Polyolefin Market Estimate 2022, Growth Rate Forecast To 2030 And Enduser/application

Polyolefin Market Growth & Trends

The global polyolefin market size is expected to reach USD 436.76 billion by 2030, according to a report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. The rapid industrialization in the developing countries of Asia Pacific has shown significant growth in the plastics market overall. The expansion of the packaging industry is also among the key factors driving the market growth. Moreover, the rise in purchasing powers of individuals, along with consumption traits and technical advancements is anticipated to boost growth. Governments globally have set stringent regulations due to increasing environmental concerns, which is promoting sustainable and innovative polyolefins’ demand, owing to lesser emissions and enhanced efficiency in the plastic industry. According to the European Union, Germany is aiming to become Greenhouse Gas (GHG)-neutral by 2045.

It has set the initial targets of cutting emissions by at least 65% by 2030 compared to 1990 levels, and 88% by 2040. In 2021, Asia Pacific emerged as the leading regional market. Polypropylenes are one of the major products that have a high demand across the Asia Pacific region owing to high consumption in automotive component manufacturing. The product has a high load-bearing capacity and impact & shock resistance, which is expected to drive its demand over the forecast period. Increasing per capita income in emerging countries, such as China and India, is predicted to boost automotive sales. The key players have been adopting various organic and inorganic growth strategies, such as new product launches for various end-use industries like packaging and automotive.

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For instance, in December 2021, Repsol expanded its offering of low-carbon products while supplying the market with innovative solutions. Three new circular Polypropylene (PP) grades for non-food containers and four new polymers for the automotive industry are included in the Repsol Reciclex portfolio. In June 2022, SABIC announced that its production of a new range of SABIC PP compounds and STAMAX PP resin based on bio-renewable and advanced recycled feedstock at Genk, Belgium, has received TÜV Nord accreditation under the International Sustainability & Carbon Certification (ISCC) PLUS scheme. This certified product offering aligns with SABIC’s extensive TRUCIRCLE initiative for accelerating the transition of the plastics industry to a circular economy and meets a globally growing customer demand for more sustainable material solutions.

In June 2021, LG Chem started commercial production at its new naphtha cracking center in Yeosu manufacturing base on the southern coast of Korea. The new plant is capable of extracting 800,000 tons of ethylene from crude oil, all of which will be used to make 800,000 tons of polyolefin. Polyolefin has been in usage for a long time and manufacturers and other industry participants are extensively working to widen the application scope to create new avenues. Polyolefin is widely used in the film & sheet industry. LDPE is used in high visual impact collation shrink films owing to superior modulus, transparency, excellent optics, and more. The recovery of the automotive sector has been instrumental in uplifting the consumption of polyolefin over the last two years.

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Polyolefin Market Segmentation

Grand View Research has segmented the global polyolefin market based on product, application, and region:

Polyolefin Product Outlook (Volume, Million Tons; Revenue, USD Billion, 2019 – 2030)

·         PE

·         PP

·         EVA

·         TPO

·         Others

Polyolefin Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2019 – 2030)

·         Film & Sheet

·         Injection Molding

·         Blow Molding

·         Profile Extrusion

·         Others

List of Key Players in the Polyolefin Market

·         Sinopec Corp.

·         LyondellBasell Industries Holdings B.V.

·         PetroChina Company Ltd.

·         TotalEnergies

·         Chevron Corp.

·         Repsol

·         Dow

·         Exxon Mobil Corp.

·         Braskem

·         Borealis AG

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 Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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