Polyolefins market forecast to reach $446.6 billion by 2028
Bengaluru, India – The polyolefins market was valued at $133.9 billion in 2020, and is projected to reach $446.6 billion by 2028, growing at a CAGR of 12.5 percent from 2021 to 2028, according to Valuates Reports.
Numerous industries are facing changes in customer spending due to the outbreak of COVID-19, which is hindering the polyolefins market growth. For instance, the automotive sector witnessed a decline in sales in 2020, which in turn decreased the demand for polyolefins.
Polyolefin is a family of polypropylene and polyethylene thermoplastics. It is manufactured primarily from natural gas and oil by a polymerization process of ethylene and propylene, respectively. It is produced from olefins/hydrocarbons/monomers and exhibits high processability, superior chemical stability and prolonged durability. It is the most widely used thermoplastic polymer, enabling a range of applications such as packaging, consumer goods, and fibers and textiles.
The growth of the global polyolefins market is driven by numerous factors such as the development of the solar power industry and an increase in demand from the packaging industry from developed countries. However, volatile raw material prices hinder the market growth. On the contrary, the expansion of the packaging sector in the developing countries such as India and China is expected to create lucrative opportunities for the market players during the forecast period.
The global polyolefins market is segmented on the basis of type, application and region. On the basis of type, the polyolefins market is categorized into polyethylene (PE), polypropylene (PP) and polystyrene. Depending on application, it is segregated into film and sheet, injection molding, blow molding, profile extrusion, and others. Region-wise, the market is analyzed across North America, Europe, Asia Pacific and LAMEA. The polyolefins market share is analyzed across all significant regions and countries.
The polyolefins market analysis covers in-depth information of the major industry participants. Some of the major players in the market include Exxonmobil Corporation, Sabic, Total SE, Repsol, Ineos Group AG, Reliance Industries, LyondellBasell Industries N.V., Sinopec Group, Ducor Petrochemical and Formosa Plastics Corporation.
Other players in the value chain of the polyolefins market include Borealis AG, Arkema S.A., Braskem S.A, Abu Dhabi Polymers Company Ltd. (Borouge), Sasol Ltd., Tosoh Corporation and Polyone Corporation.