Global Polyolefins Market is estimated to reach USD 414.58 billion by 2026 according to a new report published by Polaris Market Research. Polyolefins are the polymeric compounds of olefins and account for over 50% in weight of the produced polymers. The global market constitutes of more than 300 grades of commercial polefins with wide array of mechanical properties. Two major types of polyolefins include polypropylene and polyethylene, which are further subdivided into several grades for numerous end-use applications.
The global polyolefins market has witnessed rapid growth on account of tremendously increasing consumption of polyethylene and polypropylene for different end-uses. Plastic demand has grown significantly worldwide and has led to increased consumption of polyethylene. Consumer goods and food packaging is one of the primary drivers for the polyolefins market.
Infrastructure development, increased economic growth, and rising per-capita consumption have best illustrated the growth opportunities in the polyethylene market, resulting in increased consumption of polyolefins. The demand of polyethylene for consumables such as films, packaging materials, and numerous other items for large industrial applications and residential purpose is a crucial growth parameter for the market.
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Rising economic growth of several developing nations in the world, with improved lifestyles and increasing personal disposable incomes has facilitated the usage of commodity products. Such phenomenon is expected to raise the sales revenue for the end-use products of polyethylene and polypropylene. The global polyolefins market constitutes of stringent regulatory policies, which is expected to be an impactful restraint for the market.
Many countries across the world are effectively creating an after-use plastics economy to reduce the environmental impact of such compounds. Improvement in the after-use collection, reprocessing & storage infrastructure; radically increasing quality, economics & uptake of recycling; and increase in the economic attractiveness of keeping materials in the system are some of the crucial parameters undertaken by the industry players to enhance sustainability in the polyolefins market.
The rapidly expanding countries with large population such as China, Indonesia, and India include very high future growth prospects for the market. Asia Pacific region is expected to be the most lucrative as PE and PP consumption growth is related to the substitution of conventional materials, population demographics, and infrastructure development. North America, Middle East, and China have witnessed most of the capacity additions in the past three years.
The polyolefins market is highly competitive and constitutes of large number of domestic and international market players. Some of the key polyolefins market players include ExxonMobil Chemical, Dow DuPont, Sinopec Corporation, Total SA, Arkema SA, LyondellBasell, SABIC, and Chevron Phillips Chemical Company LLC.