Polyolefin Market, Company Revenue, Key Drivers And Trend Analysis For 2020-2030
Polyolefin Market has a CAGR of 8% expected to continue until 2030. The Polyolefin Market should be worth USD 323.5 billion by 2030. Global polyolefin production is supposed to amount to 180 million tons by 2022.
Market
Scope
Market Research
Future (MRFR) studied the Polyolefin Market 2021 in the analysis period till 2030.
According to MRFR findings, the Polyolefin Market is
expected to rise at high pace to earn considerable revenue by 2030.
Market Drivers and Restrains
The growing
awareness about low density and good elasticity properties of all classes of polyolefin
polymers that underscores its large-scale utility in the automobile sector is
expected to benefit the market in the near future. Advancements in technology
used to develop polyolefin elastomers with superior elasticity, high UV
resistance, toughness, thermal stability, and low temperature ductility, which
are identified to have numerous applications, thus can work in favor of the polyolefin
elastomers market.
Market
Segment
The segment
study of the polyolefin vs polyethylene
Market is based on type, application, manufacturing method, and end-use
industry.
The type-based
segments of the Polyolefin Market are polypropylene, polyethylene, and ethylene
propylene diene monomer. The segment of polypropylene is expected to hold the
largest share of the worldwide polyolefin elastomers market in the forecast tenure
owing to benefits offered by polypropylene, such as; low cost, thermal
properties, good mechanical, melt rheological behaviour, chemical resistance,
and easy processing. Wires and cable insulation is another well-known
application of polypropylene elastomers. In addition, its growing utility in injection
moulded automotive parts, such as; adhesives, bumpers, trims, instrument
panels, footwear, and packaging, is observed to underpin the growing
application of polypropylene-blended elastomers.
The
manufacturing method-based segments of the Polyolefin Market are blow molding,
injection molding, cast and blown film extrusion, extrusion molding, and foam
and calendering.
The
application-based segments of the Polyolefin Market are wires & cables,
adhesives, automotive interiors, molded rubber goods, films, and medical
equipment among others.
The end-use
industry-based segments of the Polyolefin Market are packaging, automotive,
electrical and electronics, and consumer goods among others. The automotive
segment is likely to thrive at the highest CAGR and earn high revenue for the Polyolefin
Market in the review tenure. The fabrication of automotive panels, airbags, adhesives,
automotive interior and exterior components, and bumpers with polyolefin
elastomers can prompt the market upsurge by 2030.
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Regional
Analysis
The market of polyolefin
elastomers is studied for regional progress across five regions, namely,
Asia-Pacific, Latin America, North America, Europe, and the MEA.
In Asia Pacific,
the polyolefin market can thrive owing to the expansion of the elastomers
market in the region due to their surge in demand for toys, automobiles, and
packaging. In China accounted for the very best vehicle production in 2021 with
USD 23 Mn. India, Japan, and other Asian nation, including South Korea are the
opposite markets contributory to the expansion of the regional polyolefin
elastomers market.
In North America,
the polyolefin elastomers market is predicted to witness a rapid growth
throughout the review tenure owing to the surge in elastomer products by the automotive
industry in the US. In line with the International Trade Administration (ITA),
the US stratified second in the world for vehicle production and sales in 2020.
The demand for writer in North America is additionally influenced by its use in
applications like wires and cables in the electrical and natural philosophy
industry.
In regions, such
as; Latin America, comprising Brazil and Argentina, the polyolefin market can
earn high profit due to increase in product demand for packaging and medical applications.
In 2020, United Mexican States was seventh-largest vehicle producer in the
world, accounting for around 3.4 Mn automobiles. the employment of writer in
bumpers, instrument panels, and trims within the automotive business is
additionally expected to drive the expansion of the polyolefin elastomers
market in Latin America.
In Europe, the
polyolefin market is expected to make high revenue owing to the presence of
several packaging and footwear players in the region, those are high consumers
of polyolefin elastomer market. Germany, France, the UK, and Italy are studied
for EU market.
The presence of
several end-users in Saudi Arabia and South Africa region, along with the increase
in demand for automotive and packaging applications of polyolefin elastomers
can benefit the regional market.
Competitive
Analysis
Exxon Mobil
Corporation (US), LG Chem (South Korea), Mitsui Chemicals, Inc. (Japan),
DowDuPont (US), the Dow Chemical Company (US), Polmann India Ltd (India),
Mitsubishi Chemical Holding Corporation (Japan), SABIC (Saudi Arabia), RTP
Company (US), LyondellBasell Industries Holdings BV (Netherlands), and PolyOne
Corporation (US) are some reputed companies in the polyolefin elastomers market
that are listed by MRFR in the report.
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