Portland, OR, May 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global polyolefins market was estimated at $133.9 billion in 2020 and is expected to hit $446.6 billion by 2028, registering a CAGR of 12.5% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in demand from the healthcare sector and rise in deployment of renewable energy fuel the growth of the global polyolefins market. On the other hand, fluctuations in raw material prices restrain the market growth. However, growth of the food sector in emerging economies is expected to create new opportunities in the future.
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Covid-19 Scenario
- The outbreak of the pandemic led to disrupted manufacturing activities and distorted supply chain, due to extended lockdown across the world. In addition, the supply chain has been disrupted.
- There’s been a sharp decline in demand for polyolefins from several industries such as packaging, automotive, electronics, and others.
- However, several government bodies have now come up with relaxations and the market is expected to recoup soon.
The global polyolefins market is analyzed across type, application, and region. On the basis of type, the polyethylene segment contributed to nearly two-thirds of the total market share in 2020, and is expected to retain its dominance during the forecast period. Simultaneously, the polypropylene segment is projected to grow at the fastest CAGR of 14.5% from 2021 to 2028.
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On the basis of application, the film & sheet segment accounted for the major share in 2020, garnering nearly one-third of the global polyolefins market. The same segment would also cite the fastest CAGR of 13.2% from 2021 to 2028.
On the basis of region, Asia-Pacific generated the market share in 2020, contributing to around three-fifths of the global market. The market across the region would also portray the fastest CAGR of 13.6% throughout the forecast period. The other regions studied in the report include North America, Europe, and LAMEA.
The key market players analyzed in the global polyolefins market report include SABIC, Total SE, Repsol, Reliance Industries, Formosa Plastics Corporation, LyondellBasell Industries N.V., Ineos Group AG, Ducor Petrochemical, and Sinopec Group. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.