July 06, 2022 09:55 ET | Source: Straits Research Straits Research
New York, United States, July 06, 2022 (GLOBE NEWSWIRE) -- Polyolefin is a high-molecular-weight hydrocarbon made from hydrocarbons, olefins, and monomers. High processability, extended durability, and chemical stability are only a few of the benefits of polyolefin. Polyolefins are majorly used in plastics, accounting for two-thirds of total demand.
The qualities of polyolefins, such as temperature resistance, chemical resistance, and high impact strength, are one of the reasons for their increased popularity. Furthermore, polyolefins are commonly used in plastics and flexible plastic items. Again, the global lockdown imposed by the COVID-19 pandemic resulted in a higher prevalence of e-commerce platforms, allowing for home delivery and increasing demand for consumer packing. As a result, the polyolefins market is expected to rise in 2020.
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Rise in Deployment of Renewable Energy to Drive the Global Polyolefins Market Many countries are focused on long-term development and attempting to raise renewable energy's share of overall energy consumption and generation. Due to enormous investments to satisfy climate change goals, European countries lead in the renewable energy sector. Brazil, Japan, Turkey, China, the United States, and Australia are also contributing to the growth of the renewable energy sector. Furthermore, increased investment in the renewable energy sector reduces energy generation's reliance on coal.
The demand for polyolefins has increased as the focus has shifted to developing renewable energy infrastructure and equipment. Polyolefin-based products are used in many appliances that produce renewable energy infrastructure or equipment. The United States is one of the world's largest hydropower producers, with portions of the Pacific Northwest relying on hydropower for up to 70% of their electricity.
Polystyrene and polyethylene terephthalate (PET) are also being utilized to replace metal junction boxes in solar energy production. Furthermore, high-density polyethylene (HDPE) is used to make large-diameter solid wall conduits, which are used to protect electrical lines and the environment in wind farms. These variables work together to improve renewable energy deployment and, as a result, polyolefin demand.
Expansion of Food Sector in Emerging Economies to Provide Opportunities for the Global Polyolefins Market
Polyolefins are utilized in the food industry as a packaging material because they are nonpolar, odorless, and nonporous. Food packaging commonly uses polyolefins such as high-density polyethylene (HDPE), low-density polyethylene (LDPE), isotactic polypropylene (PP), linear low-density polyethylene (LLDPE), and various polyethylene-based copolymers. Polyolefin films are relatively affordable and have better moisture and gas barrier qualities than other materials.
They are also heat resistant and prevent food from leaking. They also contribute less weight to the container and fit the shape of the food perfectly, requiring less storage and delivery space. The food sector is rising in emerging economies like China and India as the population grows. The rapid growth of the food industry will eventually increase demand for packaging materials, which will provide lucrative chances for the worldwide polyolefins market to expand in emerging economies.
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Regional Insights By region, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the global market. It is estimated to reach an expected value of USD 47165 million by 2030 at a CAGR of 13%. This is attributed to countries such as China, India, and Japan, as these countries have established and developed consumer bases in the electronics manufacturing and construction sector. The outbreak of COVID-19 in China hampered the polyolefins market intensively as it is one of the major consumers of polyolefins. This is attributed to industries such as packaging, toy manufacturing, construction industry, and automotive.
Europe is the second-largest region. It is estimated to reach an expected value of USD 7580 million by 2030 at a CAGR of 7%. Germany, France, the United Kingdom, Italy, Spain, and the rest of Europe are all examined. Due to the rise of the packaging and automotive industries, Germany is one of the leading consumers of polyolefins. The pandemic of COVID-19 has caused lockdown in numerous European countries, resulting in panic buying of consumer commodities such as food, health, and hygiene products. Polyolefins were in high demand in the packaging industry due to this. Other sectors where polyolefins are widely utilized, such as automotive and construction, are experiencing a decline in performance, resulting in a fall in polyolefin demand in 2020.
North America is the third largest region. It is estimated to reach an expected value of USD 8085 million by 2030 at a CAGR of 12%. In the continent of North America, plastic is widely used in the packaging, construction, automotive, and electrical and electronics industries, and it is a significant market driver. Furthermore, the demand for packing rose due to the COVID-19 pandemic, owing to the rising prevalence of e-commerce platforms.
In addition, the onset of the COVID-19 pandemic increased the demand for polyolefins in the healthcare sector. The rise in vaccine development during the global health crisis has boosted demand for polypropylene, which makes syringes, vials, and specimen bottles.
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List of Top Polyolefins Market Companies
The Global Polyolefins Market: Segmentation
TABLE OF CONTENT 1 Introduction 1.1 Market Definition 1.2 Market Scope 2 Research Methodology 2.1 Primary Research 2.2 Research Methodology 2.3 Assumptions & Exclusions 2.4 Secondary Data Sources 3 Executive Summary 4 Market Overview 4.1 Report Segmentation & Scope 4.2 Value Chain Analysis: Polyolefins Market 4.2.1 Vendor Matrix 4.3 Key Market Trends 4.3.1 Drivers 4.3.2 Restraints 4.3.3 Opportunities 4.4 Porter’s Five Forces Analysis 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Environment & Regulatory Landscape 4.6 Forecast Factors & Relevance of Impact 4.7 Macro-Economic & Geopolitical Scenario 4.8 Parent Market Overview 4.9 Technology Landscape 4.10 Market Share Analysis 4.11 Potential Venture Analysis 4.12 Regional Price Trends 4.13 Raw Material Trends 4.14 Cost Structure Analysis 4.14.1 Labor Cost 4.14.2 Consumables 4.14.3 Maintenance Cost 4.15 Covid-19 Impact Analysis: 4.15.1 Pre and Post Covid-19 Market Scenario Analysis 4.15.2 Market Recovery Timeline and Challenge 4.15.3 Measures Taken by Top Players 4.15.4 Quarterly Market Revenue and Growth Forecast till 2021 4.15.4.1 North America 4.15.4.2 Europe 4.15.4.3 Asia-Pacific 4.15.4.4 Central and South America and the Caribbean 4.15.4.5 The Middle East and Africa 5 Type Overview 5.1 Introduction 5.1.1 Market Size & Forecast (Value & Volume) 5.2 Polyethylene 5.2.1 Market Size & Forecast (Value & Volume) 5.3 Polypropylene 5.3.1 Market Size & Forecast (Value & Volume) 5.4 Polystyrene 5.4.1 Market Size & Forecast (Value & Volume) 6 Application Overview 6.1 Introduction 6.1.1 Market Size & Forecast (Value & Volume) 6.2 Film & Sheet 6.2.1 Market Size & Forecast (Value & Volume) 6.3 Injection Molding 6.3.1 Market Size & Forecast (Value & Volume) 6.4 Blow Molding 6.4.1 Market Size & Forecast (Value & Volume) 6.5 Profile Extrusion 6.5.1 Market Size & Forecast (Value & Volume) 6.6 Others 6.6.1 Market Size & Forecast (Value & Volume) 7 Regional Overview 7.1 Introduction 7.1.1 Market Size & Forecast (Value & Volume) 7.2 North America 7.2.1 Economic Overview 7.2.2 Market Scenario 7.2.3 U.S. 7.2.4 Canada 7.2.5 Mexico 7.3 Central and South America and the Caribbean 7.3.1 Economic Overview 7.3.2 Market Scenario 7.3.3 Brazil 7.3.4 Argentina 7.3.5 Colombia 7.3.6 Rest of Central and South America and the Caribbean 7.4 Europe 7.4.1 Economic Overview 7.4.2 Market Scenario 7.4.3 Germany 7.4.4 France 7.4.5 The U.K. 7.4.6 Italy 7.4.7 The Rest Of Europe 7.5 Asia-Pacific (APAC) 7.5.1 Economic Overview 7.5.2 Market Scenario 7.5.3 China 7.5.4 Japan 7.5.5 India 7.5.6 Australia 7.5.7 South Korea 7.5.8 Rest Of APAC 7.6 Middle East 7.6.1 Economic Overview 7.6.2 Market Scenario 7.6.3 South Arabia 7.6.4 The UAE 7.6.5 Qatar 7.6.6 Oman 7.6.7 Turkey 7.6.8 The Rest Of Middle East 7.7 Africa 7.7.1 Economic Overview 7.7.2 Market Scenario 7.7.3 Nigeria 7.7.4 South Africa 7.7.5 The Rest Of Africa 8 Competitive Landscape — Manufacturers & Suppliers 8.1 Competition Dashboard 8.2 Industry Structure 8.3 ExxonMobil Corporation 8.3.1 Business Overview 8.3.2 Financial Performance 8.3.3 Recent Developments 8.3.4 Portfolio 8.4 SABIC 8.5 Total SE 8.6 Repsol 8.7 Ineos Group AG 8.8 Reliance Industries 8.9 LyondellBasell Industries N.V. 8.10 Sinopec Group 8.11 Ducor Petrochemical 8.12 Formosa Plastics Corporation 8.13 Borealis AG 8.14 Arkema S.A. 8.15 Braskem S.A 8.16 Abu Dhabi Polymers Company Ltd. (Borouge) 8.17 Sasol Ltd 8.18 Tosoh Corporation 8.19 Polyone Corporation. 9 Conclusion & Recommendation 10 Acronyms & Abbreviations
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