Polyolefin Market Size Driven by Recent Developments, Marketing Approaches, and Innovation
The global polyolefin market size is expected to gain momentum in the forthcoming years. Fortune Business Insights, in its upcoming report, titled “Polyolefin Market Size, Share & Industry Analysis, By Type (Thermoplastic polyolefins, Polyolefin elastomers), By Application (Blow & injection Moulding, Packaging, Furniture & seating, Medical & Healthcare, Fiber & Fabrics, Others) Others and Regional Forecast, 2022-2030.”, Observes that increasing demand for plastic owing to rapid industrialization across the globe will favor market growth during the forecast period.
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Polyolefin is a type of macromolecule that is formed by the polymerization of a single olefin monomer. Across the globe, the most famous type of polyolefin is polyethylene (PE) and polypropylene (PP). The polymers are widely adopted in several applications based on their material characteristics, while the biggest example being consumer plastic. Construction, automotive, packaging, food and beverage, and electrical & electronics, among others, are some of the applications that adopt polyolefin on a wider scale.
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. The report provides comprehensive research into the regional developments of the market, affecting the market growth. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. In addition to this, the competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2030.
Increasing Demand for Polypropylene in Food & Beverage Industry to Favor Growth
High chemical, water, and fatigue resistance properties of the polypropylene are propelling its demand across the food and beverage sector. Additionally, its tendency to bear elevated temperatures makes it favorable to extensively adopt for the packaging of food products. The growing demand for innovative and sustainable packaging solutions in the food and beverage industry is expected to drive the global polyolefin market growth in the forthcoming years. Rapid industrialization owing to the growing population across the globe is anticipated to further boost the demand for plastics for construction activities that will favor the market growth in the forthcoming years.
Rising Infrastructural Development in Asia-Pacific to Spur Demand
Among all regions, the market in the Asia Pacific is expected to witness substantial growth and register high global polyolefin market revenue during the forecast period. This is attributable to the presence of a large population that is driving the demand for plastics in the region. Rapid Industrialization in countries such as China, India, and Japan is propelling the demand for huge infrastructural development that is expected to contribute to the market growth between 2022and 2030.
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Merger and Acquisition Strategies by Major Companies to Aid Growth
The market, according to Fortune Business Insights, comprises several small, medium, and large companies striving to gain a major chunk of global polyolefin market share during the projected horizon. The companies are adopting strategies such as merger and acquisition, collaboration, new product launches, and partnership to maintain their presence and stronghold over the global marketplace. For instance, in October 2019, SK Global Chemical, a leading specialty chemicals supplier, announced its plan to acquire Arkema’s running polyolefin business. According to the company, the acquisition is anticipated to be worth USD 369 million and is set to be completed by the second half of 2020.
List of the Companies Operating in the Market:
- Lyondellbasell Industries Holdings N.V.
- Exxonmobil Chemical
- Sinopec Corporation
- Braskem S.A.
- Arkema S.A.
- Formosa Plastics Corporation
- Polyone Corporation, Sasol Ltd.
- Tosoh Corporation
- Reliance Industries Limited
- Borealis AG
- Ineos Group AG
- Petrochina Company Limited
- Among others.
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