Polyolefin Market Size, Share and Trends Analysis Report By Product (PE, PP, EVA, TPO, Others), By Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion, Others), By Region, And Segment Forecasts, 2023 - 2030

Polyolefin Market Size, Share and Trends Analysis Report By Product (PE, PP, EVA, TPO, Others), By Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion, Others), By Region, And Segment Forecasts, 2023 - 2030

Polyolefin Market Growth & Trends

The global polyolefin market size is expected to reach USD 436.76 billion by 2030, registering a CAGR of 4.9% according to a new report by Grand View Research, Inc. The rapid industrialization in the developing countries of Asia Pacific has shown significant growth in the plastics market overall. The expansion of the packaging industry is also among the key factors driving the market growth. Moreover, the rise in purchasing powers of individuals, along with consumption traits and technical advancements is anticipated to boost growth. Governments globally have set stringent regulations due to increasing environmental concerns, which is promoting sustainable and innovative polyolefins’ demand, owing to lesser emissions and enhanced efficiency in the plastic industry. According to the European Union, Germany is aiming to become Greenhouse Gas (GHG)-neutral by 2045.

It has set the initial targets of cutting emissions by at least 65% by 2030 compared to 1990 levels, and 88% by 2040. In 2022, Asia Pacific emerged as the leading regional market. Polypropylenes are one of the major products that have a high demand across the Asia Pacific region owing to high consumption in automotive component manufacturing. The product has a high load-bearing capacity and impact & shock resistance, which is expected to drive its demand over the forecast period. Increasing per capita income in emerging countries, such as China and India, is predicted to boost automotive sales. The key players have been adopting various organic and inorganic growth strategies, such as new product launches for various end-use industries like packaging and automotive.

For instance, in December 2021, Repsol expanded its offering of low-carbon products while supplying the market with innovative solutions. Three new circular Polypropylene (PP) grades for non-food containers and four new polymers for the automotive industry are included in the Repsol Reciclex portfolio. In June 2022, SABIC announced that its production of a new range of SABIC PP compounds and STAMAX PP resin based on bio-renewable and advanced recycled feedstock at Genk, Belgium, has received TÜV Nord accreditation under the International Sustainability & Carbon Certification (ISCC) PLUS scheme. This certified product offering aligns with SABIC’s extensive TRUCIRCLE initiative for accelerating the transition of the plastics industry to a circular economy and meets a globally growing customer demand for more sustainable material solutions.

In June 2021, LG Chem started commercial production at its new naphtha cracking center in Yeosu manufacturing base on the southern coast of Korea. The new plant is capable of extracting 800,000 tons of ethylene from crude oil, all of which will be used to make 800,000 tons of polyolefin. Polyolefin has been in usage for a long time and manufacturers and other industry participants are extensively working to widen the application scope to create new avenues. Polyolefin is widely used in the film & sheet industry. LDPE is used in high visual impact collation shrink films owing to superior modulus, transparency, excellent optics, and more. The recovery of the automotive sector has been instrumental in uplifting the consumption of polyolefin over the last two years.

Polyolefin Market Report Highlights

• Ethylene Vinyl Acetate (EVA) is the most consumed polyolefin product. Its production has increased due to the growing demand from the packaging and medical device industries
• Film & sheet is the most common application for polyolefin compounds, accounting for a wide range of applications globally. Shrink wraps and sheets are commonly used in wrapping food articles, gift boxes, and several other such products
• Volatility in crude oil prices can be attributed to political instability, supply-demand imbalances, and seasonal variations. Several companies are striving to reduce polyolefin pricing globally for the end-user industries
• Major companies have been acquiring their compounding plants, rather than establishing plants, to strengthen their position in the global market
• In July 2021, LyondellBasell announced its acquisition of Polylactic Polymers Sdn. Bhd. Malaysia. PPM is a 25kt manufacturing plant that creates compounds made of reinforced and modified polyolefin
• In February 2022, Borouge, a joint venture company of Borealis AG and Abu Dhabi National Oil Company, successfully started its fifth PP unit in Ruwais, United Arab Emirates. The new unit is expected to deliver 480,000 tonnes of PP per year

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