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Polyolefins Global Market Report 2023
Major players in the polyolefins market are Exxonmobil Corporation, SABIC, Sinopec Group, Total SA, Arkema SA, LyondellBasell Industries, Braskem SA, Total SA, BASF SE, Sinopec Group, Bayer AG, Reliance Industries, Borealis Ag, Ineos Group AG, Repsol, Petrochina Company Ltd.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polyolefins Global Market Report 2023" - https://www.reportlinker.com/p06319456/?utm_source=GNW
, Ducor Petrochemical, Formosa Plastics Corporation, Chevron Phillips Chemical Co., and Reliance Industries
The global polyolefins market grew from $195.54 billion in 2022 to $220.45 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The polyolefins market is expected to grow to $346.21 billion in 2027 at a CAGR of 11.9%.
The polyolefins market consists of sales of ethylene propylene diene monomer (EPDM) rubber.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Polyolefins are a group of polymers containing simple olefins and are categorized as a type of thermoplastics.They are comprised solely of hydrogen and carbon and are obtained from oil and natural gas.
Polyolefins are used for packaging, and making blow-molded components in toys.
Asia-Pacific was the largest region in the polyolefins market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in this polyolefins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of polyolefins are polyethylene - HDPE, LDPE, LLDPE, polypropylene, and other types.Polypropylene refers to plastic produced using a method involving the polymerization of propylene.
The applications include films and sheets, blow molding, injection molding, profile extrusion, and other applications. These are used in packaging, automotive, construction, pharmaceuticals or medical, electronics, and electricals.
An increase in demand for packaged food is expected to propel the growth of the polyolefins market going forward.Packaged food is a type of food that saves time in food acquisition, preparation, and is ready-to-eat food from grocery stores.
Polyolefins are used to pack food products with mechanical strength, and cost-efficiency, as a result, increasing demand for packaged food increases the demand for polyolefins market. For instance, according to the Press Information Bureau, a nodal agency of the Government of India, India exported more than $ 2.14 billion worth of final food products in 2020-21. The export of products under the ready-to-eat (RTE), ready-to-cook (RTC) and ready-to-serve (RTS) categories rose by more than 23% to $ 1011 million from April to October (2021-22) compared to $ 823 million reported in April to October (2020-21). Therefore, an increase in demand for packaged food is driving the growth of the polyolefins market.
Technological advancements are a key trend gaining popularity in the polyolefins market.Major companies operating in the polyolefins market are focused on product innovations to strengthen their position in the market.
For instance, in May 2020, Braskem a US-based manufacturer of polyolefins developed polyolefin-based additive manufacturing materials.The company added products such as powder for powder-bed fusion technology, pellets with pellet extrusion technology, and polyolefin-based filament with material extrusion technology.
These newly developed products can be used for fused filament fabrication for personal and industrial uses.
In September 2021, SIBUR, a Russian petrochemicals company, merged with TAIF group for an undisclosed amount.Through this deal, the SIBUR and TAIF groups would merge into a single entity.
This deal would enable the combined entity to produce polyolefins, rubber, and elastomers in a competitive manner and would bring together synergies of both companies’ expertise in efficient distribution and would pave the way for new partnerships. TAIF Group is a Russia-based company that operates in the polyolefins market.
The countries covered in the polyolefins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The polyolefins market research report is one of a series of new reports that provides polyolefins market statistics, including polyolefins industry global market size, regional shares, competitors with a polyolefins market share, detailed polyolefins market segments, market trends and opportunities, and any further data you may need to thrive in the polyolefins industry. This polyolefins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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