Burlingame, April 17, 2023 (GLOBE NEWSWIRE) -- Global polyolefin elastomer Market is estimated to be valued at US$ 2,026.2 Million in 2022 and expected to exhibit a CAGR of 7.76% during the forecast period (2023-2030).
Key Trends and Analysis of the Global Polyolefin Elastomer:
Polyolefin elastomer has developed as a growing material for automotive interior and exterior applications, molded and extruded goods, footwear, wire and cable, foams, and adhesives. Owing to this wide range of applications in the automotive industry is projected to propel the global polyolefin elastomer market. In addition, polyolefin elastomers are used as polymer modifiers in different products such as packaging film, medical goods, sheeting, and others. In Europe and North America, compounded thermoplastic polyolefin elastomers are one of the major end-users of polyolefin elastomers as it used for the fabrication of auto parts.
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Polyolefin Elastomer Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 2,026.2 Mn | |
| Historical Data for: | 2017-2030 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.76% | 2030 Value Projection: | US$ 3,684.3 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Key Market Takeaways:
Global polyolefin elastomer is expected to exhibit a CAGR of 7.76% over the forecast period (2023-2030). The growing adoption of packaged food products throughout the globe is accelerating the growth of the global polyolefin elastomer market.
Among applications, the packaging segment accounted for the largest revenue share in 2022, in the global polyolefin elastomer market. Favorable growth of food industries in South American countries such as Chile, Columbia, and Bolivia are projected to create immense opportunities for the growth of polyolefin elastomers for application in food packaging.
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Europe is expected to be the lucrative market for polyolefin elastomers, owing to its increasing applications in plastic, packaging, footwear, and automotive industries. Polyolefin elastomers are used in flexible foam technology such as in athletic footwear.
For instance, in May 2020, Dow launched ENGAGE REN, which is an extension of ENGAGE. The new ENGAGE REN is a plant-based elastomer and offers excellent foam quality in the footwear industry. In the footwear industry, these innovative elastomers provide some key benefits such as improved polymer consistency, lighter foams with equivalent hardness, and enhanced durability and abrasion resistance. In addition, it helps the footwear industry to decrease its carbon footprint and to develop sustainable products. Dow is one of the leading companies which provide sustainable material solutions in packaging industy.
Competitive Landscape:
Major players operating in the global polyolefin elastomer 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, SK Global Chemical Co., Ltd. Product launches, acquisitions, collaborations, and research & development (R&D) activities to develop products are key strategies adopted by players in the global polyolefin elastomer market.
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Market Segmentation:
- Global Polyolefin Elastomer Market, By Application:
- Packaging
- Automotive
- Polymer Modification
- Wires and Cables
- Medical
- Others
- Global Polyolefin Elastomer Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Italy
- France
- Germany
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Middle East & Africa
- By Sub-region:
- Middle East
- Africa
- By Sub-region:
- North America
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