Polyolefins Market to Worth $ 298 Billion by 2024
Significant growth in solar power
industry along with increasing demand for POs in numerous applications to boost
global polyolefins market through 2024
According to a report
released at TechSci Research, “Global Polyolefins Market By Type, By Catalyst, By
Application, By Region, Competition, Forecast & Opportunities, 2024” global polyolefins market is anticipated to witness
healthy growth during forecast period with a projected revenue of $ 298 billion
by 2024. Anticipated growth in the market is led by factors such as significant
growth in solar power industry and growing demand for polyolefins in various
applications. Polyolefins are macromolecules formed by the polymerization of
olefin monomer units. The IUPAC nomenclature term is poly(alkene). The most
common polyolefins are polypropylene (PP) and polyethylene (PE).
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Global polyolefins market is broadly
segmented into type, catalyst, application and region. Based on type, the
market is categorized into polypropylene, polethylene (HPDE, MDPE, LLDPE, LDPE),
functional polyolefins and others. Polyethylene (PE) film is the substrate used for food packaging and
grocery bags. PE films are thermoformed to manufacture plastic bottles and
medical packaging products. Polypropylene (PP) films are used in numerous end-use
applications such as clear films, matte films, hazy films, metalized films, colored
films, holographic films, adhesive backed films and coated films. Based
on Application, the market has been categorized into injection molding, blow
molding, film & sheet, fibers & raffia, compounding and others. Among these, film & sheet is the largest
application segment in global polyolefins market, on account of its low cost and technical advantages
over other polymers.
Based on region, the market has been segmented as North America, South
America, Europe, Asia-Pacific and Middle East & Africa. Asia-Pacific is the
largest market for PO, wherein China is the leading country, while India is anticipated
to be the fastest growing market for PO in the region. The growth of
Asia-Pacific polyolefins
market can be attributed to
growing industrialization in countries like China and India, which is leading
to rapid growth of the agriculture, construction, food & beverage, solar
energy, and other industries. Furthermore, replacement of woods and metals by
PO plastic products is also anticipated to drive the market.
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“There has been a considerable rise
in the usage of environment-friendly polyolefins that cause lower emissions and
ensure negligible environment degradation. Notably, this can be attributed to increasing
consumer awareness regarding environment protection, increasing efforts to control
the disposal of plastic waste and strict government regulations. Apart from
compliance to environmental regulations, companies are investing in extensive
R&D activities, which is encouraging the development of new plastic
products which outperform conventional plastics in terms of both the physical
and chemical properties.” stated Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Polyolefins Market By Type, By Catalyst,
By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future
growth potential of global polyolefins market and provides statistics and
information on market structure, size, share and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
to take sound investment decision. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in the global polyolefins market.
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