The Polyolefin Market size was valued at USD 256.35 billion in 2023 and is expected to grow to USD 385.55 billion by 2031 and grow at a CAGR of 5.2% over the forecast period of 2024-2031.
Polyolefin is a group of polymers made up of olefin monomer which is also called an alkene. Polyolefin is simply comprised of carbon and hydrogen molecules. The most notable members of polyolefin are ethylene and propylene, which are derived from the low molecular weight constituents of petroleum or natural gas. Polyolefins are known for their lightweight and flexible properties, making them ideal for a wide range of applications. They can be transformed into clear sheets and films, water-resistant carpet fibers, and many other products. This material is highly durable and resistant to wear and tear, making it a popular choice for various industries.
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Polyolefin is a versatile material that can be modified to suit different requirements. It can be blended with other polymers to enhance its properties, or it can be filled with additives to improve its performance. For example, polyolefin can be made more flame-retardant, antistatic, or conductive by adding appropriate additives. Polyolefin is also an eco-friendly material that can be recycled and reused. It is non-toxic and does not release harmful chemicals when burned. Moreover, it has a low carbon footprint and can be produced using renewable energy sources.
The polyolefin market has faced low demand for its derivatives. The continued capacity expansion of polyolefins led to oversupply and this situation squeezed the profit margins of polyolefin. Unfortunately, the COVID-19 pandemic has further disrupted the supply chain, causing a significant impact on the revenue and profit margins of the polyolefin market. The manufacturer is trying to increase the demand for polyolefins in order to decrease the inventory of polyolefins. Due to COVID-19 pandemic demand for polyolefins decreased across the world which caused a downward curve in the price of polyolefins.
Drivers
Increasing demand for bio-based polyolefin
Rising demand for fuel-efficient automobiles in emerging economies
Increasing demand for plastics across the globe
The biodegradation of polyolefins is an environmentally friendly process that utilizes a low-energy consumption method for the degradation of plastic. This factor has contributed significantly to the growth of the polyolefins market. Moreover, the low-energy consumption method used in the biodegradation process makes it a cost-effective and sustainable solution. This has led to an increase in demand for polyolefins in various industries, including packaging, construction, and automotive.
Restrain
Fluctuation in the raw material prices
High cost associated with the polyolefins
The high cost associated with polyolefins is a significant restraint on the market. The cost of producing polyolefin can be quite high, which limits its accessibility and affordability for many businesses. This constraint on the market has led to a search for alternative materials that can provide similar benefits at a lower cost. Some companies have turned to bioplastics, which are made from renewable resources and can be more cost-effective than traditional polyolefins.
Opportunities
Increasing investment in R&D activities by market players
Challenges
Growing concern regarding the harmful effect of plastic on the environment
The Russia-Ukraine war impacted the global polyolefin market significantly. Polyolefins, which include polyethylene and polypropylene, are widely used in the manufacturing of various products, including packaging materials, automotive parts, and construction materials. The security of supply is a crucial concern for European polyolefin producers and buyers due to the potential risks of interrupted oil and gas supplies from Russia. This issue has become increasingly pressing in recent years, as geopolitical tensions and economic sanctions have heightened the possibility of disruptions to the flow of these vital resources. The conflict has led to a decrease in production and exports, resulting in a shortage of polyolefins in the global market. This shortage has caused prices to increase, making it more expensive for manufacturers to produce their products.
The recent economic crisis led to a decrease in the demand for polyolefin products which further decreases the price of polyolefin. The recession has also caused a shift in consumer behavior, with many individuals opting for cheaper alternatives to polyolefin products. Furthermore, the recession has led to a decrease in investment in the polyolefin industry. This has resulted in a decrease in research and development, which has hindered the industry's ability to innovate and create new products.
By Product
Polyethylene (PE)
Polypropylene (PP) and Ethylene Vinyl Acetate (EVA)
Polyolefin Elastomer (POE)
Polystyrene
By Application
Film & Sheet
Injection Molding
Blow Molding
Profile Extrusion
Fibers & fabrics
Others
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Asia-Pacific accounted for the major revenue share of about 49.3% in 2022 and is expected to grow with a CAGR of about 5.4% during the forecast period owing to the increasing demand for fuel-efficient automobiles in this region. The Asia-Pacific is the largest producer and consumer of electronic products which drives the regional market significantly. The presence of various manufacturing plants in large-scale industries such as construction, electronics, and automobiles propels the growth of the polyolefin market. China is the main country contributing a major share in this region due to the presence of a large consumer base and key market players.
North America and Europe are the regions that show significant growth during the projected period. This growth is attributed to the increasing demand for polyolefins in consumer goods, transportation, and construction industries. In addition, the population of this region is more concerned about the environmental issues caused by plastic further boosts the market for green i.e. bio-based polyolefins.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Key Players are Sinopec Corp., LyondellBasell Industries Holdings B.V., PetroChina Company Limited, Total Energies, Chevron Corporation, Repsol, Dow, Exxon Mobil Corporation, Braskem, Borealis AG & Other Players.
| Report Attributes | Details |
| Market Size in 2023 | US$ 256.35 Bn |
| Market Size by 2031 | US$ 385.55 Bn |
| CAGR | CAGR of 5.2% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Polyethylene (PE), Polypropylene (PP), Ethylene Vinyl Acetate (EVA), Polyolefin Elastomer (POE), and Polystyrene) • By Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion, Fibers & fabrics, and Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Sinopec Corp.; LyondellBasell Industries Holdings B.V.; PetroChina Company Limited; Total Energies; Chevron Corporation; Repsol; Dow; Exxon Mobil Corporation; Braskem; Borealis AG |
| Key Drivers | • Increasing demand for bio-based polyolefin • Rising demand for fuel-efficient automobiles in emerging economies |
| Market Opportunities | • Increasing investment in R&D activities by market players |
The expected market size of the Polyolefin Market is USD 385.55 billion in 2031.
The expected CAGR of the global Polyolefin Market during the forecast period is 5.2%.
The major key players are Sinopec Corp.; LyondellBasell Industries Holdings B.V.; PetroChina Company Limited; TotalEnergies; Chevron Corporation; Repsol; Dow; Exxon Mobil Corporation; Braskem; Borealis AG
Asia-Pacific contributes major to the Polyolefin Market.
Fluctuation in the raw material prices and High cost associated with the polyolefins are the restraining factor of the Polyolefin Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Polyolefin Market Segmentation, By Product
8.1 Polyethylene (PE)
8.2 Polypropylene (PP)
8.3 Ethylene Vinyl Acetate (EVA)
8.4 Polyolefin Elastomer (POE)
8.5 Polystyrene
9. Polyolefin Market Segmentation, By Application
9.1 Film & Sheet
9.2 Injection Molding
9.3 Blow Molding
9.4 Profile Extrusion
9.5 Fibers & fabrics
9.6 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Polyolefin Market by Country
10.2.2North America Polyolefin Market by Product
10.2.3 North America Polyolefin Market by Application
10.2.4 USA
10.2.4.1 USA Polyolefin Market by Product
10.2.4.2 USA Polyolefin Market by Application
10.2.5 Canada
10.2.5.1 Canada Polyolefin Market by Product
10.2.5.2 Canada Polyolefin Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Polyolefin Market by Product
10.2.6.2 Mexico Polyolefin Market by Application
10.3 Europe
10.3.1 Europe Polyolefin Market by Country
1.3.3.2 Europe Polyolefin Market by Product
10.3.3 Europe Polyolefin Market by Application
10.3.4Germany
10.3.4.1 Germany Polyolefin Market by Product
10.3.4.2 Germany Polyolefin Market by Application
10.3.5 UK
10.3.5.1 UK Polyolefin Market by Product
10.3.5.2 UK Polyolefin Market by Application
10.3.6 France
10.3.6.1 France Polyolefin Market by Product
10.3.6.2 France Polyolefin Market by Application
10.3.7 Italy
10.3.7.1 Italy Polyolefin Market by Product
10.3.7.2 Italy Polyolefin Market by Application
10.3.8 Spain
10.3.8.1 Spain Polyolefin Market by Product
10.3.8.2 Spain Polyolefin Market by Application
10.3.9 The Netherlands
10.3.9.1 Netherlands Polyolefin Market by Product
10.3.9.2 Netherlands Polyolefin Market by Application
10.3.10 Rest of Europe
10.3.10.1 Rest of Europe Polyolefin Market by Product
10.3.10.2 Rest of Europe Polyolefin Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Polyolefin Market by Country
10.4.2Asia Pacific Polyolefin Market by Product
10.4.3 Asia Pacific Polyolefin Market by Application
10.4.4 Japan
10.4.4.1 Japan Polyolefin Market by Product
10.4.4.2Japan Polyolefin Market by Application
10.4.5. South Korea
10.4.5.1 South Korea Polyolefin Market by Product
10.4.5.2. South Korea Polyolefin Market by Application
10.4.6 China
10.4.6.1 China Polyolefin Market by Product
10.4.6.2. China Polyolefin Market by Application
10.4.7 India
10.4.7.1 India Polyolefin Market by Product
10.4.7.2. India Polyolefin Market by Application
10.4.8 Australia
10.4.8.1 Australia Polyolefin Market by Product
10.4.8.2. Australia Polyolefin Market by Application
10.4.9 Rest of Asia-Pacific
10.4.9.1 APAC Polyolefin Market by Product
10.4.9.2. APAC Polyolefin Market by Application
10.5 The Middle East & Africa
10.5.1 The Middle East & Africa Polyolefin Market by Country
10.5.2 The Middle East & Africa Polyolefin Market by Product
10.5.3The Middle East & Africa Polyolefin Market by Application
10.5.4 Israel
10.5.7.1 Israel Polyolefin Market by Product
10.5.7.2 Israel Polyolefin Market by Application
10.5.5 UAE
10.5.5.1 UAE Polyolefin Market by Product
10.5.5.2 UAE Polyolefin Market by Application
10.5.6 South Africa
10.5.6.1 South Africa Polyolefin Market by Product
10.5.6.2 South Africa Polyolefin Market by Application
10.5.7 Rest of Middle East & Africa
10.5.7.1 Rest of Middle East & Asia Polyolefin Market by Product
10.5.7.2 Rest of Middle East & Asia Polyolefin Market by Application
10.6 Latin America
13.6.1 Latin America Polyolefin Market by Country
10.6.2. Latin America Polyolefin Market by Product
10.6.3 Latin America Polyolefin Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Polyolefin Market by Product
10.6.4.2 Brazil Polyolefin Market by Application
10.6.5Argentina
10.6.5.1 Argentina Polyolefin Market by Product
10.6.5.2 Argentina Polyolefin Market by Application
10.6.6Rest of Latin America
10.6.6.1 Rest of Latin America Polyolefin Market by Product
10.6.6.2 Rest of Latin America Polyolefin Market by Application
11 Company Profile
11.1 Sinopec Corp
11.1.1 Market Overview
11.1.2 Financials
11.1.3 Product/Services/Offerings
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 LyondellBasell Industries Holdings B.V.
11.2.1 Market Overview
11.2.2 Financials
11.2.3 Product/Services/Offerings
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 PetroChina Company Limited
11.3.1 Market Overview
11.3.2 Financials
11.3.3 Product/Services/Offerings
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 TotalEnergies
11.4.1 Market Overview
11.4.2 Financials
11.4.3 Product/Services/Offerings
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Chevron Corporation
11.5.1 Market Overview
11.5.2 Financials
11.5.3 Product/Services/Offerings
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Repsol
11.6.1 Market Overview
11.6.2 Financials
11.6.3 Product/Services/Offerings
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Dow
11.7.1 Market Overview
11.7.2 Financials
11.7.3 Product/Services/Offerings
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Exxon Mobil Corporation
11.8.1 Market Overview
11.8.2 Financials
11.8.3 Product/Services/Offerings
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Braskem
11.9.1 Market Overview
11.9.2 Financials
11.9.3 Product/Services/Offerings
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Borealis AG
11.10.1 Market Overview
11.10.2 Financials
11.10.3 Product/Services/Offerings
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
13. USE Cases And Best Practices
14. Conclusion
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