The good properties of Polyolefins and increase in demand across various industries because of their increased utility are some of the factors driving the market growth of the Polyolefins Market globally.
JERSEY CITY, N.J., Feb. 2, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Polyolefins Market" By Type (Polyethylene (PP) - HDPE, LDPE, LLDPE, and Polypropylene), By Application (Films and Sheets, Blow Molding), By End User (Packaging, Automotive, Construction). According to Verified Market Research, the Global Polyolefins Market size was valued at USD 132.16 Billion in 2020 and is projected to reach USD 348.60 Billion by 2028, growing at a CAGR of 12.76% from 2021 to 2028.
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Browse in-depth TOC on "Polyolefins Market"
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Global Polyolefins Market Overview
Increasing demand for Polyolefins in automotive, electrical and electronics, food and beverage, and consumer goods is driving the market growth. Some of the properties are high rigidity, good moisture, and chemical resistance make polyolefins fitted for industrial uses, mainly for packaging automotive and electrical spare parts. Whereas, in the automotive industry, manufactures are focusing on improving the efficiency of vehicles by decreasing the weight of the vehicles. Polyolefins material is most preferable because of its lightweight, easy processability, sealing, and stiffness properties.
In the food and beverage industry, the consumption of polyethylene is multiplying due to the rising demand from the production of packaging materials for food and beverage. It is also used in fashion, sports, and toys because of its properties that oppose physical stresses, durability, provide flexibility in packaging, and allow easy moulding of products. Environmental crises and government regulations for Polyolefins are plastic. They have become a big problem for the environment. It takes many years to decompose. It is also collected in water bodies and adversely affects aquatic and human ecosystems.
Moreover, because of the increasing environmental concerns, governments of many countries have made specific regulations to regulate plastic usage in the countries, hampering the global market growth of polyolefins. An increase in technological and innovations in product developments by many industries in the market is increasing the opportunities for market growth. The expansion of bio-degradable and bio-based plastics will further increase the market growth of the global Polyolefins Market in the coming future.
Key Developments
- On November 2019, LyondellBasell started commissioning work on its new high-density polyethylene plant in La Porte, Texas. LyondellBasell's proprietary Hyperzone technology produces 500,000 tons of HDPE per year at their new plant.
- On March 2020, LyondellBasell Industries NV signed a 50-50 joint venture with Liaoning Bora Enterprise Group in Panjin, China, to build a 1.1 million-tons/year ethylene cracker and associated polyolefin derivatives complex.
Key Players
The major players in the market are Sinopec Corporation, Lyondellbasell Industries Holdings N.V., Exxonmobil Chemical, Petrochina Company Limited, Saudi Arabia Basic Industries Corporation, The DOW Chemical Company, Braskem S.A., Total S.A., Arkema S.A., and Borealis AG.
Verified Market Research has segmented the Global Polyolefins Market On the basis of Type, Application, End-User, and Geography.
- Polyolefins Market, By Type
- Polyethylene (PP) - HDPE, LDPE, LLDPE
- Polypropylene
- Others
- Polyolefins Market, By Application
- Films and Sheets
- Blow Molding
- Injection Molding
- Fibers
- Others
- Polyolefins Market, By End User
- Packaging
- Automotive
- Construction
- Pharmaceuticals/Medical
- Electronics & Electricals
- Polyolefins Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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