Worldwide polyolefins market is anticipated to reach US $414.58 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Polyolefins are the polymeric composites of olefins, which equals more than 50% in weight of the produced polymers. The worldwide market encompasses over 300 grades of commercial polyolefins demonstrating an extensive range of mechanical properties. Two types of polyolefins comprise polyethylene and polypropylene, which are further divided into numerous grades for multiple end-use applications.
Key insights pertaining to polyolefins market growth include:
- The worldwide polyolefins market observed swift development due to a significant increase in the consumption of polypropylene and polyethylene for different end-uses.
- Burgeoning demand for plastic worldwide has boosted the consumption of polyethylene.
- Some of the primary drivers of polyolefins market growth include demand from consumer goods and food packaging industry.
- Growing infrastructure development, rising economic growth, and increase in per-capita consumption would present lucrative growth opportunities for industry players in polyethylene market, thereby increasing consumption of polyolefins.
- The increasing need for polyethylene in consumables such as packaging materials, films, and several other items for residential purpose and industrial applications is an important growth parameter for polyolefins market.
- Economic growth in developing nations across the world, with enhanced lifestyles and growing personal disposable incomes, has enabled the use of commodity products, which is expected to surge the sales revenue for polyethylene and polypropylene end-use products.
- The worldwide polyolefins market comprises of strict regulatory policies, which could limit polyolefins market growth over the coming years.
Several nations throughout the world are successfully developing an after-use plastics economy to control the environmental impact of compounds like polyolefins. Enhancement in the after-use reprocessing, collection, and storage infrastructure; dramatically raising economics, quality & uptake of recycling; and growth in the economic appeal of keeping materials within the system are some of the significant parameters embraced by industry players to improve sustainability within polyolefins market.
In terms of geographical growth, countries experiencing rapid expansion with a burgeoning population like India, China, and Indonesia encompass lucrative growth opportunities for the market. Polyolefins market in the Asia Pacific region is anticipated to be the most successful since the increase in PP and PE consumption is linked to the substitution of traditional materials, infrastructure development, and population demographics. Regions like the Middle East, North America, and China have observed most of the capacity additions over the past three years, cites the report.
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The competitive landscape of the global polyolefins market comprises of well-known industry players such as Dow DuPont, ExxonMobil Chemical, Total SA, Sinopec Corporation, LyondellBasell, Arkema SA, Chevron Phillips Chemical Company LLC, and SABIC. These companies launch innovative solutions and often join forces with other market leaders to innovate new products that meet the rising end-user demands, thereby augmenting the market size.
The report delivers a comprehensive analysis of polyolefins market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of feedstock, application spectrum, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.