Global Polyolefin Resins Market Size
Polyolefin resins, also known as polyolefins, are thermoplastic polymer resins
made from olefinic monomers such as ethylene and propylene through
polymerization process. Polyolefin resins finds applications in various end-use
industries including packaging, automotive, building & construction and
others owing to their properties such as durability, flexibility, chemical
resistance and lightweight. The packaging industry has emerged as the largest
end-use industry for polyolefin resins where they are used for manufacturing of
flexible packaging, rigid packaging, films and blow molding applications. The
rising demand for food packaging from growing food & beverages industry is
driving the global polyolefin resins market.
The Global Polyolefin Resins Market is estimated to be valued at US$ 294.71 Mn in 2024 and is expected
to exhibit a CAGR of 8.1% over the
forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Polyolefin Resins are Accruent, Archibus,
FM:Systems Group, LLC, IBM TRIRIGA, iOFFICE, OfficeSpace Software, Planon,
QuickFMS, and SPACEWELL INTERNATIONAL. These players are focusing on capacity
expansion and new product developmentstrategies to strengthen their market
position.
The key opportunities in the Global
Polyolefin Resins Market Size include growing demand for polyethylene
(PE) and polypropylene (PP) resins from packaging industry and construction
industry. Properties such as flexibility, durability, chemical & corrosion
resistance has increased their adoption over traditional materials.
Globally, the Asia Pacific is expected to dominate the polyolefin resins market
during the forecast period. This is attributed to large packaging and
automotive industry in countries such as China, India, Japan and South Korea.
Furthermore, multinational players are expanding their production facilities in
the Asia Pacific region to leverage low labor and raw material cost.
Market Drivers
Growing demand for packaged food & beverage products due to changing
lifestyle and rapid urbanization is a major factor driving the polyolefin
resins market. Polyolefin resins exhibits properties such as chemical
resistance, flexibility and moisture barrier which increases their preference
over conventional materials in food packaging applications.
Market Restrain
Fluctuations in the prices of raw materials required for the production of
polyolefin resins is a major challenge for manufacturers. Raw materials such as
ethylene and propylene derives its prices from petroleum-based feedstocks and
thus volatility in crude oil prices negatively impacts the production cost of
polyolefin resins. This adversely affects the profitability of polyolefin resin
manufacturers.
Segment Analysis
The dominant sub-segment in the polyolefin resins market currently is
polyethylene based resins. This sub-segment holds a sizeable share of over 50%
of the overall market currently. Polyethylene finds widespread application in
the manufacturing of various plastic products used across industries like
packaging, FMCG products, containers, bottles, etc owing to its properties such
as durability, lightweight and versatility. The growing plastic industry is
expected to further drive demand for polyethylene based polyolefin resins over
the forecast period.
The polypropylene resins sub-segment also holds a sizable share and is expected
to witness robust growth over the coming years. Polypropylene resins find
extensive application in industries like automotive, consumer goods, electrical
& electronics, etc owing to properties like rigidity, transparency and heat
resistance. Rising consumption of polypropylene resins across industries is
expected to drive this sub-segment in the global polyolefin resins market.
Global Analysis
The Asia Pacific region currently dominates the global Polyolefin Resins Market
with a share of over 40% of the overall market. This is owing to robust demand
from emerging economies in the region like China, India and Southeast Asia
which are global hubs for the plastics and polymers industry. Rising industrial
and infrastructure activities along with growth in end use industries across
the region are major factors driving polyolefin resins market growth in Asia
Pacific.
North America and Europe collectively account for around 30% share of the
global polyolefin resins market. Presence of key end use industries like
packaging, automotive and construction offer promising growth opportunities.
However, these regions are expected to witness relatively slower growth rates
compared to the promising growth outlook of developing regions like Asia
Pacific and Latin America over the coming years. Stringent environmental
regulations regarding plastic recycling and disposal can potentially restrain
market expansion in developed regions.
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