The global polyolefin market is estimated to grow at a CAGR of 4.1% during the forecast period. The market growth is attributed to the increasing application of polyolefins in packaging industry. The application of polyolefin in packaging is growing in various industries such as food packaging, bulk packaging, cosmetics packaging, drugs packaging, and the textile industry. The polyolefin packaging provides stronger, safer, cleaner and more sustainable packaging options compared to other thermoplastic materials. Its advancement in flexible packaging significantly contributes to minimizing food waste. The foam packaging with multiple types of shapes can provide protection, thermal isolation, and special physical, chemical needs. For instance, a foam food container is a disposable container for various foods including beverages. Polystyrene foam is in one of the most common types of plastics used for foodservice packaging, closures, and seals.
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The automotive segment is expected to achieve significant growth in the global Polyolefin market
Rising Production of the vehicles and the growing adoption of lightweight vehicles are the major factor that is augmenting the growth. Lightweight materials play an important role in the automotive industry. The use of polyolefin-based plastics is likely to increase significantly over the decade owing to the fact that even a 10% reduction in vehicle weight yields 6.5% reduction in fuel consumption, which in turns results in reduced carbon emissions. Increasing efficiency of vehicles also reduces the greenhouse emission from the vehicle. According to the European Commission report, cars in Europe are responsible for around 12% of total EU emissions of carbon dioxide, the main greenhouse gas.
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There are four areas that require highest-priority R&D with plastics viz. automobile interior, body and exterior, powertrain and chassis, and light-weighting. Due to this, the application of plastic components in the automotive industry has been increasing over the last decades. The plastics are used mainly to make cars more energy efficient by reducing weight, together with providing durability, corrosion resistance, toughness, design flexibility, resiliency and high performance at low cost. The plastics provides good mechanical properties combined with excellent appearance and the possibility of self-coloring. Due to these properties, the application of plastic components in the automotive industry has been increasing over the last decades.
Emerging market such as India, China, and Thailand are the most opportunity markets
Polyolefins can be regarded as one of the best products to have a growth opportunity in the rapidly emerging plastics market across the globe. Polyolefins are increasingly becoming popular in the plastics industry due to its various beneficial factors such as flexibility and others. The rising population and infrastructure in emerging economies such as India, China, and Thailand, are anticipated to inherit the development of plastics from polyolefins. Moreover, the plastics industry in Asia-Pacific is anticipated to expand in the near future, owing to robust growth being experienced by the Asia-Pacific under the electrical & electronics industry.
Global Polyolefin Market- Segmented by Product and by Application
By Product
- Polyethylene (PE)
- Polypropylene (PP)
- Ethylene Propylene Diene Monomer (EPDM)
- Others (EVA)
By Application
- Packaging
- Consumer Goods
- Building & Construction
- Electronics
- Automotive
Global polyolefin Market– Segment by Region
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Arya Sasol Polymer Co.
- Asahi Kasei Corp.
- BASF SE
- Braskem
- Chevron Phillips Chemical Co.
- China National Petroleum Corp.
- EQUATE
- Evonik Industries AG
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