Global Polyolefin Market is expected to grow at a significant CAGR of 6.7% and reach USD 348.31 billion by 2025. A polyolefin also termed as polyalkenes, a class of polymers produced from a simple olefin also termed as alkene through polymerization. Polyethylene and polypropylene are the most prominent members of polyolefin. Olefins are the hydrocarbons in which carbon atoms are linked together by a double bond. They are probably derived from low-molecular-weight constituents of petroleum or from natural gas. Generally, polyolefin packaging materials are developed by molding or film extrusion.
Polyolefins represent more than 50% of all polymers consumed in South Africa. These raw materials are cost-effective and their densities are the lowest of all plastics. They can be easily recycled into new plastic products. Moreover, recycling rates can rise if consumers discrete their recyclables from the rest of their waste.
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Rising demand from manufacturers like transportation, plastic, building & construction, and packaging and high demand for plastic products in various applications like blow molding and injection molding are documented as major factors of Polyolefin Market that are estimated to enhance the growth in the years to come. However, high capacity-to-demand ratio is a factor that may restrain overall market growth in the coming years. Polyolefin Market is segmented based on product types, applications, and region.
Thermoplastic olefins, polyethylene, ethylene vinyl acetate, polypropylene, and other product types that could be explored in Polyolefin in the forecast period. Polypropylene and polyethylene are projected to grow at fastest pace in the coming years in terms of volume. This may be because of strong supply-to-demand ratio, high demand for food and packaging, and enhanced R&D sectors. Thermoplastic olefins (TPO) and ethylene vinyl acetate (EVA) follow suit.
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The market may be categorized based on applications like profile extrusion, film & sheet, blow molding, injection molding, automotive, plastic modification, building & construction, and others. The film and sheet segment accounted for the largest market share of Polyolefin in terms of volume and is estimated to lead the overall market in the coming years. However, injection molding sector is estimated to grow at fastest pace in the coming years.
Globally, Asia Pacific accounted for the largest market share of Polyolefin and is estimated to remain dominant in the future period. The reason behind the growth of overall market could be increasing disposable income, high demand for plastic products, and expanding industries like automotive, construction, and packaging. Also, presence of skilled labor at low cost is a factor that will boost the market growth in this region. The developing countries like India and China are the major consumers of Polyolefin in this region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. The growth may comprise, exclusive application and high demand from major companies like electronics, automotive and transportation, packaging, construction, and consumer goods. However, the European market is estimated to grow at significant rate in the coming years.
The key players of Polyolefin Industry are Lyondell Basell Holdings B.V, Chevron Phillips Chemical Company, ExxonMobil Corporation, Sinopec Corp., BASF SE, Sinopec Corp., and The Dow Chemical Company. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.