February 19, 2020
According to the research report titled ‘Plastomer (Polyolefin Plastomer) Market Size By Product (Ethylene Propylene, Ethylene Butene, Ethylene Hexene, Ethylene Octene), By Applications (Adhesives, Compounding Foams, Food Packaging, Non-Food Packaging, Wire & Cables, Automotive), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Belgium, Netherlands, China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Singapore, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Kuwait, Qatar), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025’ available at MarketStudyReport.com, the global plastomer market is expected to exceed USD 3.1 billion by the year 2025.
According to the report, rising R&D activities by major automotive companies is expected to fuel the demand for its interiors, which in turn is a major factor driving the plastomer (polyolefin plastomer) market growth. Plastomers are extensively used for automotive interiors since they offer durability, flexibility, and easy processability. This factor along with rising middle-class population and increasing socio-economic factors are further aiding the market expansion. However, fluctuating prices of crude oil & raw material coupled with development of bioplastic packaging material may hinder the market growth.
As per product type, the report states that ethylene hexene plastomer market segment is expected to grow by 6% through 2025. The product offers superior elongation at break and tensile strength as compared to its counterparts and hence is widely used in the cables, packaging films, and automotive parts applications, thereby fueling the segmental growth.
Based on the application spectrum, plastomer market from non-food packaging application segment accounted for USD 500 million in the year 2018. The product is extensively used to produce packaging materials for electrical components, personal care, and medicines. Moreover, advancements in pharmaceutical industry, in tandem with rising sales of prescription drugs is fostering the demand for plastomer for packaging, thereby stimulating the industry outlook.
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Considering the geographical landscape, the report states that Europe plastomer (polyolefin plastomer) market was worth USD 400 million in the year 2018 and is presumed to expand significantly during the forecast period. Growing pharmaceutical and personal care industries coupled with heavy investments towards R&D activities by market majors is augmenting the regional market outlook.
The prominent companies operating in plastomer market are Westlake Chemical Corp., LG Chem, Matrix Polymers, Prime Polymer, LyondellBasell, Sumitomo Chemical, Mitsui Chemicals, Saudi Basic Industries Corp., Ineos, Chevron Phillips Chemical Co., Royal Dutch Shell, SK Global Chemical Co. Ltd., ExxonMobil, Borealis, and Dow Chemical Co.
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