USD 240.4 billion
Polyolefin Market Size, Share, Growth Analysis, By Type(Polythene and Polypropylene), By Application(Packaging, Automotive, Construction, Consumer Goods and Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2184 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Polyolefin Market Insights
Polyolefin Market size was valued at USD 240.4 billion in 2021 and is poised to grow from USD 280.1 billion in 2022 to USD 732.2 billion by 2030, growing at a CAGR of 9.7% during the forecast period (2023-2030).
The global polyolefin market has witnessed significant growth in recent years and is expected to continue its upward trajectory in the coming years. Polyolefins are a group of thermoplastic polymers that are derived from olefins, such as ethylene and propylene. They are widely used in various industries due to their excellent mechanical properties, versatility, and cost-effectiveness. One of the key drivers for the growth of the global market is the increasing demand from the packaging industry. Polyolefins, particularly polyethylene, are extensively used in the production of flexible and rigid packaging materials. The growth of e-commerce and the rising consumer preference for packaged goods have fueled the demand for polyolefin-based packaging solutions. Additionally, the lightweight nature of polyolefins helps reduce transportation costs and carbon emissions, making them a preferred choice for sustainable packaging. The demand for lightweight vehicles to enhance fuel efficiency and reduce emissions has led to the increased adoption of polyolefins in the automotive sector. Moreover, polyolefins offer advantages such as chemical resistance, durability, and design flexibility, making them suitable for various automotive applications.
US Polyolefin Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Polypropylene
Fastest Growth
Polypropylene
Growth Rate
9.7% CAGR
Global Polyolefin Market By Country ($ Bn)
Country Share for Asia - Pacific Region (%)
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Polyolefin Market Segmental Analysis
Global Polyolefin Marketis segmented by type, application, and region. Based on type, the market can be segmented into Polythene and Polypropylene. Based on application, the market is segmented into Packaging, Automotive, Construction, Consumer Goods and Healthcare. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Polyolefin Market Analysis by Type
Polypropylene dominated the global polyolefin market. This thermoplastic polymer offers excellent chemical resistance, high stiffness, and good impact strength, making it suitable for a wide range of applications. Polypropylene finds extensive use in packaging, automotive parts, consumer goods, and construction materials. Its versatility and favorable properties have contributed to its dominance in the polyolefin market.
On the other hand, polythene, also known as polyethylene, exhibits faster growth in the global polyolefin market. Polythene is a versatile and cost-effective polymer that possesses good tensile strength, flexibility, and resistance to moisture and chemicals. It finds applications in various industries, including packaging, agriculture, construction, and healthcare. The growing demand for lightweight, sustainable packaging solutions and the expanding construction and agricultural sectors are driving the increased usage and market growth of polythene.
Polyolefin Market Analysis by Application
In the global polyolefin market, among the applications of Packaging, Automotive, Construction, Consumer Goods, and Healthcare, the dominant application is Packaging. Packaging is the most significant and widely used application for polyolefins. Polyolefins, such as polyethylene (PE) and polypropylene (PP), are extensively used in various packaging formats, including flexible packaging, rigid packaging, bottles, containers, and films. The packaging industry demands polyolefins for their excellent properties such as light weight, durability, flexibility, moisture resistance, and cost-effectiveness. With the continuous growth of e-commerce, food and beverage industry, and consumer goods market, the demand for polyolefin-based packaging materials remains high, making it the dominant application segment in the global polyolefin market.
Regarding the fastest growing application in the global polyolefin market, the Healthcare sector stands out. Polyolefins are increasingly used in healthcare applications such as medical packaging, medical devices, drug delivery systems, and diagnostics. The healthcare industry's growing focus on safety, hygiene, and cost-efficiency has driven the adoption of polyolefin materials. Polyolefins offer advantages such as sterilizability, chemical resistance, and biocompatibility, making them suitable for a wide range of healthcare applications. Additionally, the rising global population, increasing healthcare expenditure, and advancements in medical technology are contributing to the growth of the healthcare sector. As a result, the healthcare application segment is experiencing significant growth in the global polyolefin market.
Global Polyolefin Market By Type
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Polyolefin Market Regional Insights
In the global polyolefin market, Asia-Pacific emerges as the most dominant region. The region's dominance can be attributed to several factors, including its large population, rapid industrialization, and robust manufacturing sector. Countries such as China, India, and Japan have witnessed significant growth in various industries, including packaging, automotive, construction, and consumer goods, which are major consumers of polyolefin materials. Additionally, favorable government policies, increasing urbanization, and rising disposable incomes have contributed to the dominance of the Asia-Pacific region in the global polyolefin market.
As for the fastest-growing region in the global polyolefin market, it is likely to be the Middle East and Africa (MEA) region. MEA has witnessed substantial investments in the petrochemical sector, with countries like Saudi Arabia, the United Arab Emirates, and Qatar expanding their production capacities. These countries have abundant reserves of oil and gas, which serve as feedstock for the production of polyolefins. The strategic location of the region also provides access to both regional and international markets. The MEA region's growing industrialization, infrastructure development, and increasing consumption of consumer goods are expected to drive the demand for polyolefins, making it the fastest-growing region in the global market.
Global Polyolefin Market By Geography
- Largest
- Fastest
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Polyolefin Market Dynamics
Polyolefin Market Drivers
Growth in Consumer Goods
- The global polyolefin market is experiencing growth due to the rising demand for consumer goods. Polyolefins, including polyethylene and polypropylene, are extensively used in the manufacturing of various consumer products such as toys, household appliances, furniture, and personal care items. Factors such as increasing disposable income, evolving lifestyle patterns, and population growth contribute to the demand for consumer goods, thereby boosting the demand for polyolefins in the market.
Polyolefin Market Restraints
Volatility in Raw Material Prices
- The polyolefin market is influenced by the volatility in raw material prices. Polyolefins are derived from feedstocks such as crude oil and natural gas. Fluctuations in the prices of these raw materials can have a significant impact on the production costs of polyolefins. Price volatility poses challenges for manufacturers as it can affect their profitability and create market uncertainty. Additionally, geopolitical factors and supply-demand dynamics can further influence the availability and cost of raw materials, adding to the challenges faced by the polyolefin market.
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Polyolefin Market Competitive Landscape
The global polyolefin market is highly competitive and characterized by the presence of numerous players operating at various stages of the value chain. Polyolefins are versatile thermoplastic polymers derived from the polymerization of olefin monomers. They find extensive use in a wide range of applications, including packaging, automotive, construction, consumer goods, and healthcare, among others.The market is dominated by a few major players who possess strong manufacturing capabilities, established distribution networks, and extensive product portfolios. These key players often engage in strategic initiatives such as mergers and acquisitions, collaborations, and investments in research and development to maintain their competitive edge and expand their market presence.
Polyolefin Market Top Player’s Company Profiles
- LyondellBasell Industries N.V. (Netherlands)
- SABIC (Saudi Arabia)
- ExxonMobil Corporation (US)
- Dow Inc. (US)
- Chevron Phillips Chemical Company LLC (US)
- TotalEnergies SE (France)
- INEOS Group Holdings S.A. (UK)
- Sinopec (China)
- Braskem S.A. (Brazil)
- Borealis AG (Austria)
- Formosa Plastics Corporation (Taiwan)
- Mitsui Chemicals, Inc. (Japan)
- LG Chem Ltd. (South Korea)
- Reliance Industries Limited (India)
- Versalis S.p.A. (Italy)
- LyondellBasell Industries Holdings B.V. (US)
- Arkema S.A. (France)
- Lotte Chemical Corporation (South Korea)
- Sumitomo Chemical Co., Ltd. (Japan)
- Saudi Basic Industries Corporation (SABIC) (Saudi Arabia)
Polyolefin Market Recent Developments
- In June 2023, LyondellBasell announced the opening of a new polyolefins plant in Saudi Arabia. This plant will produce high-density polyethylene (HDPE) and polypropylene (PP) resins for the Middle East and North Africa region.
- In May 2023, ExxonMobil announced the expansion of its polyolefins production capacity in the United States. This expansion will increase ExxonMobil's production of HDPE and PP resins by 1.5 million tons per year.
- In April 2023, Sinopec announced the construction of a new polyolefins plant in China. This plant will produce HDPE and PP resins for the domestic market.
- In March 2023, SABIC announced the acquisition of Reliance Industries' polyolefins business in India. This acquisition will give SABIC a major foothold in the Indian polyolefins market.
- In February 2023, Borealis announced the launch of a new line of sustainable polyolefins. These polyolefins are made from renewable feedstocks and are designed to help customers reduce their environmental impact.
Polyolefin Key Market Trends
- A key market trend in the global polyolefin market is the increasing emphasis on sustainable and eco-friendly solutions. As environmental concerns continue to gain prominence worldwide, industries are shifting towards more sustainable materials and practices. Polyolefins, such as polyethylene and polypropylene, are widely used in various applications due to their versatility, durability, and cost-effectiveness. However, the market is witnessing a growing demand for polyolefins that are produced using environmentally friendly processes and have a reduced impact on the environment throughout their lifecycle.
Polyolefin Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to theglobal polyolefinmarketanalysis, the market growth is driven by rising demand from various end-use industries. Polyolefins, which include polyethylene (PE) and polypropylene (PP), are widely used in packaging, automotive, construction, and consumer goods sectors. The growing population, urbanization, and changing lifestyles are fueling the demand for polyolefins, especially in emerging economies. The packaging industry is witnessing a shift toward lightweight, sustainable materials, and polyolefins offer excellent properties such as high strength, moisture resistance, and cost-effectiveness. This trend is expected to drive the demand for polyolefins in the packaging sector. Furthermore, the automotive industry is another major consumer of polyolefins, primarily for applications such as interior trim, bumpers, and under-the-hood components.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 240.4 billion |
| Market size value in 2031 | USD 732.2 billion |
| Growth Rate | 9.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Polyolefin Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Polyolefin Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Polyolefin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Polyolefin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Polyolefin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Polyolefin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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