According to a report published by Grand View Research, Inc.; the polyolefin market is expected to reach a valuation of around USD 348.31 billion by 2025.
Factors such as rapid industrialization, development of inexpensive interior furnishings in automobiles, innovations in plastic technologies, and stringent manufacturing standards regarding carbon emissions can propel the market during the forecast period (2014 to 2025).
Manufacturers are continuously enhancing their product range to complete the demand from many applications sectors including film and sheet and injection molding. This is expected to boost the market growth. Technological advancements to produce complex, different, and environment friendly product is likely to support the market growth. Increasing consumer awareness about environmental protection, growing efforts to control disposal of plastic waste, and strict government regulations have increased the use of eco-friendly polyolefins to reduce environment degradation due to its low carbon emission.
Worldwide polyolefin market can be segmented on the basis of product, application, and region. As per product, the market can be bifurcated into polyethylene, polypropylene, ethylene vinyl acetate (EVA), thermoplastic olefins, and others.
Full Research Report On Polyolefin Market Analysis: https://www.grandviewresearch.com/industry-analysis/polyolefin-market
Polypropylene and polyethylene segments are expected to show fastest growth in terms of volume. Polyethylene is likely to grow at a CAGR of 6.4% over the forecast period. The product has high demand in the film and sheet and packaging segments due to its greater impact resistance and high tensile strength. Polyethylene can be widely used in plastic films, bags, and geomembranes. It can be also widely accepted in food industry due to its non-toxic nature in solid stare. It is expensive than other products. Ethylene vinyl acetate (EVA) segment is likely to grow steadily over the forecast period. EVA is extensively used in processing and packaging industries to improve toughness, flexibility, and transparency. It is also used in wide range of applications including automobile bumpers, athletic goods, and footwear.
Based on application, the market can be split into film and sheet, injection molding, blow molding, profile extrusion, and others. The film and sheet and injection molding segments are projected to show fastest growth in developing countries due to growth in consumer disposable income.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
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Asia pacific has developed as a major consumer of the product due to thriving plastic industry as a result of rapid industrialization. Factors such as expansion of e-commerce industry, growing disposable income, increasing expenditure for infrastructure development, and technological progressions in this region can create positive outlook on the market. Growing end-use industries including packaging, automotive, and construction are also expected to drive the growth in this region. Additionally, presence of established petrochemical companies anticipated to increase product demand across many countries in the region including India, China, Vietnam, and Thailand. Availability of adequate land, skill and cheap labors have increased the shift in production site to developing countries in this region, especially India and China. This is likely to boost the market over the forecast period.
Food industry in the U.S. and Europe has been driven due to presence of supportive government regulations, where high-grade and advanced olefins are being utilized for labeling and packaging food products.
North America is likely to grow on account of wide application scope and use of the product in various end-use industries including construction, automotive, furniture, consumer goods, footwear, electronics, and packaging.
In Europe, furniture and construction sectors have observed remarkable product innovations due to strict regulatory framework to cut GHG emissions, which has increased the investments to produce polyethylene. The region includes several countries including Germany, U.K., France, Spain, Russia, Netherlands, Belgium, and other. Strong automotive sector in these countries along with improving consumer disposable income and growing expenditure for construction and infrastructural development is expected to support the market growth.
Key companies operating in the market include Lyondellbasell Industries Holdings N.V., Sinopec, The Dow Chemical Company, Chevron Corporation, and Borealis AG.
Major market participants are constantly investing to conduct R&D activities in order to develop wide range of product to fulfill the future demand.
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