BANGALORE, India, May 20, 2021 /PRNewswire/ -- The Polyolefins Market is segmented by Type (Polyethylene (PE), Polypropylene (PP), and Polystyrene) and Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion, and Others). This report is published on Valuates Reports in the Plastics & Polymers Category.
The Polyolefins Market was valued at USD 133.9 billion in 2020 and is projected to reach USD 444.2 billion by 2028, growing at a CAGR of 12.6% from 2021 to 2028.
Major factors driving the growth of the Polyolefins Market are:
Development of the solar power industry and increase in demand from packaging industry from developed countries
An upsurge in demand for polyolefins in the renewable energy sector is propelling the polyolefins market growth.
The rapid expansion of the consumer base, such as aerospace and automobiles, in developing countries such as India and China.
TRENDS INFLUENCING THE GROWTH OF POLYOLEFINS MARKET
The rapid increase in demand from the packaging industry is expected to drive the growth of polyolefins market size. The polyolefin's high tensile strength and impact resistance have led to its demand in the film, sheet, and packaging industries. Polyethylene can be heated to its melting point, cooled, and heated again as required without significant strength or consistency degradation. This enables it to be used in a variety of applications, including geomembranes, plastic films, and bags.
An increase in demand from the automotive and construction sector is further fuelling the polyolefins market size. Thermoplastic olefins offer an appropriate amount of stiffness and impact resistance and are widely used in the automotive sector. In the construction sector, it is used for its application as roof membranes.
Furthermore, polyolefins offer properties such as high processability, superior chemical stability, and prolonged durability. Such properties allow it to be utilized in various end-user industries, which is fuelling the polyolefins market.
Based on type, the polyethylene segment garnered a 65.6% share in terms of revenue in 2020 and is expected to grow at a CAGR of 11.6% during the forecast period. This is due to its widespread use in a variety of applications, including extrusion packaging, extrusion non packaging, injection molding, and blow molding.
Based on application, the film & sheet segment garnered a 31.0% share in 2020. This is due to the increased use of films in manufacturing, automobiles, solar energy, and food and non-food packaging.
Based on region, Asia-Pacific is expected to grow at a CAGR of 13.6% in terms of revenue during the forecast period. The presence of emerging economies such as India, China, Japan, and South Korea is to blame for this. Packaging, automotive, and construction are three industries with increasingly increasing customer bases in these emerging economies. Because of its large customer base and involvement of key players in the polyolefins industry, China is one of the major contributors to the market.
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SIMILAR REPORTS :
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