SEATTLE, May 16, 2019 (GLOBE NEWSWIRE) -- The global polyolefin elastomer market was valued at US$ 1,723.8 million in 2018, and is projected to exhibit a CAGR of 8.7% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Global Polyolefin Elastomer Market:
The global polyolefin elastomer market is expected to witness significant growth over the forecast period. This is owing to increasing demand for polyolefin elastomer from various applications such as automotive, packaging, and others. Other segment comprises of molded rubber goods, adhesives. Furthermore, it finds application in consumer goods and in electrical and electronics industry.
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Polyolefin elastomer is non-toxic and therefore, can be used as a packaging material in food and beverages. This further gains consumer traction increasing overall demand for polyolefin elastomers. It has applications in seals, closures, wads for caps, liners and flexible bags, and pouches especially for the food and beverages packaging. Increasing demand of packed food and significant growth in food and beverage industry is expected to boost global polyolefin elastomer market during the forecast period.
Major players in the market are focused on adopting various business strategies to expand their product portfolio and enhance their market share. North America polyolefin elastomer market is concentrated by the presence of major players such as DowDuPont Inc., Exxon Mobil Corporation, and Eastman Chemical Company, which occupy a prominent market share in the global polyolefin elastomer market. For instance, DowDuPont announced its plans to manufacture conventional polyolefin elastomers for high-performance flexible packaging, transportation, and consumer industries in late 2018, which is expected to increase polyolefin elastomers product offerings.
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Key Market Takeaways:
- The global polyolefin elastomer market is expected to exhibit a CAGR of 8.7 % during the forecast period in terms of revenue. The market growth is driven by increasing use of polyolefin elastomer in various applications such as medical, wires and cables, polymer modification.
- Among regions, Asia Pacific is expected to hold major market share over the forecast period, owing to increasing demand for automobiles and high usage of polyolefin elastomer in the manufacturing of automotive components and also for interior and exterior applications. Moreover, polyolefin elastomer is used in several medical applications such as in sterilization processes, adhesives, and sealant. According to India Brand Equity Foundation, Indian automotive industry (including component manufacturing) is expected to reach US$ 282.8 billion by 2026 from US$ 251.4 billion in 2018. Therefore, significant growth in automotive industry is expected to drive polyolefin elastomer market growth in the region during the forecast period.
- Some of the major players operating in the global polyolefin elastomer market include, Mitsui Chemical, Inc., LG Chem Ltd., RTP Company, Inc., DowDuPont Inc., PolyOne Corporation, Siloxane Aggrandize Innovative Industries, Dalmia Polymers LLP, Tricon Energy Inc., Borealis AG, and SK Global Chemical Co., Ltd., and others.
- Furthermore, key players in the market are focused on adopting strategies such as technological development and collaborations in order to strengthen their footprint in the global polyolefin elastomers market. For instance, in 2016, Borealis AG launched three new polyolefin elastomers (POE) grades namely, Quep 6800LA, Queo 7001LA, and Queo 7007LA. The Queo portfolio expansion further enhances the company’s product offering of high-value specialty polyethylene (PE) products for application in high-end segments in automotive, consumer packaging, housewares, and wire and cable industries.
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