Polyolefins (PO) a type of polymer is rapidly replacing polyamides & other types of plastics. PO is obtained by the polymerization of olefin monomer units. With its unique mechanical properties such as resistance to extreme heat, solvent impact, and degradation, Polyolefins makes a product sturdy and durable.
Simultaneously, offering the product with some unique properties like lightweight, nontoxic, and non-contaminating, Polyolefin makes it strong enough to withstand exposure to most of the chemicals at room temperature for up to 24 hours.
Owing to their biocompatible nature, polyolefins market have proven to be far more effective in the biomedical field as well. Offering multiple applications ranging from bone substitutes manufacturing to tissue adhesives and manufacturing of control drug delivery devices, these polymers have become one of the vital components in producing quality medical devices and disposable products.
Recyclable, cost-effective, low-cost, versatile, yet easily process-able polyolefin are used in the manufacturing innumerable products that are useful in the daily life ranging from household use to specialized industrial applications which makes Polyolefins the largest volume polymers in the plastic industry today. Resultantly, Polyolefins have garnered much more prominence over the past decade and so has its market garnered exponential traction on the global platform.
Considering the potential of the market to grow further in the years to come, Market Research Future (MRFR) in its recently published study analysis asserts that the global Polyolefins market is expected to reach USD 324 BN by 2023, registering a CAGR of 6.4% during 2020-2030.
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Other industries predominantly driving the market include automotive, packaging, construction, and electronics & electrical which are burgeoning at present. Hence, production and supply trends in these industries define the landscape of this market.
Conversely, factors such as commoditization of the product along with the price volatility of raw materials are projected to obstruct the growth of the market during the forecast period. Nevertheless, increasing industrial applications of Polyolefins such as packaging and automobile industries are expected to support the growth of the market, providing a tremendous impetus.
Global Polyolefins Market - Regional Analysis
The Asia Pacific region dominates the global Polyolefins market, securing the largest share. Factors attributing to the market increase include the augmenting demand for plastic in electronic products in some of the rapidly developing economies such as Taiwan, Malaysia, China, and India. This demand is expected to heighten further during the forecasted period which will help the market to continue with its dominance throughout the forecast period.
Polyolefins markets in North America and Europe are expected to grow at a substantial CAGR from 2017 to 2023, increasing steadily. Augmenting demand for Polyolefins to produce a variety of end products including PVC, films, food packaging, and cables are fostering the growth of the market in these regions. Since PVC is widely used in the building and construction industry in applications such as pipes, ducting, door profiles and window frames the burgeoning construction sector predominantly drives the polyolefins market in these regions.
Global Polyolefins Market - Competitive Analysis
Highly competitive the global polyolefins market appears to be fragmented due to the presence of many large and small key players. To sustain their positions these players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch. Manufacturers strive to deliver the best quality, and reliable, high-quality Polyolefins using innovative technologies, and best practices.
Major Players:
Key players leading the global Polyolefins market include LyondellBasell Industries Holdings B.V, E. I. du Pont de Nemours & Company, W.R. Grace, PolyOne Corporation, Arkema SA, PetroChina Company Limited, and SABIC among others.
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Industry/ Innovation /Related News:
April 08, 2019 –-- Borealis AG (Austria), a leading global player producing and distributing polyolefins and base chemicals announced the opening of a compounding plant in Taylorsville, N.C. Borealis’ two segments, Polyolefins, and Base Chemicals offer polyolefin compounds for the wire and cable industry for use in extra high, high, medium, and low voltage energy transmission and distribution cables, as well as in semi-conductive products.
This new facility will produce polypropylene, thermoplastic polyolefin, and short glass fiber compounds with the capacity of 30,000 MT/year. The company has already secured several projects with the leading North American and European OEMs.
April 05, 2019 –-- Nouryon Holding BV (the Netherlands), a specialty Chemicals Business of Akzo Nobel N.V. announced the expansion its production capacity for solvent-based organic peroxides in Mexico. Expected to be completed by the second quarter of 2020 this expansion will double production capacity for solvent-based organic peroxides, enabling Nouryon to support the North American polyolefin and polyvinyl chloride (PVC) markets.
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