Market Synopsis: —
Market Research Future (MRFR) has revealed in its recently published report on Global Polyolefin Market that the revenue generation from the market will exceed USD 300 Bn with a robust CAGR of 7%. The exponentially expanding range of usage for polyolefin in consumer goods, industrial products, packaging, etc. is propelling the market growth.
The thriving construction and food & beverages industries are also the key drivers of market growth for Polyolefin. The growing preference of Polyolefin over other metals and non-metals substitutes has catapulted its adoption by end-user industries. The characteristics of Polyolefin such as durability, odorless, waxy finish, high resistance to chemicals and heat, non-porous, etc. are the key drivers of the market. Furthermore, the initiatives undertaken by the government to fight environmental issues and tackle waste management are also influencing the market by catalyzing competition among the market player and opening avenues for innovation. It is expected that the market production will exceed 180 Million tons by the end of the assessment period.
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The top-notch key players profiled by MRFR in its recently published report are The Dow Chemical Co., Formosa Plastics Corporation, LyondellBasell Industries Holdings B.V., China National Petroleum Corporation, Braskem S.A., Ineos Group AG, BASF SE, E. I. du Pont de Nemours and Company, Sinopec Corporation, ExxonMobil Corporation, SABIC, Total S.A., and, Arkema S.A. The competitive landscape of the market depicts fierce competition with the market players adapting to changing market trends. The initiatives undertaken to gain a competitive edge are acquisitions & mergers, expansion of production, innovation, product development, etc.
Formosa Plastics Corporation, U.S.A. has announced the introduction of process technologies for polypropylene and polyethylene expansions. The new tubular low-density polyethylene (LDPE) with a production capacity of 400,000 MT/year have procured a license for its plant’s technology from ExxonMobil Catalysts and Licensing, LLC. Univation Technologies, LLC has licensed UNIPOLTM PE Process technology for new dual-purpose polyethylene (PE) plant which has a production capacity of 400,000 MT/Year for both linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE). The technology for new polypropylene (PP) plant has been licensed by Japan Polypropylene Corporation (JPP) and is facilitated with a production capacity of 250,000 MT/year. The addition of plants also aims at expanding the robust product portfolio.
Global Polyolefin Market Segmentation:
By Type, the Global Market for Polyolefin has been segmented into Polypropylene (PP), Polyethylene (PE), and, Polymethylpentene (PMP). Polyethylene (PE) segment will hold as much as 30% of the total market share and will retain its dominance throughout the assessment period.
By Application, Global Polyolefin Market is segmented into films & sheet, blow molding, injection molding, tapes & fibers, and, others. Film & sheet segment market is expected to dominate the market during the forecast period 2016 to 2022.
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By Region, the Global Polyolefin Market has been segmented into North America, Asia Pacific, Europe, and, Rest of the World. Asia Pacific region is envisaged to be the fastest growing region in the global market. It will hold a significant share of the market revenue accounting for 46% of the total market share. The rapid industrialization and setting up of manufacturing plants in the region has fuelled the demand for Polyolefin in the market. The industries such as construction, automobiles, packaging, food & beverages, etc. have catalyzed the market growth in this region.
The North America market was valued to be the highest in 2015 and will persistently show steady growth during the projection period owing to factors such as innovation in product development, technological advancements, etc. The market in Europe will also exhibit moderate growth due to increasing demand, stringent waste management laws by governments, etc. The Middle East market will accelerate growth in Rest of the World region owing to the growth of construction and packaging industries.
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Name: Abhishek Sawant
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