The Global Polyolefin Market is predicted to touch USD 300 billion at a 7% CAGR over the forecast period (2016-2022), states the new Market Research Future (MRFR) Report. Polyolefin is a collective term used for the types of plastics which include polypropylene, and polyethylene, namely LDPE (low-density polyethylene), LLDPE (linear low-density polyethylene), and HDPE (high-density polyethylene). Its low price and easy processability along with its excellent physical and chemical properties, make it an ideal resin and the best choice often for an array of plastic applications. Polyolefin is mainly produced from natural gas and oil through polymerization of propylene and ethylene, respectively.
Various factors are propelling the Polyolefin Market Growth. These factors, as per the new MRFR report, include growing demand for Polyolefin materials especially polypropylene and polyethylene from packaging, construction, and automotive industries, strict industrial standards about carbon emissions, the advent of cost-effective interior furnishings in automobiles, and rising innovation in plastic technologies.
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On the flip side, fluctuations in the prices of raw materials, stringent environmental norms, concerns about improper disposal of Polyolefin plastic materials, and burgeoning demand for flexible packaging materials are factors that are likely to restrict the Polyolefin Market Growth over the forecast period.
Prominent Players Profiled in the Polyolefin Market Report include Arkema SA, Ineos Group AG, Total SA, Braskem SA, SABIC, China National Petroleum Corporation, ExxonMobil Corporation, LyondellBasell Industries Holdings BV, Sinopec Corporation, Formosa Plastics Corporation, The Dow Chemical Co., E. I. du Pont de Nemours and Company,and BASF SE. Leading players have used different strategies to create a foothold in the market, such as mergers and acquisitions, joint ventures, product launches, and more.
September 2019: Procter and Gamble in association with PureCycle have perfected a technique which results in snowy white and odor-free recycled polypropylene which is highly desirable to different manufacturers.
The MRFR Report provides a complete segmental analysis of the Polyolefin Market Report based on Type and Application.
Based on Type, the Polyolefin Market is segmented into polymethyl pentene (PMP), polyethylene (PE), and polypropylene (PP). Of these, the polyethylene segment will have the largest share in the market over the forecast period. Owing to their corrosion and chemical resistance properties, non-toxicity, high durability, and light weight, it is widely used to manufacture automobile accessories, household containers, and packaging films.
Based on Application, the Polyolefin Market is segmented into tapes and fibers, injection molding, blow molding, films and sheet, and others. Of these, the films and sheet segment will dominate the market over the forecast period.
By Region, the Polyolefin Market report covers the latest trends and growth opportunities across the North America, Asia Pacific (APAC), Europe, and the Rest of the World. Of these, North America will spearhead the market over the forecast period chiefly due to the region’s revamping automotive sector and increasing research and innovation made by manufacturers to strengthen product portfolio and widen business operations. The US is the chief contributor in the region as the innovation and research here have resulted in high-grade olefins that are largely used in food packaging. Moreover, extensive use and wide application scope in various end-use industries, including electronics, packaging, consumer goods, furniture, footwear, construction, and transportation are also accelerating market growth in the region.
The Polyolefin Market in the APAC region will grow at the fastest pace over the forecast period. Factors aiding growth in the region include growing construction and automotive sectors, key players developing an excellent network that is helping consumers and dealers alike, availability of vast land and skilled labor, the shift in production landscape towards emerging economies especially in India and China and increasing construction spending.
The Polyolefin Market in Europe is predicted to have a healthy growth over the forecast period. Factors aiding growth in the region include the rise in infrastructural and construction spending, growing consumer disposable income, and a revitalized automotive sector in the region.
The Polyolefin Market in the Rest of the World is predicted to have a steady growth over the forecast period.
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