Global Polyolefins Market – by type (polyethylene, polypropylene and others), by application (film & sheets, blow molding, injection molding, fibers and others), by end user (packaging, automotive, construction, pharmaceuticals/medical, electronics & electrical and others), and by Region – Forecast till 2023
Synopsis of Polyolefins
Polyolefins belongs to a class of polymers which is odorless, non-porous, and non-polar material that are derived from the polymerization of monomer named as olefin, olefin is made up of only hydrogen and carbon atoms. It is classified as a hydrocarbon with high molecular weight. Polypropylene and polyethylene are one of the types of polyolefins which are used in various application such as blow molding, injection molding, fibers, film & sheets, and others. Moreover, they possess excellent properties such as high chemical resistance and superior chemical stability which make them widely utilized in numerous end use industries such as electronics & electrical, packaging, construction, automotive, pharmaceuticals & medical, and others.
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According to Market Research Future Analysis, cumulatively the global polyolefins market is expected to reach USD 324 Billion by 2023 expanding at a CAGR of 6.49% during forecast period of 2017-2023. According to end user type, packaging and automotive together are about to grow around USD 160 Billion by 2023 which is a clear indication for more demand from these sector and further more demand for polyolefins. The growth of this market is majorly driven by their increasing consumption in consumer goods and FMCG sector. Moreover, polyolefins are widely preferred over metallic and non-metallic substitutes on account of their light weight, resistance to physical and chemical attacks, and high durability. The above mentioned reason is responsible for their wide usage in production of packaging products which is used on daily basis. Furthermore, rising government regulations regarding the optimization of fuel efficient vehicles has led to raise the demand for light weight automobile parts. Increasing disposable income along with rising lightweight automotive production and sales in developed and developing countries is estimated to drive the demand for polyolefins market. Geographically, Asia Pacific accounted for the largest market share in terms of value and volume. In this China is the largest and India as well as Japan is expected to be the fastest growing market for polyolefins on account of rapid industrialization and growth of end user industries.
- The global polyolefins market is segmented into Asia Pacific, Europe, North America, Middle East, and Latin America. Among them, the Asia Pacific region is accounted for the largest market for polyolefins followed by North America and Europe.
- Asia Pacific accounts for around 47% of the volume share in the global market. Some of the prominent factors attributed to the regional growth are rapid industrialization, ease in availability of raw material supply, inexpensive land and labor cost, and presence of largest production base with minimal regulatory norms. The demand for polyolefins is expected to surge in various countries of Asia Pacific such as India, Japan, China, Taiwan, Malaysia, and South Korea on account of continuous growth of automotive sector along with increasing construction activities.
- Europe and North America are relatively mature markets and are predicted to witness steady growth. In Europe, Germany, the U.K, and France are among the major contributors to the regional market growth and is expected to retain their dominance over the forecast period on account of the wide utilization of polyolefins in packaging and automotive sector. Emerging countries of Latin America and North America such as Mexico, Brazil, and U.S. are predicted to witness significant growth due to rising volume of vehicle production and sales in these regions.
- Furthermore, high adoption rate in electronics and electrical industry along with continuous growth of pharmaceutical and medical sector is estimated to fuel the regional market growth. In the Middle East and Africa, countries such as Qatar, Turkey, Saudi Arabia, and the United Arab Emirates are expected to be the dominating region on account of rising building and construction activities.
- Moreover, increasing development of institutional, residential, and commercial buildings along with high utilization of polyolefins in construction industry is expected to propel the regional market growth.
- The polyolefins market is further categorized into type, application, end user, and region. Based on type, the market is segmented into polyethylene, polypropylene and others.
- Based on application, the market is categorized into film & sheets, blow molding, injection molding, fibers and others.
- Based on end user, the market is classified into packaging, automotive, construction, pharmaceuticals/medical, electronics & electrical and others.
- Based on region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Some of the key players operating in the global polyolefins market are W.R. Grace, LyondellBasell Industries Holdings B.V, E. I. du Pont de Nemours and Company, PetroChina Company Limited, PolyOne Corporation, Arkema SA and SABIC.
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Global polyolefins market is estimated to reach USD 324 billion by 2023 with 6.49% CAGR during review period of 2017-2023. Asia-Pacific accounted for the largest market share on account of increasing application industries in this region. Among type segment, polyethylene acquired the market share of 46% in 2015 with the market value of USD 96.6 billion in 2016 growing at a CAGR of 6.45% till forecast period. Among applications, packaging industry emerged as the leading application industry in global polyolefins market.
The report covers brief analysis of geographical region such as:
> North America
o Rest of Europe
> Asia Pacific
o Rest of Asia Pacific
> Latin America
> Middle East & Africa
> Polyolefins manufacturers
> Traders and distributors of polyolefins
> Polyolefins Associations
> Potential investors
> Raw material suppliers
> Polyolefin Plastic
> Flame retardant
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