Polyolefins market witnessing increased demand from Asia-Pacific region

26-Sep-13

The polyolefins market has been forecast to hit a consumption volume of 169,892.4 kilotons by 2018, driven by increasing applications, technological advancements, and growing demand in the Asia-Pacific region. The global polyolefins market is the largest volume polymer business in the world today. Polyethylene (PE) and polypropylene (PE) make up two-thirds of resins used in a variety of applications, from trash bags to automotive parts, as per companiesandmarkets. As the industry matures and becomes increasingly integrated, key market drivers have become correspondingly globalised. A polyolefin is a polymer produced from a simple olefin as a monomer. For example, polyethylene is the polyolefin produced by polymerising the olefin ethylene. An equivalent term is polyalkene; this is a more modern term, although polyolefin is still used in the petrochemical industry. Asia-Pacific represents the largest market for polyolefins, acquiring more than 45.3% of the global market. Polyolefins consumption in the region is estimated to grow at a compound annual growth rate (CAGR) of approximately 6.2% from 2013 to 2018. The region has huge installed plant capacities of polyolefins. The Middle East, being the second fastest growing polyolefins market world-over, is estimated to grow at a CAGR of 5.5% for the next five years. The Middle East is witnessing high industrial growth which hints at an increasing demand for polyolefins for its diverse applications. The polyolefins market is emerging in various countries like China, South Korea, India, Saudi Arabia, Brazil, etc due to increasing industrial activity.