Global Polyolefins Market Projected To Cross US$297 Bln By 2021

Global Polyolefins market projected to cross US$297 bln by 2021

02-Nov-16

The market size of polyolefins (PO) is estimated to reach US$297.09 bln by 2021, at a CAGR of 7.82% during the forecast period, as per Markets and Markets. The market is driven by increasing demand from the plastic, packaging, building & construction, and transportation end-use industries. The need for PO is backed by increasing demand for plastic products in film & sheet, injection molding, extrusion coating, blow molding, and other applications. The market is driven by the increasing demand for plastic products in end-use industries such as packaging, plastic molding, automobile, and other customer products.

In 2015, film & sheet application accounted for the largest market share, in terms of volume, followed by injection molding and others. PO films are the most widely used polymers, which have high demand owing to low cost and technical advantages over other polymers. PE film is the substrate used for grocery bags and food packaging. It is thermoformed to manufacture plastic bottles and medical packaging products. PP films are used in end-use applications such as clear films, matte films, hazy films, colored films, metalized films, holographic films, adhesive backed films, and coated films. The important applications of EVA films include modified atmosphere packaging, vacuum bags, shrink films, thermal laminations, and others. POP and POE copolymers are estimated to register the highest CAGR between 2016 and 2021, in terms of volume. The high growth is attributed to characteristics such as excellent impact resistance, easy colorability, and excellent melt strength, which drive their use in end use applications such as automotive, wire & cable coating, and injection molding.

Currently, Asia-Pacific is the largest market for PO. China is the largest while India is the fastest-growing market for PO in the region. The following factors drive the PO market in Asia-Pacific:

Growing industrialization in China and India leading to rapid growth of the food & beverage, agriculture, construction, solar energy, and other industries
Replacement of woods and metals by PO plastic products

Sinopec Corporation (China), LyondellBasell Industries Holdings B.V., ExxonMobil Corporation (U.S.), China National Petroleum Corporation (China), SABIC (Saudi Arabia), The Dow Chemical Company (U.S.), Braskem S.A. (Brazil), Total S.A. (France), Ineos Group AG (Switzerland), and Arkema S.A. (France) are the key players of the PO market.