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Polyolefins are a family of olefin-based polymers, which are common monomers used to make polymers like polyethylene and polypropylene. POEs (polyolefin elastomers) are a form of polymer that has emerged through recent advances in metallocene polymerization catalysts. In addition, the polymer offers excellent properties that include amorphous to crystalline, thermal stability, superior elasticity, low-temperature ductility, toughness, and UV resistance. The rising adoption of polyolefins in automotive industry owing to increasing its use in wire & cable coatings, inexteriors and interiors, and extrusion coating will fuel the polyolefins elastomer market growth.
The increasing demand for polyolefin elastomer from the healthcare industry will flourish the market growth. Polyolefins are utilized in a wide range of medical applications such as introducers, dilators, film, molded components, and packaging. The demand can be associated with its ability to offer chemical resistance, good biocompatibility, and lubricity while offering acceptable tensile and impact properties. The increasing technological advancement in medical products coupled with rapid growth in the healthcare industry will propel the demand for polyolefin elastomer. Hence, such factors will boost the market growth.
However, fluctuating crude oil prices and high-cost raw materials are expected to impact product adoption. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The increasing demand for polyolefin elastomer from healthcare industry to drive the market growth.
Key Market Restraint -
Fluctuation in the prices to hamper the market growth
Based on type, the polyolefin elastomer market is segmented into polyethylene, polypropylene, ethylene propylene diene monomer, and others. Based on manufacturing method, the market is segmented into injection molding, extrusion molding, blow molding, cast & blown film extrusion, and foam, calendering, and others. Based on application, the market is segmented into adhesives, molded rubber goods, wires and cables, automotive interior, films, medical equipment, and others. Based on end-use, the market is segmented into automotive, consumer goods, packaging, electrical and electronics, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the polyolefin elastomer market include DowDuPont, Exxon Mobil Corporation, LG Chem, LyondellBasell Industries Holdings BV, Mitsubishi Chemical Holding Corporation, Mitsui Chemicals, Inc., Polmann India Ltd, PolyOne Corporation, RTP Compan, and SABIC.
The Asia Pacific is anticipated to witness steady growth in the polyolefin elastomer market. The growth is attributed to the rising adoption of the product in the healthcare industry. The high product adoption of polypropylene in the automotive industry will fuel the market growth in Europe, in which UK and Germany are the leading contributors. In North America, the market is estimated to have substantial growth owing to rising product demand in the electrical and electronics industry. The Middle East & Africa is anticipated to witness significant growth, owing to rising product utilization in the packaging and consumer goods. Increasing adoption of polyethylene in the packaging industry will propel the market growth in Latin America.
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