Burlingame, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global Polyolefin Elastomer Market size is projected to grow from $2,026.2 million in 2022 to $3,684.3 million by 2030 at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period, according to a new report by Coherent Market Insights. Polyolefin Elastomer Market, By Application (Packaging, Automotive, Polymer Modification, Wires & Cables, Medical, and Others). The demand for polyolefin elastomer is increasing across various end-use industries, which includes automotive, medical, and electrical among various others. This is further driving the growth of global polyolefin elastomer market.
Polyolefin Elastomers (POE) are a synthetic material with rubber structure and elastic properties. These properties are derived from ethylene and polyethylene copolymers. POEs are widely utilized in various industries such as packaging, automotive, and wire and cable insulation due to their durability, flexibility, and chemical resistance to provide a balance of softness and toughness.
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Market News / Recent Developments:
In February 2020, Dow Packaging and Specialty Plastics made addition of bio-based Affinity RE to its high-performance Affinity GA polyolefin elastomers. Henkel’s Technomelt brand, with Affinity RE will reduce the carbon footprint in its new Supra Eco hot melt adhesives line.
In December 2021, Geon Performance Solutions acquired Roscom Inc., an ISO 9001:2015-certified PVC compounding factory in Pennsylvania.
Market Trends
The growing demand for polyolefin elastomers in packaging industry is a major trend in the global polyolefin elastomer market. Among other application segments, packaging segment is gaining traction in the global market. According to the Coherent Market Insights, the segment accounted for a 52.0% share in the market. These elastomers are utilized as a main ingredient in molded flexible foam technology like armrests, fabrication of spa pillow, self-skinned footwear, seat cushions, and others.
Polyolefin Elastomer Market Report Coverage
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.8% |
| Market Size in 2023 | $2,026.2 million |
| 2030 Value Projection | $3,684.3million |
| Base Year | 2022 |
| Historical Data for | 2017 to 2021 |
| Segments covered | By Application: Packaging, Automotive, Polymer Modification, Wires & Cables, Medical, and Others |
| Growth Drivers | Increasing demand for polyolefin elastomers in the packaging industry Soaring demand for polyolefin elastomers in the medical industry |
Industry Overview
The global polyolefin elastomer market is projected to show major growth in the near future due to driving factors such as rise in demand for polyolefin elastomers in the packaging industry. However, side effects of these elastomers on the environment such as soil and air pollution is a major factor expected to hinder growth of the market. Furthermore, the growing application of polyolefin elastomers in adhesives and sealants is anticipated to generate growth opportunities in the global polyolefin elastomer market.
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Analysts’ Views
The global polyolefin elastomer market is regionally segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among the regions, Asia Pacific is anticipated to show substantial growth in the market over the coming future. Moreover, the market is further segmented into, By Application: Packaging, Automotive, Polymer Modification, Wires & Cables, Medical, and Others.
Competitive Landscape
SK Global Chemical Co., Ltd., Mitsui Chemical, Inc., Borealis AG, LG Chem Ltd., Tricon Energy Inc., RTP Company, Inc., Dalmia Polymers LLP, DowDuPont Inc., Siloxane Aggrandize Innovative Industries, and PolyOne Corporation.
Detailed Segmentation:
- Global Polyolefin Elastomer Market, By Application:
- Packaging
- Automotive
- Polymer Modification
- Wires and Cables
- Medical
- Others
- Global Polyolefin Elastomer Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
Read complete market research report, "Polyolefin Elastomer Market, By Application (Packaging, Automotive, Polymer Modification, Wires & Cables, Medical, and Others), By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
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