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Polyolefins Market Research Report Information By Type (Polyethylene, Polypropylene, Others), By Application (Film & Sheets, Blow Molding, Injection Molding, Fibers, Others), By End User (Packaging, Automotive, Construction, Pharmaceuticals/Medical, Electronics & Electricals, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“ Market Forecast Till 2032


ID: MRFR/CnM/2163-CR | 151 Pages | Author: Chitranshi Jaiswal| March 2023

Global Polyolefins Market Overview


The Polyolefins Market Size was valued at USD 178.57 Billion in 2022. The Polyolefins industry is projected to grow from USD 223.24 Billion in 2023 to USD 535.94 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.73% during the forecast period (2024 - 2032). The thermoplastics polypropylene and polyethylene belong to the polyolefin family. It is mostly produced from natural gas and oil using the polymerization processes of ethylene and propylene. It is made from olefins, hydrocarbons, and monomers, and it has excellent chemical stability, high processability, and long-lasting durability. The most popular thermoplastic polymer, it may be utilized for a variety of purposes, including packaging, consumer products, fibers, and textiles.


Polyolefins Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polyolefins Market Trends




  • Growing demand for bio-based polyolefins




With the growing environmental awareness, the demand for bio-based polyolefins is increasing significantly. This trend is expected to drive the growth of the Market in the coming years. Bio-based polyolefins are renewable, sustainable, and cost-effective alternatives to traditional petroleum-derived plastics. They are also biodegradable, which makes them an ideal choice for a range of applications such as packaging and consumer goods. The increasing demand for eco-friendly materials is expected to propel the market over the next few years.


Polyolefins Market Segment Insights


Polyolefins Type Insights


The market segmentation, based on Type, includes Polyethylene, Polypropylene, and Others. The Polyethylene segment holds the majority share in 2022, contributing to the Polyolefins revenue. The demand for polyethylene is driven by factors such as population growth, urbanization, and rising consumer disposable income. The increasing demand for packaged food and beverages, as well as the growing demand for lightweight and fuel-efficient vehicles, are also major drivers of the polyethylene market.


Polyolefins Application Insights


Based on Application, the market segmentation includes Film & Sheets, Blow Molding, Injection Molding, Fibers, and Others. The Film & Sheets segment dominated the market. Film and sheet products made from polyolefins are used in a variety of industries such as packaging, construction, agriculture, healthcare, and consumer goods. Polyolefin films and sheets offer a range of desirable properties such as low density, flexibility, strength, durability, and resistance to moisture and chemicals.


Polyolefins End User Insights


Based on End Users, the market segmentation includes โ€‹Packaging, Automotive, Construction, Pharmaceuticals/Medical, Electronics & Electricals, and Others. The Packaging segment is the largest segment of the market. This is because polyolefins offer a range of desirable properties for packaging applications, such as strength, durability, flexibility, and resistance to moisture and chemicals.


Figure 2: Polyolefins Market, by Type, 2022 & 2030 (USD Million)


Polyolefins Market, by Type


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polyolefins Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific arose as the quickest developing local polyolefin market regarding utilization, which can be credited to the extension of a few economies in the area just as an ascent in purchasers' discretionary cash flow. Growing end-use enterprises like development, bundling, and car are additionally expected to be significant main thrusts. For example, the presence of driving petrochemical organizations, such as BASF, Sinopec, and Chevron, is relied upon to help item interest across India, China, Vietnam, Thailand, and other Asian nations.


Figure 3: POLYOLEFINS MARKET SHARE BY REGION 2022 (%)


POLYOLEFINS MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polyolefins Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polyolefins industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Polyolefins industry to benefit customers and expand the market sector. Major market players, including TotalEnergies, Chevron Corp, Repsol, Dow, Exxon Mobil Corp, and others, are attempting to increase market demand by funding R&D initiatives.


TotalEnergies manufactures and sells fuels, natural gas, and low-carbon electricity. Four business divisions make up its operations: Integrated Gas, Renewables and Power, Exploration and Production, Refining and Chemicals, and Marketing and Services. In addition to producing liquefied natural gas, Integrated Gas, Renewables and Power also generates power, trade liquefied petroleum gas (LPG), natural gas, and electricity, among other operations. Exploration and production activities for oil and natural gas are included in this category. Focused on activities related to oil supply, trade, petrochemicals, specialty chemicals, and refining. The marketing of petroleum products supply and logistical operations are included in the Marketing and Services sector.


Chevron is a multinational oil and technology corporation. In addition to exploring, producing, and moving crude oil and natural gas, this industry also makes and sells lubricants, additives, and petrochemicals in addition to refining, distributing, and marketing transportation fuels and other energy products. Chevron also develops energy resources including biofuels and other renewables and produces geothermal energy, coal, and electricity. Texaco, Caltex, and the Chevron brand are all run by the business.


Key Companies in the Polyolefins market include



Polyolefins Industry Development


November 2022: Stavian Quang Yen Petrochemical, Ltd. selected LyondellBasell's polypropylene (PP) technology for a new world-scale production facility. A 600-kiloton-per-annum PP plant equipped with LyondellBasell’s Spherical technology would fit in the facility. With this partnership, LyondellBasell became the polypropylene licensor for the group's first polyolefin facility.


August 2022: SABIC SK Nexlene, a joint venture between SABIC and SK Geo Centric, announced the expansion of their manufacturing plant situated in Ulsan, South Korea. The plant would be operational in the second quarter of 2024 and meet the growing demand for NEXLENE-based polyolefin solutions for various end-use industries.August 2023: Borealis announces that it will invest €1 billion in its European polyolefins production capacity. The investment will include new production lines for polyethylene and polypropylene, as well as upgrades to existing facilities.


Polyolefins Market Segmentation


Polyolefins Type Outlook




  • Polyethylene




  • Polypropylene




  • Others




Polyolefins Application Outlook




  • Film & Sheets




  • Blow Molding




  • Injection Molding




  • Fibers




  • Others




Polyolefins End User Outlook




  • Packaging




  • Automotive




  • Construction




  • Pharmaceuticals/Medical




  • Electronics & Electricals




  • Others




Polyolefins Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America




 

Report Attribute/Metric Details
Market Size 2022 USD 178.57 Billion
Market Size 2023 USD 223.24 Billion
Market Size 2030 USD 535.94 Billion
Compound Annual Growth Rate (CAGR) 14.73% (2023-2030)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, End User, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Sinopec Corp, LyondellBasell Industries Holdings, PetroChina Company Ltd, TotalEnergies, Chevron Corp, Repsol, Dow, Exxon Mobil Corp, SABIC SK Nexlene, Stavian Quang Yen Petrochemical
Key Market Opportunities The region has substantial development and bundling enterprises
Key Market Dynamics The Polyolefin market is required to fill fundamentally in the future helped by the simple accessibility of crude material


Frequently Asked Questions (FAQ) :

The Polyolefins market size was valued at USD 178.57 Billion in 2022.

The market is projected to grow at a CAGR of 14.73% during the forecast period, 2023-2030

Asia Pacific had the largest share of the Polyolefins market

The key players in the market are Sinopec Corp, LyondellBasell Industries Holdings, PetroChina Company Ltd, TotalEnergies, Chevron Corp, Repsol, Dow, Exxon Mobil Corp, SABIC SK Nexlene, Stavian Quang Yen Petrochemical

The Polyethylene category dominated the market in 2022

The Packaging segment had the largest share of the market for Polyolefins

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