and abundance of raw materials in emerging economies. The demand for polyolefins is expected to exceed a mark of 180 million tons by 2030 due to regulations for reduction of emission levels and optimization of fuel efficiency levels by government regulatory bodies. Massive demand for these polymers in blow molding, injection molding, coating, film & sheet, and other applications can culminate in heavy market growth till 2030.
Segmentation
The global polyolefins market has been segmented by type and application.
By type, it is segmented into polymethylpentene (PMP) polyethylene (PE), and polypropylene (PP). The PE segment is expected to dominate due to its easy availability and low prices as compared to its counterparts. It will be used in bags, plastic films, and geomembranes due to its malleable nature.
By application, it is segmented into tapes & fibers, films & sheet, blow injection molding, and others. The films & sheet application can lead the global market by 2030 due to its application in blown film bags, industrial thermoforming, and food packaging. On the other hand, blow injection molding can drive market growth due to its application of manufacture of HDPE, LDPE, LLDPE, PP, and EVA.
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Regional Analysis
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are regions studied in the global polyolefins market report.
APAC can dominate the global market due to the demand for plastics in various end-use industries. It accounted for over 46% market share owing to rapid industrialization and setup of various plants by prominent end-use industries. Film & sheet and injection molding in the industries can drive the demand for these polymers and bolster market demand in the process. A strong supply chain and demand in automotive and construction sectors are anticipated to boost demand in the global polyolefins market growth. Access to raw materials due to proximity of petrochemical companies such as Sinopec, Chevron, and BASF is expected to bode well for the market in the region.
North America held a sizeable market share and will experience a steady market demand till 2030. Europe and RoW can continue to expand massive demand due to investments by end-use industries and technological breakthroughs.
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Competition Outlook
SABIC, Ineos Group AG, E. I. du Pont de Nemours and Company, ExxonMobil Corporation, Formosa Plastics Corporation, Total S.A., BASF SE, LyondellBasell Industries Holdings B.V., Arkema S.A., China National Petroleum Corporation, The Dow Chemical Co., Sinopec Corporation, and Braskem S.A. are notable players of the global polyolefins market.
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