- Rise in demand from the healthcare sector and surge in deployment of renewable energy drive the growth of the global polyolefins market.
PORTLAND, Ore., May 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Polyolefins Market by Type (Polyethylene (PE), Polypropylene (PP), and Polystyrene) and Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028." According to the report, the global polyolefins industry generated $133.9 billion in 2020, and is expected to reach $444.2 billion by 2028, witnessing a CAGR of 12.6% from 2021 to 2028.
Prime determinants of growth
Rise in demand from the healthcare sector and surge in deployment of renewable energy drive the growth of the global polyolefins market. However, varying prices of raw materials hinder the market growth. On the other hand, growth of the food sector in emerging economies presents new opportunities in the coming years.
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Covid-19 Scenario
- Manufacturing activities have been hindered due to the lockdown imposed in many countries during the Covid-19 pandemic. In addition, the supply chain has been disrupted.
- The demand from various application industries such as packaging, automotive, electronics, and others slowed down due to disruptions in daily operations. However, the demand would grow during the post-lockdown.
- Various industries have been facing challenges in terms of customer spending. The automotive sector faced a decline in sales in 2020, which, in turn, reduced the demand for polyolefins.
The polyethylene segment to continue its lead position during the forecast period
Based on type, the polyethylene segment held the highest share in 2020, accounting for nearly two-thirds of the global polyolefins market, and is expected to continue its lead position during the forecast period. This is attributed to its applications in industries such as packaging, automotive, electronics, and others. However, the polypropylene segment is expected to witness the largest CAGR of 14.5% from 2021 to 2028. This is due to its increased demand from the healthcare sector for its usefulness as medical plastics in applications such as syringes.
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The film & sheet segment to continue its leadership status throughout the forecast period
Based on application, the film & sheet segment contributed to the largest market share, holding nearly one-third of the global polyolefins market in 2020, and will continue its leadership status throughout the forecast period. Moreover, this segment is projected to portray the fastest CAGR of 13.2% from 2021 to 2028. This is attributed to rise in demand for films and sheets from sectors such as packaging, automotive, electronics, medical, and others. The research analyzes the segments including injection molding, blow molding, profile extrusion, and others.
Asia-Pacific, followed by Europe and North America, to maintain its dominant share by 2028
Based on region, Asia-Pacific, followed by Europe and North America, accounted for the highest market share in 2020, holding around three-fifths of the global polyolefins market, and will maintain its dominant share in terms of revenue by 2028. Moreover, this region is expected to grow at the highest CAGR of 13.6% during the forecast period. This is due to presence of key players in emerging countries such as China, Malaysia, Japan, India, and others along with the demand from industries such as packaging, construction, automotive, and others.
Leading Market Players
- Exxonmobil Corporation
- SABIC
- Total SE
- Repsol
- Ineos Group AG
- Reliance Industries
- LyondellBasell Industries N.V.
- Sinopec Group
- Ducor Petrochemical
- Formosa Plastics Corporation
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