The Polyolefin Resins Market is estimated to be valued at US$ 255.82 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyolefin resins are thermoplastic polymers made from petroleum-based raw material like ethylene and propylene. These resins have properties such as durability, flexibility, chemical resistance and electrical insulation. Due to these properties, polyolefin resins find widespread applications in packaging films, plastic components, containers, pipes and wires insulation etc. The packaging industry accounts for the largest usage of polyolefin resins where they are used to make multilayered packaging films, bags and other flexible packaging products.
Market Dynamics:
The expanding packaging industry globally is driving the demand for polyolefin resins significantly. Packaging films made from polyolefin resins offer properties like strength, durability and resistance to moisture which increase their usage in food packaging, medical packaging and other consumer packaging. Additionally, growing usage of plastic components in automotive, construction and electrical industries is also fueling the polyolefin resins market growth. However, availability of substitutes like PET (Polyethylene Terephthalate) resin and PVC (Polyvinyl Chloride) and issues related to non-biodegradability of polyolefin resins may hinder the market growth.
Segment Analysis
The polyolefin resins market can be segmented by type into polyethylene and polypropylene. Among them, polyethylene dominates the market with a share of over 60% due to its widespread applications in various end-use industries such as construction, automotive, packaging, and consumer goods. Polyethylene is further classified intoHDPE, LDPE, LLDPE, etc. HDPE dominates the polyethylene segment due to its mechanical strength and chemical resistance properties for manufacturing pipes, fittings, and containers.
PEST Analysis
Political: The governments globally are focusing on infrastructure development and construction activities which is positively impacting the market.
Economic: Rising disposable incomes in developing nations are encouraging consumer spending on various end products made of polyolefin resins. This is fostering market growth.
Social: Changes in lifestyle and increasing demand for packaged food and consumer goods are propelling the demand for polyolefins from the packaging industry.
Technological: Advances in polymerization technologies are helping manufacturers develop novel polyolefin resins with enhanced properties and functionalities. This is increasing their applications.
Key Takeaways
The Global Polyolefin Resins Market Growth is expected to witness high, exhibiting CAGR of 5.1% over the forecast period, due to increasing infrastructure development and construction activities worldwide. Asia Pacific dominates the global market with a share of over 40%, with China being the fastest growing market. This can be attributed to the rising construction spending and increasing production of automobiles in the region. Key players operating in the polyolefin resins market are Sinopec Corporations, LyondellBasell Industries Holdings N.V., ExxonMobil Chemicals, and Petrochina Company Limited. Sinopec Corporations retains the largest market share of about 15% with its diversified production capacity and global expansion.
Key players operating in the polyolefin resins market are Sinopec Corporations, LyondellBasell Industries Holdings N.V., ExxonMobil Chemicals, and Petrochina Company Limited. The Asia Pacific region is the fastest growing market for polyolefin resins. This can be attributed to the presence of developing nations like China and India experiencing rapid industrialization and infrastructure growth. China dominates the Asia Pacific market due to the massive production of automobiles and construction activities in the country. The global polyolefin resins market size was valued at US$ 255.82 Bn in 2023 and is expected to reach US$ 421.67 Bn by 2030, growing at a CAGR of 5.1% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it