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Polyolefin is a polymer manufactured by the polymerization of monomer olefin in presence of suitable catalyst. Polyethylene and polypropylene are common examples of polyolefin. These compounds are widely used for various applications across end-use industries. Automotive, construction, electrical & electronics, packaging, etc. are some of the prominent polyolefin consuming segments.
The demand for polyolefin is continuously increasing around the world. Rapid industrialisation and increasing population are driving the demand for polyolefin. Per capita plastic consumption is going up across majority parts of the world, especially in the Asia-Pacific. Polyolefin for packaging applications is growing at rapid rates with the expanding food and general packaging industry. This is expected to drive the polyolefin demand over the forecast period.
Key Market Driver -
Soaring demand for plastics across the world to drive the polyolefin market.
Key Market Restraint -
Rising environmental concerns on the use of plastics to hamper the market growth.
However, rising environmental concerns due to poor segregation and accumulation of plastic waste is hampering the market growth. Moreover, there are enough inventories of some polyolefin such as polyethylene which is likely to impact polyolefin market over the short and mid-term forecast. Further, ban on the use of single use plastics across different parts of the globe may severely affect the market growth over the forecast period. Poor recyclability rates of the used plastics have resulted in accumulation of large amount of plastics. For instance, “Great Pacific Garbage Patch”, a floating island of plastics between California and Hawaii island in the Pacific Ocean is expected to be 16 times heavier than the earlier estimates.
On the basis of type, the polyolefins market is segmented into thermoplastic polyolefins (PP, PE, PMP, others) and polyolefin elastomers (polyisobutylene, ethylene propylene rubber, and ethylene propylene diene monomer (M-class) rubber). Based on application, the market is segmented into blow & injection moulding, packaging, furniture & seating, medical & healthcare, fibre & fabrics, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The global polyolefin market is highly fragmented with large number of key players operating in the market. Some of the prominent manufacturers in the global polyolefin market include- Lyondellbasell Industries Holdings N.V., Exxonmobil Chemical, Sinopec Corporation, Braskem S.A., Hanwha-Total, Arkema S.A., Formosa Plastics Corporation, Polyone Corporation, Sasol Ltd., Tosoh Corporation, Reliance Industries Limited, Borealis AG, Ineos Group AG, SABIC, Petrochina Company Limited and others.
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On a geographical basis, the polyolefin market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia-Pacific dominates the global polyolefin market on the back of countries like China, Japan, South Korea, India, Thailand and South East Asian countries. Asia-Pacific region is witnessing rapid developments that has increased the demand for polyolefin across various end-use industries. However, most polyolefin-consuming countries in the region have started taking steps to curb plastic waste and minimizes its usage, owing to which consumers have started changing their preferences. This is expected to hamper the market growth over the forecast period. North America accounts of significant share in the global polyolefin market closely followed by Europe. The demand in the region is expected to increase at a relatively low pace due to changing consumer preferences and the implementation of stringent environmental regulations. For instance, the ban on single-use plastics in the state of California state in the United States, has dampened the plastic and polyolefin demand in the region. Over the forecast period, lawmakers around the globe are expected to implement stringent regulations on the polymer industry which will impact the polyolefin supply chain to great extent. The polyolefin demand in Europe is also expected to increase at steady rates due to environmental regulations and changing trade policies. Moreover, consumers are opting for eco-friendlier ways of packaging and minimize the usage of plastics. Latin America region is severely exposed to economic and political turbulence which may impact the market growth over the forecast period. Middle East & Africa is the net-exporter of polyolefin and is expected to remain the same over the forecast period. However, many countries in the region are too looking forward to ban single-use plastics. This is likely to hamper the market growth over the foreseeable period.
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