Global Polyolefin Market Size, Share & Industry Trends Analysis Report By Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion and Others), By Product, By Regional Outlook and Forecast, 2023 - 2030

Global Polyolefin Market Size, Share & Industry Trends Analysis Report By Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion and Others), By Product, By Regional Outlook and Forecast, 2023 - 2030

The Global Polyolefin Market size is expected to reach $428.1 billion by 2030, rising at a market growth of 7.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,45,614.4 Kilo Tonnes, experiencing a growth of 5.2% (2019-2022).

Blow molding is a highly efficient procedure that can produce many parts in a relatively short time. This high productivity is valuable for meeting increased demand and maintaining production efficiency. Therefore, the blow molding segment contributed $49,084.6 million revenue in the market in 2022. Blow molding is a cost-effective manufacturing process, especially for high-volume production. It requires relatively low initial tooling and equipment costs, and the production cycle times are typically short, contributing to lower production expenses. Lightweight blow-molded products reduce transportation costs, as they are lighter than alternatives like glass or metal, saving on fuel and logistics expenses. Blow molding can produce clear and transparent plastic containers, which are often desirable for showcasing products, especially in the food and beverage industry.

The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, TotalEnergies SE enhanced its presence in the renewable energy sector by acquiring the remaining shares of Total Eren, increasing its ownership from nearly 30% to 100%. The Total Eren teams will be fully integrated into TotalEnergies SE's Renewables business unit. The acquisition of 70.8% represents a net investment of approximately €1.5 billion for TotalEnergies SE. Additionally, In July, 2023, LyondellBasell Industries Holdings B.V. successfully acquired Mepol Group to seize opportunities in APS business growth, leveraging circularity trends for sustainable living solutions.

Based on the Analysis presented in the KBV Cardinal matrix; Chevron Corporation and Exxon Mobil Corporation are the forerunners in the Market. In August, 2023, Chevron Corporation completed its acquisition of PDC Energy, Inc., an independent exploration and production company. The acquired assets consist of 275,000 net acres in the Denver-Julesburg (DJ) Basin, adjacent to Chevron's current operations, contributing over 1 billion barrels of oil equivalent proved reserves. Additionally, the acquisition includes 25,000 net acres in the Permian Basin withheld-by-production status. Companies such as LyondellBasell Industries Holdings B.V., PetroChina Company Limited and TotalEnergies SE are some of the key innovators in the Market.

Market Growth Factors

Increasing industrial advancements

Industrial sectors, such as aerospace, automotive, and construction, require high-performance materials to meet demanding specifications. Polyolefins are being modified and enhanced to offer improved strength, impact resistance, and other properties needed for these applications. As the automotive sector seeks to reduce vehicle weight to enhance fuel efficiency and reduce emissions, polyolefins play a vital role. Lightweight components made from polyolefins are used in vehicle interiors, exteriors, and under-the-hood applications. Industrial advancements in the renewable energy sector have increased the demand for polyolefins in applications like photovoltaic modules, which require durable and weather-resistant materials. The market's growth in industrial applications is closely tied to ongoing technological advancements and industry-specific requirements.

Rising population growth and urbanization

As the global population continues to grow, there is a higher demand for products made from polyolefins. These products include everyday essentials such as packaging materials, containers, consumer goods, and construction materials. Urbanization leads to the construction of housing, commercial buildings, and infrastructure in urban areas. Polyolefins are used in various construction applications, including pipes, insulation, roofing materials, and geomembranes. The rise of urban living has resulted in a surge in the demand for packaged goods. Urbanization is closely linked to the rise of e-commerce, which relies heavily on packaging materials. Polyolefins are used for shipping materials, such as polyethylene bags and protective packaging. These factors will drive the market growth in the coming years.

Market Restraining Factors

Stringent rules & regulations regarding polyolefin

Meeting stringent regulations often requires investments in equipment, processes, and materials to ensure compliance. Manufacturers face increasing costs associated with upgrading facilities, implementing new technologies, and conducting testing to meet regulatory standards. Regulations require the use of recycled materials or the incorporation of sustainability practices in the production of polyolefins. Adhering to these requirements can be challenging, mainly when sourcing recycled materials or implementing sustainable practices. Regulatory changes necessitate adjustments to the formulation of polyolefin products. The above factors will decline market growth in the coming years.

Application Outlook

Based on application, the market is fragmented into film & sheet, injection molding, blow molding, profile extrusion, and others. The injection molding segment recorded a remarkable revenue share in the market in 2022. Injection molding is used for producing custom polyolefin materials. As polyolefin parts are made in molds and must be cooled before removal, the process is discontinuous. Injection molding necessitates utilizing a machine, plastic materials, and molds. In order to make the final product, molten plastic is pumped into the mold cavity and cooled. It is commonly used in producing automobile parts, medical devices, containers, and others. Growing demand for polyolefin injection molding from various end-use sectors, combined with increased manufacturer awareness about the benefits of polyolefin injection molding, is expected to fuel the demand for polyolefin injection molding.

Product Outlook

On the basis of product, the market is segmented into polyethylene (PE), polypropylene (PP), ethylene-vinyl acetate (EVA), thermoplastic polyolefins (TPO), polyoxymethylene (POM), polycarbonate (PC), polymethyl methacrylate (PMMA), and others. In 2022, the polyethylene (PE) segment dominated the market with the maximum revenue share. Polyethylene is incredibly versatile and can be used in various industries. It can be manufactured in different forms, such as films, sheets, pipes, and molded parts, making it suitable for multiple uses. PE is a lightweight material, advantageous in applications where weight is a vital factor, such as automotive and aerospace industries. Its low density contributes to fuel efficiency and reduces transportation costs. PE exhibits excellent resistance to various chemicals, acids, and bases, making it ideal for use in containers and piping systems that transport or store corrosive substances.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region registered the highest revenue share in the market. The Asia Pacific region stands out for its abundance of skilled labor available at a low cost, as well as easily accessible land. This shift in production focus toward emerging economies, particularly China and India, is poised to have a favorable impact on market growth throughout the forecast period. The region is a significant hub for rapidly expanding industries like construction, automotive, and electronics, offering substantial potential for polyolefin manufacturers. Continuing infrastructural investments are expected to sustain economic growth in China, and the automotive, aerospace, and construction sectors are expected to benefit from reforms, including regulatory changes, policy adjustments, or structural enhancements.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include China Petrochemical Corporation, LyondellBasell Industries Holdings B.V., PetroChina Company Limited, TotalEnergies SE, Chevron Corporation, Repsol Group, The Dow Chemical Company (Dow Corning Ltd.), Exxon Mobil Corporation, Braskem SE, and OMV group.

Strategies Deployed in Polyolefin Market

Partnerships, Collaborations, and Agreements:

Sep-2023: Braskem SE partnered with the University of São Paulo (USP) in Brazil to research carbon dioxide (CO2) conversion technologies. The company aimed to deploy resulting technologies for reusing CO2 in obtaining chemical products such as olefins and alcohols as feedstock for polyolefin production. The collaboration with USP, facilitated through the Research Centre for Greenhouse Gas Innovation (RCGI), focused on studying innovative routes for CO2 conversion through both catalytic and electrocatalytic processes.

Oct-2022: TotalEnergies SE collaborated with Indaver, European waste management and recycling company, to supply petrochemical feedstock derived from recycled mixed polyolefin waste, including PE and PP. TotalEnergies SE has purchased the petrochemical feedstock produced at Indaver's Plastics2Chemicals (P2C) facility in Antwerp, Belgium. Through P2C, the company is substantially broadening the scope for recycling end-of-life plastics waste, enabling the reuse of materials that were previously challenging to recycle or only suitable for low-value applications.

Sep-2022: The Dow Chemical Company and Mura Technology, a global innovator in advanced plastic recycling, have revealed the next phase of their collaboration to address the global plastics waste problem and promote circularity. Mura intends to build a new facility at Dow's Böhlen site in Germany, part of their planned facilities across the U.S. and Europe for advancing plastic recycling. This project, the first at a Dow site, aims for a final investment decision by the end of 2023.

Dec-2021: TotalEnergies SE came into partnership with Plastic Omnium, a French automotive supplier specialising in the manufacturing and commercialisation of plastics, to design new recycled polypropylene materials meeting automotive industry standards. They will combine innovation and engineering to create environmentally friendly materials addressing end-of-life plastics challenges.

Sep-2020: Repsol Group and Grupo Armando Alvarez Group (GAA) reached an agreement to collaboratively develop processes for recycled-content polyolefins in packaging applications. The alliance involved using mechanical recycling for non-food contact flexible packaging and marketing circular polyolefins for food-contact applications through chemical recycling.

Product Launches and Product Expansions:

Apr2023: The Dow Chemical Company collaborated with and Avery Dennison, a multinational manufacturer and distributor of pressure-sensitive adhesive materials, to create an innovative and sustainable hotmelt label adhesive, facilitating the mechanical recycling of polyolefin filmic labels and polypropylene or polyethylene (PP/PE) packaging together in a single stream. This adhesive, the first of its kind in the label market, is Recyclass approved for recycling in the HDPE colored stream (Class B).

Mar-2022: Braskem SE has expanded its 3D printing product portfolio to encompass polyethylene (PE) and glass fiber-reinforced polypropylene (PP) filaments. The newly added PE and glass fiber-reinforced PP filaments by Braskem offer advantages such as ease of printing, reduced warpage, minimal shrinkage, and improved interlayer adhesion compared to similar products available in the market.

Acquisition and Mergers:

Aug-2023: Chevron Corporation has successfully completed its acquisition of PDC Energy, Inc., an independent exploration and production company. The acquired assets consist of 275,000 net acres in the Denver-Julesburg (DJ) Basin, adjacent to Chevron's current operations, contributing over 1 billion barrels of oil equivalent proved reserves. Additionally, the acquisition includes 25,000 net acres in the Permian Basin withheld-by-production status.

Jul-2023: LyondellBasell Industries Holdings B.V. successfully acquired Mepol Group, a manufacturer of recycled technical compounds based in Italy and Poland. The collaboration between Mepol's expertise and LyondellBasell's strategy aimed to seize opportunities in APS business growth, leveraging circularity trends for sustainable living solutions.

Jul-2023: TotalEnergies SE enhanced its presence in the renewable energy sector by acquiring the remaining shares of Total Eren, increasing its ownership from nearly 30% to 100%. The Total Eren teams will be fully integrated into TotalEnergies SE's Renewables business unit. The acquisition of 70.8% represents a net investment of approximately €1.5 billion for TotalEnergies SE.

Jul-2023: OMV Group pursued negotiations with Abu Dhabi National Oil Co (ADNOC) to merge their polyolefin businesses. The potential merger aimed to combine Borealis' technological expertise and specialty polyolefins solutions with Borouge's cost position and market access, creating a global polyolefin powerhouse with substantial growth potential.

May2023: TotalEnergies expanded its plastic recycling efforts in Europe through the acquisition of IberResinas, a key player in mechanical plastic recycling. This move is anticipated to strengthen TotalEnergies' production of circular polymers in Europe and improve its access to feedstock. Additionally, the purchase of IberResinas by TotalEnergies represents a significant advancement in European plastic recycling initiatives.

Jan-2023: Braskem SE has acquired taulman3D, offers a wide portfolio of filaments and polymers, expanding its range of materials for additive manufacturing applications. This acquisition enhances Braskem's growth strategy in the additive manufacturing market, incorporating a complementary portfolio of 3D materials widely trusted by professionals globally. Taulman3D filaments and polymers are accessible worldwide through distributors on six continents.

Aug-2022: Braskem SE has entered into an agreement to acquire shares and subscribe to new shares in Wise Plásticos S.A., a company specializing in mechanical recycling. The deal involved Braskem obtaining a 61.1% equity interest in Wise, with the transaction valued at an estimated amount of R$121 million.

Feb-2022: Chevron Corporation and Renewable Energy Group, Inc. had announced a definitive agreement in which Chevron acquired the outstanding shares of REG in an all-cash transaction valued at $3.15 billion. The acquisition merged REG's expanding renewable fuels production and leading feedstock capabilities with Chevron's extensive manufacturing, distribution, and commercial marketing position.

Jan-2022: Exxon Mobil Corporation established a joint venture with SABIC, a chemical manufacturing company. The newly formed venture is named the Gulf Coast Growth Ventures facility, designed to function as a material production facility for packaging, construction materials, and automotive coolant applications.

Jun-2021: LyondellBasell Industries Holdings B.V. completed the acquisition of 100 percent ownership of PolyPacific Polymers Sdn. Bhd. Following the completion, the facility will undergo rebranding and a name change, and its staff will transition to LyondellBasell employment. Moreover, PPM will maintain production and supply of its current products to customers.

Geographical Expansions:

May2023: W. R. Grace & Co (Grace), a leading supplier of polyolefin catalyst and polypropylene process technology, has initiated a 500 KTA polypropylene reactor line at PetroChina GuangDong PetroChemical Company (PetroChina GuangDong). This subsidiary of PetroChina Group will produce homopolymer, random copolymer, and impact copolymer polypropylene resins to meet the rising demand for high-quality PP resins in the Chinese market.

Dec-2022: Exxon Mobil Corporation successfully started a new polypropylene unit in Baton Rouge, Louisiana, boosting Gulf Coast production capacity by 450,000 metric tons per year. The expansion met the rising demand for durable plastics, especially in automotive parts for enhanced fuel efficiency and reduced emissions.

Sep-2021: PetroChina Liaoyang Petrochemical, a subsidiary of China National Petroleum Corporation (CNPC), is set to inaugurate a new high-density polyethylene (HDPE) production plant with a capacity of 400 KTPA in Liaoyang by September 2021.

Jun-2021: LyondellBasell Industries Holdings B.V. expanded its geographical presence by starting the 400 KTA polypropylene production facility in Ulsan, South Korea, through its joint venture, Ulsan PP Co., Ltd. The facility, one of Asia's largest, employs LyondellBasell's Spheripol PP process technology. Under the agreement, PolyMirae will handle the offtake and sales of the produced polypropylene throughout Asia.

Scope of the Study

Market Segments covered in the Report:

By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)

• Film & Sheet
• Injection Molding
• Blow Molding
• Profile Extrusion
• Others

By Product (Volume, Kilo Tonnes, USD Million, 2019-2030)

• Polyethylene (PE)
• Ethylene-Vinyl Acetate (EVA)
• Polypropylene (PP)
• Thermoplastic Polyolefins (TPO)
• Polyoxymethylene (POM)
• Polycarbonate (PC)
• Polymethyl Methacrylate (PMMA)
• Others

By Geography (Volume, Kilo Tonnes, USD Million, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• China Petrochemical Corporation
• LyondellBasell Industries Holdings B.V.
• PetroChina Company Limited
• TotalEnergies SE
• Chevron Corporation
• Repsol Group
• The Dow Chemical Company (Dow Corning Ltd.)
• Exxon Mobil Corporation
• Braskem SE
• OMV group

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