Polyolefin Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Polyolefins Market size was valued at USD 240.05 billion in 2021 and is anticipated to grow at USD 355.69 billion till 2028 recording a CAGR of 9.84% during the forecast period 2022-2028 due to increase in demand for polyolefin from end user industries such as automotive, electronics, packaging, and construction industries across the world. Moreover, rise in R&D for the development of newer products with polyolefin, cost effective and better availability of raw materials, increase in the adoption of polyolefin in solar power industry, and wide range of applications with polyolefin films are propel the global polyolefin market revenue over the forecast years. For instance, in June 2016, Borealis extended its Queo polyolefin plastomers (POP) portfolio by launching three newer polyolefin elastomers. Global polyolefin market is surging owing to frequent product approvals and launchings, strategic alliances, and business expansion by the market players. For instance, In October 2019, SK Global Chemical acquired Arkema’s functional polyolefins business to enhance its packaging business segment. Polyolefins are polymers made from simple olefins that have been polymerized. Olefins, also known as alkenes, are hydrocarbons with a double bond between carbon and hydrogen. Polyolefins are a type of plastic that is hard, light, and rigid. Structural plastics, consumer items, industrial products, and food packaging are all places where they’re used. When heated, polyolefins have a waxy feel and expand. When heated and cooled, they maintain their odourless and nonporous properties. As a result, they are an excellent material for food packing. Because of their light weight, durability, and resistance to physical and chemical attacks, polyolefins are favoured over alternative metallic and non-metallic counterparts. Polyolefins come in a variety of forms. They are primarily divided into two categories: thermoplastic and elastomeric compounds. Polyethylene (PE) and polypropylene (PP) are examples of thermoplastic compounds (PP). Low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), and high-density polyethylene (HDPE) are the three types of polyethylene (HDPE). Because of their light weight and great durability, LDPE and HDPE are employed in high-quality package films. Polyisobutylene (PIB), ethylene propylene rubber (EPR), and ethylene propylene diene monomer rubber are examples of elastomeric compounds (EPDM rubber). In the production of pillows and cushions, elastomeric compounds are used.