Seoul, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Seoul, Oct 07, 2021 (GLOBE NEWSWIRE) – The global polyolefin market size was valued at US$ 240 billion in 2020. Polyolefin is a synthetic polymer that is derived from the olefins. Polyolefin is the extensively used for commercial and industrial applications across the globe. Rising demand from the construction and buildings and solar power industries is augmenting the demand for polyolefin. Rapid urbanization, rapid industrialization, development of eco-friendly and bio-based plastics, and development and growth of the solar power industry are among the top driving factors responsible for the growth of the polyolefin market in the upcoming years. Polyethylene and polypropylene are two most common and widely used polyolefin across the industries owing to their flexibility and strength.
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Crucial factors accountable for market growth are:
- Growing demand from automotive industry for making lightweight vehicles
- Increasing demand for films and sheets from the agriculture sector
- Growth and development of solar industry
- Growing demand from Asian countries like China and India
- Rising penetration of foodservice industry will augment the demand for packaging material
- Bio-based and bio-degradable plastic is gaining traction
- E-commerce to boost the demand for packaging materials made of polyolefin
Scope of the Polyolefin Market Report
| Report Coverage | Details |
| Market Size in 2030 | USD 400 Billion |
| Growth Rate between 2021 to 2030 | CAGR of 9.7% |
| Base Year | 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Type, Application |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
| Companies Mentioned | ExxonMobil Corp., Sinopec Corp., Repsol, Total SE, Chevron Phillips Chemical Co., Reliance Industries, BASF SE, Formosa Plastic Corp., SABIC, LyondellBasell Industries |
Regional Snapshots
Asia Pacific dominated the global polyolefin market in 2020 and projected to augment the market in the coming years. The prime factor attributed for its growth is rapid industrialization, heavy investments in infrastructure, rapid urbanization, growth of e-commerce, and growth of the automotive industry in the region. Many people in Asia Pacific are still dependent on agriculture, therefore there is a huge potential for the growth of the films and sheets segment in the Asia Pacific region.
The North America and Europe polyolefin market is augmented by the packaging, automotive, construction, and transportation industries. Moreover technological advancements in developing sustainable plastic solutions offer lucrative growth opportunities to the key market players in the region. Furthermore, the growing adoption of electric vehicle is augmenting the demand for polyolefin for its durability and lightweight properties. This will significantly boost the demand for the polyolefin in the forthcoming years.
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Report Highlights
- Polyethylene segment led the global polyolefin market with 35% revenue share in 2020. Increased demand from various industries such as industrial, automotive, construction, transportation, and packaging is expected to augment polyolefin demand.
- The polypropylene segment is expected to hit remarkable CAGR during the forecast period 2021 to 2030.
- By application, film & sheet segment held the major revenue share 45% in the global polyolefin market in 2020 owing to the higher demand from the agriculture and industrial sector.
Recent Developments
- In March 2020, LyondellBasell and Liaoning Bora entered into a joint-venture in China to work for developing ethylene cracker and polyolefin derivative complex with 1.1 million ton capacity per year.
- In July 2019, Repsol introduced its new range of polyolefin, called Repsol 50RX2805.
Market Dynamics
Drivers
The growth of the polyolefin market is highly influenced by the sales revenue of the films and sheets application. The film and sheet is one of the major driving force of the market. The increased demand for the films and sheets segment from the majority of the industries such as packaging, agriculture, cosmetics, construction, and automotive industries is driving the growth of the global polyolefin market. Polypropylene, polyethylene, and ethylene vinyl acetate are easily available and the most demanded film and sheets material owing to their strength and cheap prices. Moreover, increasing demand from the developing nations is further expected to fuel the market growth.
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Restraints
One of the major restraints of the polyolefin is growing environmental concerns due to huge amount of plastic wastes. The government initiatives to reduce the use of plastic are a key restraining factor. Further, the huge demand and shortage in supply due to factors like trade war between US and China may result in a price hike which may hamper the market growth.
Opportunities
The growing technological innovations and product developments by key players may provide growth opportunities. For instance, the development of bio-degradable and bio-based plastics is expected to be the most opportunistic development in the global polyolefin market in the foreseeable future.
Challenges
The rising initiatives for increasing awareness regarding ban of plastics is a huge challenge. The need for developing sustainable solutions is at its peak in the current market scenario. The growing usage of non-plastic materials by the consumers may constraint the market growth in future.
Market Segmentation
By Type
- Polyethylene
- Polypropylene
- Polyolefin Elastomer
- Ethylene Vinyl Acetate
By Application
- Film & Sheet
- Injection Molding
- Blow Molding
- Profile Extrusion
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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