Global polyolefin market is anticipated to grow at a CAGR of 8.9% during the forecast period (2024–2031). The growth is driven by the increasing demand for polyolefin in the packaging industry owing to various factors that have made it an ideal packaging material. Additionally, the increase in e-commerce is leading to a rise in online orders, so it requires packaging material that can hold it strong, is flexible, and is lightweight, making polyolefins an ideal choice. The increasing popularity of flexible packaging, which includes pouches and bags, has become more widely used, increasing convenience, and contributing to market growth.
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The major restraining factor in the market growth is its impact on the environment as it is a major concern for end-users. This is made of plastics and its production and disposal can affect the environment negatively. Therefore, it is important to consider the implications of using this material and explore alternative options that are more eco-friendly. Thus, the demand for polyolefin is expected to decrease in the future.
The Asia-Pacific region is dominating the market share for polyolefins market. China is the major consumer of polyolefins globally. Additionally, the increase in e-commerce and the strong courier business led to a spike in demand for plastic packaging.
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Recent Developments
- In January 2024, PetroChina Lanhai Advanced Material announced its plans to construct a polyolefin plant in Nantong, Jiangsu province to expand its production capabilities and meet rising product demands.
- In June 2023, LyondellBasell inaugurated a new polyolefins manufacturing facility in Saudi Arabia, aimed at producing High-Density Polyethylene (HDPE) and polypropylene (PP) resins to cater to the Middle East and North Africa markets.
- In May 2023, ExxonMobil announced the expansion of its polyolefins production capacity in the US. This expansion will increase ExxonMobil’s production of HDPE and PP resins by 1.5 million tons per year.
- In April 2023, Sinopec announced the construction of a new polyolefins plant in China. This plant will produce HDPE and PP resins for the domestic market.
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape: Exxon Mobile Corp., Lyondell Basell Industries, SABIC, The Dow Chemical Co., and Toray Industries Inc. among others.
Global Polyolefin Market Report Segment
By Product
- Polyethylene (PE)
- Polypropylene (PP)
- Ethylene Propylene Diene Monomer (EPDM)
- Others
By Application
- Packaging
- Consumer Goods
- Building and Construction
- Electronics
- Automotive
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