New York
City, 24 January 2019: Global Polyolefins Market is estimated to
reach USD 414.58 billion by 2026 according to a new report published by Polaris
Market Research. Polyolefins are the polymeric compounds of olefins and account
for over 50% in weight of the produced polymers. The global market constitutes
of more than 300 grades of commercial polefins with wide array of mechanical
properties. Two major types of polyolefins include polypropylene and
polyethylene, which are further subdivided into several grades for numerous
end-use applications.
The global polyolefins
market has witnessed rapid growth on account of tremendously increasing
consumption of polyethylene and polypropylene for different end-uses. Plastic
demand has grown significantly worldwide and has led to increased consumption
of polyethylene. Consumer goods and food packaging is one of the primary
drivers for the polyolefins market.
Infrastructure
development, increased economic growth, and rising per-capita consumption have
best illustrated the growth opportunities in the polyethylene market, resulting
in increased consumption of polyolefins. The demand of polyethylene for
consumables such as films, packaging materials, and numerous other items for
large industrial applications and residential purpose is a crucial growth
parameter for the market.
Rising
economic growth of several developing nations in the world, with improved
lifestyles and increasing personal disposable incomes has facilitated the usage
of commodity products. Such phenomenon is expected to raise the sales revenue
for the end-use products of polyethylene and polypropylene. The global
polyolefins market constitutes of stringent regulatory policies, which is
expected to be an impactful restraint for the market.
Many
countries across the world are effectively creating an after-use plastics
economy to reduce the environmental impact of such compounds. Improvement in
the after-use collection, reprocessing & storage infrastructure; radically
increasing quality, economics & uptake of recycling; and increase in the
economic attractiveness of keeping materials in the system are some of the
crucial parameters undertaken by the industry players to enhance sustainability
in the polyolefins market.
Competitive Landscape and Key Vendors:
The rapidly
expanding countries with large population such as China, Indonesia, and India
include very high future growth prospects for the market. Asia Pacific region
is expected to be the most lucrative as PE and PP consumption growth is related
to the substitution of conventional materials, population demographics, and
infrastructure development. North America, Middle East, and China have
witnessed most of the capacity additions in the past three years.
The
polyolefins market is highly competitive and constitutes of large number of
domestic and international market players. Some of the key polyolefins market
players include ExxonMobil Chemical, Dow DuPont, Sinopec Corporation, Total SA,
Arkema SA, LyondellBasell, SABIC, and Chevron Phillips Chemical Company LLC.
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