Polyolefins (PO) a type of polymer is rapidly replacing polyamides other types of plastics. PO is obtained by the polymerization of olefin monomer units. With its unique mechanical properties such as resistance to extreme heat, solvent impact, and degradation, Polyolefins makes a product sturdy and durable.
Simultaneously, offering the product with some unique properties like lightweight, nontoxic, and non-contaminating, Polyolefin makes it strong enough to withstand exposure to most of the chemicals at room temperature for up to 24 hours.
Owing to their biocompatible nature, polyolefins have proven to be far more effective in the biomedical field as well. Offering multiple applications ranging from bone substitutes manufacturing to tissue adhesives and manufacturing of control drug delivery devices, these polymers have become one of the vital components in producing quality medical devices and disposable products.
Recyclable, cost-effective, low-cost, versatile, yet easily process-able Polyolefin Market Size are used in the manufacturing innumerable products that are useful in the daily life ranging from household use to specialized industrial applications which makes Polyolefins the largest volume polymers in the plastic industry today. Resultantly, Polyolefins have garnered much more prominence over the past decade and so has its market garnered exponential traction on the global platform.
Considering the potential of the market to grow further in the years to come, Market Research Future (MRFR) in its recently published study analysis asserts that the global Polyolefins market is expected to reach USD 324 BN by 2023, registering a CAGR of 6.5% during 2020-2030.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/2949
Other industries predominantly driving the market include automotive, packaging, construction, and electronics electrical which are burgeoning at present. Hence, production and supply trends in these industries define the landscape of this market.
Conversely, factors such as commoditization of the product along with the price volatility of raw materials are projected to obstruct the growth of the market during the forecast period. Nevertheless, increasing industrial applications of Polyolefins such as packaging and automobile industries are expected to support the growth of the market, providing a tremendous impetus.
Market Highlights:
Although Polyolefins have a large number of advantages, the most important is their versatility. The increasing need for high standard performance plastic across all modern applications is driving the growth of Polyolefins Market. This has also resulted in the development of newer and improved application and performance properties; Polyolefins that are fast, easy, and low cost are in demand. Such newly developed polyolefins include fast curing polyethylene and polypropylene and others.
The Global Polyolefins Market is expecting a potential growth in coming years. The major factors that influenced the demand for Polyolefins are wide range of applications, growth in packaging industry, increasing demand from construction industry and growing Asia-Pacific region. Whereas, factors that are hindering the growth of Polyolefins Market are increasing demand - supply gap, fluctuation in crude oil prices and stringent environmental regulations on non-biodegradable plastic residues challenging market growth. Major ongoing opportunities and trends in Polyolefins Market are Increasing Popularity of green and natural Polyolefins, increasing demand for bio-based Polyolefin and increasing demand from FMCG and plastic packaging industries.
Major Market Player
- SABIC
- LyondellBasell Industries BV
- LG Chem
- Mitsubishi Chemical Holdings Corporation
Market Segmentation Analysis:
The Global Polyolefins Market has been segmented into type, application and end user. Among types, the market has been divided into polyethylene, polypropylene and others. Polyethylene has accounted the largest market in terms of value and volume. This market was valued at USD 96.6 billion in 2016 which is projected to reach USD 148.6 billion by 2023 with a CAGR of 6.45%. The major reason behind this exponential growth is that PE is undoubtedly one of the most popular plastic across the globe which is majorly used in the plastic industries to manufacture plastic bottles, plastic toys, and grocery bags and also in bullet proof jackets. Along with this, PE also holds a significant role in other application industries such as packaging, electronics, automotive and many others. In the Global Polyolefin Market, polyethylene holds a largest market share of 46% in 2016.
From the application side, the market has been segmented into film sheets, blow molding, injection molding, fibers and others. Among these applications, films and sheets is the leading application where polyolefins consumed most. Polyolefins are majorly used in the production of film and sheets. The major raw materials used in its production are polyethylene and polypropylene. Polyethylene has accounted more demand when compared to polypropylene. These film and sheets are widely used in plastic packaging and other industries as well. Packaging industry accounts the largest demand as they are wise used in packaging of food beverages, pharmaceutical and personal care products. Other industries such as construction, electronics, and medical have also enjoyed a strong demand.
Polyolefins polymers such as polyethylene, polypropylene and other have a huge demand from the packaging industry, especially from plastic packaging. The major factors that has driving the packaging industry are increasing demand for plastic packaging, growing consumption, and company expansions. Geographically, Asia-Pacific is the largest market for Polyolefins Market for packaging application which has acquired 48% of the total market followed by North America and Europe.
Access Complete Report @ https://www.marketresearchfuture.com/reports/polyolefins-market-2949
About Market Research Future -
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with the technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone: +1 628 258 0071(US) +44 2035 002 764(UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
