The Polyolefins Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Polyolefins Global Market Report 2024, The polyolefins market size has grown rapidly in recent years. It will grow from $267.44 billion in 2023 to $298.46 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to industrialization and urbanization, consumer preference, emerging markets, increasing consumption of polyolefins.
The polyolefins market size is expected to see rapid growth in the next few years. It will grow to $447.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to biodegradable polyolefins, advanced packaging solutions, lightweighting, electric vehicle (ev) applications, smart packaging. Major trends in the forecast period include biodegradable polyolefins, advanced packaging solutions, lightweighting, electric vehicle (ev) applications, technological advancements.
An increase in demand for packaged food is expected to propel the growth of the polyolefins market going forward. Packaged food is a type of food that saves time in food acquisition, preparation, and is ready-to-eat food from grocery stores. Polyolefins are used to pack food products with mechanical strength, and cost-efficiency, as a result, increasing demand for packaged food increases the demand for polyolefins market. For instance, according to the Press Information Bureau, a nodal agency of the Government of India, India exported more than $ 2.14 billion worth of final food products in 2020-21. The export of products under the ready-to-eat (RTE), ready-to-cook (RTC) and ready-to-serve (RTS) categories rose by more than 23% to $ 1011 million from April to October (2021-22) compared to $ 823 million reported in April to October (2020-21). Therefore, an increase in demand for packaged food is driving the growth of the polyolefins market.
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The polyolefins market covered in this report is segmented –
1) By Type: Polyethylene (PP) – HDPE, LDPE, LLDPE, Polypropylene, Other Types
2) By Application: Films and Sheets, Blow Molding, Injection Molding, Profile Extrusion, Other Applications
3) By End-User: Packaging, Automotive, Construction, Pharmaceuticals/Medical, Electronics & Electricals
Major companies operating in the polyolefins market are developing innovative products, such as Stelora, to meet the growing demand for sustainable engineering polymers. Stelora to its existing portfolio of polyolefins. It is a new class of engineering polymer that is made with renewable feedstock. It is designed to offer a more sustainable alternative to traditional engineering polymers such as ABS and polycarbonate. For instance, in May 2023, Borealis AG, an Austrian-based chemicals company, launched Stelora to its existing portfolio of polyolefins. It is made with renewable feedstock, and it offers a number of advantages over traditional engineering polymers. It has sustainability, performance, processability, and versatility. Moreover, it has high heat resistance and low moisture absorption.
The polyolefins market report table of contents includes:
1. Executive Summary
2. Polyolefins Market Characteristics
3. Polyolefins Market Trends And Strategies
4. Polyolefins Market – Macro Economic Scenario
5. Global Polyolefins Market Size and Growth
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26. South America Polyolefins Market
27. Brazil Polyolefins Market
28. Middle East Polyolefins Market
29. Africa Polyolefins Market
30. Polyolefins Market Competitive Landscape And Company Profiles
Top Major Players:
- xxonMobil Corporation,
- Saudi Basic Industries Corporation
- China Petroleum & Chemical Corporation
- Total SE
- Arkema S.A
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