Polyolefin Market To Reach $357.3 Billion By 2030 | CAGR 5.1%

Polyolefin Market Growth & Trends

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.

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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.

Polyolefin Market Segmentation

Grand View Research has segmented the global polyolefin market on the basis of product, application, and region:

Polyolefin Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Polyethylene (PE)

• Polypropylene (PP)

• Ethylene-Vinyl Acetate (EVA)

• Thermoplastic Polyolefins (TPO)

• Polyoxymethylene (POM)

• Polycarbonate (PC)

• Polymethyl Methacrylate (PMMA)

• Others

Polyolefin Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Film & Sheet

• Injection Molding

• Blow Molding

• Profile Extrusion

• Others

Polyolefin Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Italy

  • France

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

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