Polyolefin Market Size Is Poised To Reach 7.3 Billion By 2030: Grand View Research Inc.

Posted by Mrudula Anil Karmarkar on May 14th, 2024

San Francisco, 14 May 2024: The ReportPolyolefin Market Size, Share & Trends Analysis Report By Product (Polyethylene, Polypropylene, Polycarbonate), By Application (Film & Sheet, Injection Molding, Blow Molding), By Region, And Segment Forecasts, 2023 - 2033

The global polyolefin market is anticipated to reach USD 357.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 5.1% from 2023 to 2030. The market is poised for growth due to increasing adaptation across the end-use industries. The use of polyolefins in automotive applications helps reduce fuel consumption on account of their ability to reduce the density and weight of vehicles compared to conventional materials such as rubber and metal.

The use of polyolefins in automotive applications helps reduce fuel consumption on account of their ability to reduce the density and weight of vehicles compared to conventional materials such as rubber and metal. Increasing awareness regarding health hazards and consumer safety in various industries, such as electronics, healthcare, wire & cable, construction, and automotive, is expected to drive the global market over the forecast period.

The use of polyolefins in automotive applications helps reduce fuel consumption on account of their ability to reduce the density and weight of vehicles compared to conventional materials such as rubber and metal. Increasing awareness regarding health hazards and consumer safety in various industries, such as electronics, healthcare, wire & cable, construction, and automotive, is expected to drive the global market over the forecast period.

In the Polyolefin Market, major players have adopted various strategic initiatives such as new product launch, production expansion, merger & acquisition, and others. These strategic initiatives enable the market players to maintain the competitive environment and meet global demand. For instance, in May 2023, Borealis, an advanced & circular polyolefin solution provider launched Stelora to its existing portfolio of polyolefins. This sustainable engineering polymer provides attributes such as strength, durability, and higher thermal resistance.

Research activities focused on new materials, which combine several properties, are projected to gain wide acceptance in this industry in the coming years. Some of the prominent companies manufacturing these products include China Petrochemical Corporation; LyondellBasell Industries Holdings B.V.; PetroChina Company Limited; TotalEnergies; Chevron Corporation; Repsol; Dow, Inc.; Exxon Mobil Corporation; Braskem; and Borealis AG.

Request sample report of Polyolefin Market@https://www.grandviewresearch.com/industry-analysis/polyolefin-market/request/rs1

The market is poised for growth due to increasing adaptation across the end-use industries. The use of polyolefins in automotive applications helps reduce fuel consumption on account of their ability to reduce the density and weight of vehicles compared to conventional materials such as rubber and metal. Increasing awareness regarding health hazards and consumer safety in various industries, such as electronics, healthcare, wire & cable, construction, and automotive, is expected to drive the global market over the forecast period. The rapidly developing automotive industry is expected to trigger the demand for plastics in under-the-hood components as well as exteriors & interiors of automobiles. Polyolefins are majorly used in under-the-hood components in the automotive industry.

Polyolefin Market Report Highlights

  • Asia Pacific dominated the market and accounted for a revenue share of over 49.0% in 2022. The Asia Pacific region stands out for its abundance of skilled labor available at a low cost, as well as easily accessible land.
  • The polyethylene (PE) led the market for market across the product segmentation and accounted for a revenue share of over 38.0% in 2022. Polyethylene has witnessed significant growth in recent years with an increase in utilization across prototype development on 3D printers and CNC machines.
  • The film & sheet led the market for market across the application segmentation and accounted for a revenue share of over 25.0% in 2022. Polyolefins provide high-quality shrink films with improved clarity and appearance for the consumer goods industry. Polyolefins have stronger puncture resistance, are FDA approved, have no chlorine content, and are more durable; however, they are relatively more expensive.
  • The film & sheet led the market for market across the application segmentation and accounted for a revenue share of over 25.0% in 2022. Polyolefins provide high-quality shrink films with improved clarity and appearance for the consumer goods industry. Polyolefins have stronger puncture resistance, are FDA approved, have no chlorine content, and are more durable; however, they are relatively more expensive.
  • The market faces several pressing challenges that are shaping its dynamics. The foremost challenge is the imperative of sustainability, driven by mounting concerns about plastic waste and its environmental impact. This has prompted the development of more eco-friendly options and the adoption of circular economy practices to effectively recycle and reuse polyolefin products.
  • Key players include China Petrochemical Corporation; LyondellBasell Industries Holdings B.V.; PetroChina Company Limited; TotalEnergies; Chevron Corporation; Repsol; Dow, Inc.; Exxon Mobil Corporation; Braskem; and Borealis AG.

The demand for polyolefins such as polyethylene, polypropylene, ethylene-vinyl acetate, and thermoplastics is expected to grow in the U.S. from 2023 to 2030. This is due to the surging usage of medical masks, gloves, shoe & head covers, and gowns owing to rising health awareness among the masses and their increasing focus on hygiene and infection prevention.

The proposed USD 2 trillion investment of the Federal Government of the U.S. in a 10-year infrastructure development plan is poised to capitalize on the low-risk environment, stable economy, and strong financial sector of the country. These favorable conditions have already attracted significant investor interest, fostering a conducive atmosphere for surged infrastructure expenditure and development in the U.S. This, in turn, is projected to positively impact the demand for polyolefins from the construction industry of the country.

Polyolefin Market Report Scope 

Report Attribute

Details

Market size value in 2023

USD 252.5 billion

Revenue forecast in 2030

USD 357.3 billion

Growth rate

CAGR of 5.1% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Thermoplastic polyolefins segment of the market in the U.S. is projected to grow at a significant rate during the forecast period owing to an exceptional combination of durability, weather resistance, easy process ability, and versatility which refers to their ability to be molded and reshaped when heated, and solidify when cooled, without undergoing significant chemical change offered by them. This makes thermoplastic polyolefins highly sought-after materials in the U.S. for use in the automotive, construction, and consumer goods industries.

List of Key Players in the Polyolefin Market

  • China Petrochemical Corporation
  • LyondellBasell Industries Holdings B.V.
  • PetroChina Company Limited
  • TotalEnergies
  • Chevron Corporation
  • Repsol
  • Dow, Inc.
  • Exxon Mobil Corporation
  • Braskem
  • Borealis AG

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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