The global polyolefin market is witnessing a significant growth driven by increasing demand from various industries such as packaging, automotive, and healthcare. Polyolefins offer numerous advantages including light weight, durability, recyclability, and low carbon footprint. The market is also benefiting from technological advancements in manufacturing processes, leading to improved product quality and cost-effectiveness. With the growing focus on sustainable and eco-friendly materials, polyolefins are expected to continue their positive trajectory in the global market.
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Data Bridge Market Research analyses that the Polyolefin Market is valued at CAGR of 7.90% for the forecast period of 2022-2029 and is likely to reach USD 265.44 billion by 2029 from USD 144.47 billion in 2021. Polyolefin, including polyethylene and polypropylene, is widely used in various end-use industries such as packaging, automotive, construction, and consumer goods. The growing demand for these industries, driven by population growth, urbanization, and consumer preferences, fuels the demand for polyolefin.
Key Findings of the Study
Expanding construction and infrastructure is expected to drive the market's growth rate
The global polyolefin market is experiencing growth due to expanding construction and infrastructure activities worldwide. Polyolefin-based pipes, sheets, and insulation materials are in high demand in the construction sector due to their excellent properties such as durability, corrosion resistance, and thermal insulation. These materials are widely used in applications such as water supply systems, building insulation, and roofing, driving the demand for polyolefin and contributing to the overall growth of the market in the construction industry.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Polethylene, Polypropylene, Functional Polyolefins), End User (Packaging, Consumer Goods, Building and Construction, Automotive, Medical and Pharmaceuticals, Others), Application (Films and Sheet, Blow Molding, Injection Molding and Tapes and Fibers)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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INEOS AG (Switzerland), ZEON CORPORATION (Japan), SK geo centric Co., Ltd. (South Korea), BASF SE (Germany), Exxon Mobil Corporation (U.S.), Specialty Products Inc. (U.S.), Mitsubishi Chemical Corporation (Japan), Dow (U.S.), China Petroleum & Chemical Corporation (Sinopec) (China), Royal Dutch Shell Plc (U.K.), Eni S.p.A. (Italy), Evonik Industries AG (Germany), LANXESS (Germany), LG Chem (South Korea), LyondellBasell Industries Holdings B.V. (U.S.), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), Repsol (Spain), SABIC (Saudi Arabia), TPC Group (U.S.), Formosa Plastics Corporation (Taiwan), Shanghai Petrochemical (China), Borealis AG (Austria), Versalis S.p.A. (Italy), Shanxi Sanwei Group Co. Ltd (China) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The polyolefin market is segmented on the basis of type, end user and application.
- On the basis of type, the polyolefin market is segmented into polethylene, polypropylene and functional polyolefins. Polyethylene segment is expected to dominate the global polyolefin market with a CAGR of 4.1% in the forecast period of 2022 to 2029 due to widespread application in a variety of contexts. It is a top choice in sectors like packaging, automotive, construction, and healthcare to its exceptional combination of qualities, including high tensile strength, flexibility, chemical resistance, and cost-effectiveness.
In 2022, the polyethylene segment is expected to dominate the type segment of the global polyolefin market
In 2022, the polyethylene segment is expected to dominate the type segment of the global polyolefin market owing to its widespread use in various applications. Its excellent combination of properties, such as high tensile strength, flexibility, chemical resistance, and cost-effectiveness, make it a preferred choice in industries such as packaging, automotive, construction, and healthcare with a CAGR of 4.1% in the forecast period of 2022 to 2029.
- On the basis of end user, the polyolefin market is segmented into packaging, consumer goods, building and construction, automotive, medical and pharmaceuticals and others. Packaging market is expected to dominate the end user segment of the global polyolefin market with a CAGR of 5.0% in the forecast period of 2022 to 2029 due to the extensive use of polyolefin materials in various packaging applications. Polyolefin offer excellent properties such as high strength, flexibility, moisture resistance, and cost-effectiveness, making them ideal for packaging products in industries such as food and beverage, consumer goods, and pharmaceuticals.
In 2022, the packaging market is expected to dominate the end user segment of the global polyolefin market
In 2022, the packaging market is expected to dominate the end user segment of the global polyolefin market owing to the widespread application of polyolefin materials in packaging. Polyolefins are perfect for packaging products in sectors like food and beverage, consumer goods, and pharmaceuticals because they have excellent qualities like high strength, flexibility, moisture resistance, and cost-effectiveness with a CAGR of 5.0% in the forecast period of 2022 to 2029.
- On the basis of application, the polyolefin market is segmented into films and sheet, blow molding, injection molding, and tapes and fibers. The films and sheet segment dominates the polyolefin market in the forecast period of 2022 to 2029 due to its extensive use in packaging, agriculture, construction, and automotive industries, benefiting from properties like flexibility, durability, and moisture resistance.
Major Players
Data Bridge Market Research recognizes the following companies as the major polyolefin market players in polyolefin market are China Petroleum & Chemical Corporation (Sinopec) (China), Royal Dutch Shell Plc (U.K.), Eni S.p.A. (Italy), Evonik Industries AG (Germany), LANXESS (Germany), LG Chem (South Korea), LyondellBasell Industries Holdings B.V. (U.S.)
Market Development
- In 2022, The polypropylene (PP) technology from LyondellBasell was chosen by Stavian Quang Yen Petrochemical, Ltd. for a new large-scale production facility. The facility could accommodate a 600 kiloton per year PP plant outfitted with Spheripol technology from LyondellBasell.
- In 2022 BIC SAB SABIC and SK Geo Centric's joint venture Nexlene announced the expansion of their Ulsan, South Korea, manufacturing facility. In order to meet the increasing demand for NEXLENE-based polyolefin solutions for various end-use industries, the plant would be operational in the second quarter of 2024.
Regional Analysis
Geographically, the countries covered in the polyolefin market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the polyolefin market during the forecast period 2022 to 2029
Asia-Pacific dominates the polyolefin market due to several factors. The region is home to major emerging economies such as China and India, which contribute significantly to the demand for polyolefin. The automotive and construction sectors in Asia-Pacific are experiencing rapid growth, driving the need for polyolefin-based materials. Additionally, favorable government initiatives, increasing urbanization, and rising disposable incomes in the region further support the growth of the polyolefin market in Asia-Pacific.
North America is estimated to be the fastest growing region in the polyolefin market the forecast period 2022 to 2029
North America is expected to experience growth in the polyolefin market during the forecast period. This can be attributed to the increasing production of polyolefin in these regions. Factors such as technological advancements, investments in research and development, and the presence of key market players contribute to the growth. Additionally, the demand for polyolefin-based products in various industries, including packaging, automotive, and construction, is driving the market expansion in North America
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