Major players in the polyolefins market are Exxonmobil Corporation, SABIC, Sinopec Group, Total SA, Arkema SA, LyondellBasell Industries, Braskem SA, Total SA, BASF SE, Sinopec Group, Bayer AG, Reliance Industries, Borealis Ag, Ineos Group AG, Repsol, Petrochina Company Ltd. , Ducor Petrochemical, Formosa Plastics Corporation, Chevron Phillips Chemical Co., and Reliance Industries.
The global polyolefins market grew from $195.54 billion in 2022 to $220.45 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The polyolefins market is expected to grow to $346.21 billion in 2027 at a CAGR of 11.9%.
Polyolefins are a group of polymers containing simple olefins and are categorized as a type of thermoplastics.They are comprised solely of hydrogen and carbon and are obtained from oil and natural gas.
Polyolefins are used for packaging, and making blow-molded components in toys.
Asia-Pacific was the largest region in the polyolefins market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in this polyolefins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of polyolefins are polyethylene - HDPE, LDPE, LLDPE, polypropylene, and other types.Polypropylene refers to plastic produced using a method involving the polymerization of propylene.
The applications include films and sheets, blow molding, injection molding, profile extrusion, and other applications. These are used in packaging, automotive, construction, pharmaceuticals or medical, electronics, and electricals.
An increase in demand for packaged food is expected to propel the growth of the polyolefins market going forward.Packaged food is a type of food that saves time in food acquisition, preparation, and is ready-to-eat food from grocery stores.
Polyolefins are used to pack food products with mechanical strength, and cost-efficiency, as a result, increasing demand for packaged food increases the demand for polyolefins market. For instance, according to the Press Information Bureau, a nodal agency of the Government of India, India exported more than $ 2.14 billion worth of final food products in 2020-21. The export of products under the ready-to-eat (RTE), ready-to-cook (RTC) and ready-to-serve (RTS) categories rose by more than 23% to $ 1011 million from April to October (2021-22) compared to $ 823 million reported in April to October (2020-21). Therefore, an increase in demand for packaged food is driving the growth of the polyolefins market.
Technological advancements are a key trend gaining popularity in the polyolefins market.Major companies operating in the polyolefins market are focused on product innovations to strengthen their position in the market.
The countries covered in the polyolefins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia.
Post time: Jul-03-2023