Polyolefins Market to Witness Positive Growth amid COVID-19 Impact, as Sales of Brake Actuators Soar, Noted MarketsandMarkets™

2022-06-16 09:44:30 UTC | Chemicals & Advanced Materials
Polyolefins Market to Witness Positive Growth amid COVID-19 Impact, as Sales of Brake Actuators Soar, Noted MarketsandMarkets™

The report "global Polyolefins market by Type (Polethylene, Polypropylene, and Functional Polyolefins, Application (Film & Sheet, Injection Molding, Blow Molding, Fibers & Raffia), and Region - Global Forecasts to 2021", The market size of PO is estimated to grow from USD 206.81 Billion in 2015 to USD 297.09 Billion by 2021, at a CAGR of 7.82% between 2016 and 2021. The Polyolefins market is driven by the increasing demand for plastic products in end-use industries such as packaging, plastic molding, automobile, and other customer products.

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Film & Sheet: The Largest Application of PO Market

In 2015, film & sheet application accounted for the largest market share, in terms of volume, followed by injection molding and others. PO films are the most widely used polymers, which have high demand owing to low cost and technical advantages over other polymers. PE film is the substrate used for grocery bags and food packaging. It is thermoformed to manufacture plastic bottles and medical packaging products. PP films are used in end-use applications such as clear films, matte films, hazy films, colored films, metalized films, holographic films, adhesive backed films, and coated films. The important applications of EVA films include modified atmosphere packaging, vacuum bags, shrink films, thermal laminations, and others.

POP and POE: The Fastest-growing Type Segment of PO Market

POP and POE copolymers are estimated to register the highest CAGR between 2016 and 2021, in terms of volume. The high growth is attributed to characteristics such as excellent impact resistance, easy colorability, and excellent melt strength, which drive their use in end use applications such as automotive, wire & cable coating, and injection molding.

Asia-Pacific: The Largest Market for PO

Currently, Asia-Pacific is the largest market for PO. China is the largest while India is the fastest-growing market for PO in the region.
The following factors drive the PO market in Asia-Pacific:

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Sinopec Corporation (China), LyondellBasell Industries Holdings B.V., ExxonMobil Corporation (U.S.), China National Petroleum Corporation (China), SABIC (Saudi Arabia), The Dow Chemical Company (U.S.), Braskem S.A. (Brazil), Total S.A. (France), Ineos Group AG (Switzerland), and Arkema S.A. (France) are the key players of the PO market.

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