Polyolefin Market - Forecasts from 2024 to 2029

The Polyolefin market is evaluated at US$215.709 billion for the year 2022 and is projected to grow at a CAGR of 4.87% to reach a market size of US$300.985 billion by the year 2029.

Polyolefin is a collective term for the kinds of plastics that include polyethylene (Low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), and high-density polyethylene (HDPE)), among others, are produced from substances that are rich in carbon- coal, natural gas, and oil. Increasing demand from packaging, plastic, and construction, among other industries, is expected to drive the market during the forecast period. 

MARKET TRENDS:

Numerous important factors impact the polyolefin industry, influencing its dynamics and rate of growth. The growing need for strong, lightweight materials in a variety of sectors, such as consumer products, construction, automotive, and packaging, is one important factor. In these industries, polyolefins, like polyethylene (PE) and polypropylene (PP) are the material of choice because of their superior mechanical qualities, affordability, and adaptability.

Furthermore, the polyolefins market is growing due to continuous improvements in polymerization technology and process innovations, which make it possible to create new grades with improved performance and property attributes. These developments support changing consumer demands and market trends, which accelerates the use of polyolefin-based products in a range of applications.

MARKET DRIVERS:

The expanding solar power industry is anticipated to drive the market’s growth.

Polyolefin is widely used in the solar module black sheet and has excellent chemical resistance. Expanding the solar power industry is expected to drive the growth of the polyolefin market during the forecast period. According to the International Energy Agency (IEA), in 2021 nearly 290 gigawatts (GW) of new renewable energy were installed, a 3% increase over 2020's already exceptional growth. Solar PV alone accounts for more than half of all renewable power expansion in 2021, followed by wind and hydropower. This shows that there is an increasing generation of solar power which is projected to boost the use of polyolefin and lead to its market growth.

Growing demand in the packaging industry might impact polyolefin market growth.

Food packaging over the years has undergone various revolutionary changes in terms of shape, end-user, and even material used. Increasing disposable income and rising household spending in developing economies like China, India, and Brazil are expected to drive the growth of the market during the forecast period. 

In addition, a rising number of supermarket companies around the globe are also supporting the growing demand for packed food products, which, in turn, is driving the demand for polyolefin in the packaging industry. For instance, according to the USDA statistics, in 2020, the value of food and liquor retailing in Australia increased by 5% to A$191 billion (US$133 billion). With a 66 percent share, supermarket and grocery expenditures continue to account for the majority of food retailing purchases.

Growth in the healthcare industry is predicted to boost the market.

The polyolefins market is greatly impacted by the expansion of the healthcare sector as materials based on polyolefin are widely used in a variety of medicinal applications. A variety of characteristics make polyolefins, such as polyethylene (PE) and polypropylene (PP), perfect for use in pharmaceutical packaging, medical equipment, hospital equipment, and healthcare infrastructure.

Demand for polyolefins in the healthcare industry is primarily driven by the growing need for lightweight, affordable materials that satisfy strict performance and safety standards. Because polyolefins are highly biocompatible, resistant to chemicals, and sterilizable, they may be used in medical equipment such as tubes, syringes, surgical tools, and implanted devices.

Asia Pacific is anticipated to be the major regional market.

By geography, the global polyolefin market has been segmented as follows: North America, South America, Europe, the Middle East, Africa, and Asia Pacific (APAC) regions. The Asia Pacific polyolefin market is anticipated to dominate the global market, constituting a significant share on account of rapid urbanization and increasing demand in the manufacturing industry in countries like China and India. 

Furthermore, the region's polyolefin market is expected to benefit from improved economic conditions and stability in many countries. Because of the established end-user industry in North America, the market is growing at a rapid pace. In addition, Europe has a significant market share due to the widespread use of polyolefin.

Key Developments:

• In October 2022, Borealis announced the release of Borstar Nextension, a breakthrough in power projection performance. A greater variety of customized polyolefins are produced when Borstar and the exclusive Borstar Nextension catalysts are used together. This innovative technique makes it possible to replace several distinct materials in multilayer applications with only one material, making recycling simpler and promoting design with recycling in mind.
• In January 2022, Osaka-Gunze Limited announced the launch of a new heat-shrinkable film called "GEOPLAS FRG" based on polyolefin. It has less than one product density. The same-thickness product can utilize less plastic resin than alternative materials, which is anticipated to lower greenhouse gas emissions.

Segmentation:

By Type

• LDPE
• LLDPE
• HDPE
• Others

 By Application

• Film and Sheets
• Blow Molding
• Injection Molding
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others 
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others 
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others 
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others