Overview:
The packaging industry is getting driven primarily by environmental concerns owing to which the Polyolefin Market is enjoying much prominence. Emerging nations are showing huge intake of polyolefin products which can secure high growth rate in the coming years for the market. The high tensile strength of the component is perfect for the packaging industry. Its features such as high impact resistance and chemical resistance make it a choicest preference for industries such as film and sheet industry as well. At the same time, it can be melted, cooled, and heated again on the basis of requirement but in the process, the final product does not lose its original strength giving the product and advantage over other metal substitutes. The Global Polyolefin Market is eyeing for growth by an impressive 7% CAGR during the forecast period (2016-2022) to reach a market valuation of USD 300 billion. Market Research Future (MRFR) includes a detailed segmental analysis in the report, along with drivers that can impact the global market during the forecast period.
Among the major drivers, the packaging industry can be considered a prominent one where the demand for eco-friendly substances is driving production big time. Governments have already implemented stringent regulations to curb the CO2 emission which is promoting the demand for Polyolefin as it can be recycled which creates little room for wastage. The automobile sector has a significant role to play in the growth of Polyolefin. The product is light-weight which ensures less fuel consumption and helps manufacturers to comply with the government regulations. Its use in electrical insulation can open up bigger business opportunity for the market. Driven by such heavy industries, volume-wise production of the Polyolefin can expect to cross 180 million tons by 2022.
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Competitive Landscape:
Prominent players of the Global Polyolefin Market report are BASF SE, The Dow Chemical Co., E. I. du Pont de Nemours and Company, Formosa Plastics Corporation, Sinopec Corporation, LyondellBasell Industries Holdings B.V., ExxonMobil Corporation, China National Petroleum Corporation, SABIC, Braskem S.A., Total S.A., Ineos Group AG, and Arkema S.A.
In July 2018, LyondellBasell inked a deal with Karlsruhe Institute of Technology (KIT) regarding the waste-management program. The initiative would help the former to step ahead towards recycling waste. New catalysts would assist in depolymerization of polyolefin waste, and the process would witness greater efficiency.
Bostik’s Brilliance, a first-of-its-kind high-performance polyolefin elastic attachment, are mostly used in baby diapers and adult incontinence products. The elastic allows the proper placement of the hygienic products and has reliable leakage control.
Segmentation:
The Global Polyolefin Market can be segmented by Application and Type.
Based on the Type, the Polyolefin Market can be segmented into polypropylene (PP), polyethylene (PE), and polymethyl pentene (PMP). PE segment to own almost 30% of the entire market by 2022.
Application-Wise, the Polyolefin Market can be segmented by films & sheet, blow molding, injection molding, tapes & fibers, and others. Films & sheet segment is expecting substantial growth during the forecast period.
Regional Analysis:
Region-Specific Analysis of the Polyolefin Market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to play a pivotal role during the forecast period. The region has several economies that are industry-wise unfurling their potential. Especially, automotive and construction sectors are gaining mileage and, in the process, are triggering the growth of the polyolefin market. At the same time, key players have developed an extraordinary network which is helping both the dealers and the consumers.
North America, an erstwhile market leader, is growing at substantial pace with several verticals providing much traction to the all over growth. Revamping automotive sector of the region is pushing the market forward. In the U.S. and Europe, research and innovation have led to the discovery of high-grade olefins which can be used in food packaging.
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