What Has Been the Growth Trajectory for the Polyolefins Market in Recent Years?
The polyolefins market has seen considerable growth due to a variety of factors.
• The market size of polyolefins has experienced swift growth in the last few years. It is projected to expand from $296.65 billion in 2024 to $331.07 billion in 2025, witnessing a compound annual growth rate (CAGR) of 11.6%.
The surge in growth during the historical period can be attributed to factors such as industrialization and urbanization, changing consumer preferences, the emergence of new markets, and a rise in the consumption of polyolefins.
How Does the Forecast Look for the Polyolefins Market?
The polyolefins market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the polyolefins market size is poised for accelerated expansion. By 2029, it is projected to reach a value of $499.52 billion, growing at a compound annual growth rate (CAGR) of 10.8%.
This growth during the forecast period is influenced by factors such as the use of biodegradable polyolefins, cutting-edge packaging solutions, lightweighting, applications in electric vehicles (ev), and smart packaging. Major trends shaping this forecasted period include technological advancements, alongside the increased use of biodegradable polyolefins, state-of-the art packaging solutions, lightweighting, and applications in the electric vehicle (ev) sector.
What Main Forces Are Fueling Expansion In The Polyolefins Market?
The polyolefins market is expected to experience a significant boost due to a rising demand for packaged food. This category of food, readily available and easy to prepare from grocery stores, massively influences time-efficiency. Polyolefins, known for their mechanical durability and cost-effectiveness, are widely used in packaging such items, thus a surge in preference for packaged food correspondingly amplifies the demand for the polyolefins market. For example, the National Center for Biotechnology Information - a US-based body that offers biomedical and genomic details - reported in June 2024, that the Australian consumer's demand for packaged food is advancing steadily. This is largely attributed to extensive year-round data collections from the four major supermarkets, cumulatively claiming close to 85% of the market share. Each annum, more than 20,000 products are precisely tracked and evaluated using a specially designed Data Collector App, thus underscoring a strong rising trend in Australian consumer preference for convenience, diversity, and superior quality in packaged food choices across the nation. Consequently, the escalation in demand for packaged food is fueling the expansion of the polyolefins market.
What Are The Primary Segments In The Global Polyolefins Market?
The polyolefins market covered in this report is segmented –
1) By Type: Polyethylene (PP), 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
Subsegments:
1) By Polyethylene (PE): High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Linear Low-Density Polyethylene (LLDPE)
2) By Polypropylene (PP): Homopolymer Polypropylene, Random Copolymer Polypropylene, Block Copolymer Polypropylene
3) By Other Types: Polyethylene Terephthalate (PET), Ethylene-Vinyl Acetate (EVA), Polyolefin Elastomers (POE)
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Which Key Trends Are Driving Changes In The Polyolefins Market?
Leading firms in the polyolefins market are creating inventive products like Stelora, in order to cater to the increasing demand for environmentally friendly engineering polymers. Stelora, a novel engineering polymer class, has been added to the existing array of polyolefins and is crafted using renewable feedstock. It aims to provide a greener substitute for conventional engineering polymers such as ABS and polycarbonate. Take for instance, in May 2023, Austrian chemical company, Borealis AG, added Stelora to their existing polyolefins range. Produced with renewable feedstock, Stelora holds several benefits over traditional engineering polymers: it is more sustainable, performs well, is easy to process, and extremely versatile. In addition, it retains a high resistance to heat and a low absorption rate for moisture.
Who Are the Key Players in the Polyolefins Market?
Major companies operating in the polyolefins market include:
• ExxonMobil Corporation
• Saudi Basic Industries Corporation.
• China Petroleum & Chemical Corporation.
• Total SE
• Arkema S.A.
• LyondellBasell Industries N.V.
• Braskem S.A.
• BASF SE
• Reliance Industries Limited
• Borealis AG
• INEOS Group AG
• Repsol S.A.
• PetroChina Company Ltd.
• Ducor Petrochemicals B.V.
• Formosa Plastics Corporation
• Chevron Phillips Chemical Company LLC.
• Hanwha TotalEnergies Petrochemical Co. Ltd.
• PolyOne Corporation
• Sasol Limited
• Tosoh Corporation
• The Dow Chemical Company
• LG Chem Ltd.
• Sumitomo Chemical Co Ltd.
• Mitsui Chemicals Inc.
• Westlake Chemical Corporation
• Lotte Chemical Corporation
• Versalis S.p.A.
• PTT Global Chemical Public Company Limited
• China National Chemical Corporation
What Is The Most Dominant Region In The Polyolefins Market?
Asia-Pacific was the largest region in the polyolefins market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the polyolefins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
