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.
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