Polyolefin Market Global Industry Trends Analysis 2023

According to Precision Business Insights (PBI), the latest report, the polyolefin market was valued at USD 249.5 billion in 2022 and is expected to grow at a 4.8% CAGR from 2023 to 2029. The primary drivers of the expansion of the global polyolefin market include the increasing demand for plastic packaging across the globe. in addition, increasing demand for polyolefin in automotive industries are expected to boost the growth of polyolefin market.

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The global polyolefin market is segmented based on product type, application, and geography.

Based on the product type, the market is segmented into the following:
• Polyolefin Elastomers
• Polypropylene
• Ethylene Vinyl Acetate
• Thermoplastic Polyolefin
• Others

Based on the application, the market is segmented into the following:
• Film & Sheet
• Furniture & Seating
• Injection Molding
• Blow Molding
• Profile Extrusion
• Fibers & Fabrics
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the product type, the global Polyolefin market is segmented into polyolefin elastomers, polypropylene, ethylene vinyl acetate, thermoplastic polyolefin, others. The ethylene vinyl acetate segment is expected to account for a larger revenue share in the global polyolefin market. The ethylene vinyl acetate increases the flexibility, transparency, and toughness of material and are extensively used in the packaging industries. They are also used in automobile bumpers, footwears, athletic goods, others. Furthermore, the increasing demand for packaged food, caps for food packaging, bottles for fruit juices and milk, trays, drums, and other liquid food packaging are expected to drive the growth of polyolefin market in this segment.

Asia Pacific Polyolefin Market
The Asia Pacific polyolefin market is expected to increase over the forecast period due to the several market players or manufacturers present in this region. The increasing demand for plastic packaging in countries such as China, India, and Japan are expected to drive the market growth in this region. In addition, the growing automobile industry and presence of several market players in this region is expected to boost the growth of polyolefin market in this region over the forecast period. Furthermore, increasing trend of packaged food and beverages are anticipated to provide market players with opportunities in this market growth in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Polyolefin market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In November 2022, LyondellBasell's polypropylene (PP) technology was selected for the new world scale productivity facility by Stavian Quang Yen Petrochemical Ltd.

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Key players profiles in the Polyolefin Market report are ExxonMobil Corporation, SABIC, Total SE, Repsol, INEOS Group AG, Reliance Industries, LyondellBasell Industries N.V., Sinopec Group, Ducor Petrochemical, Formosa Plastics Corporation, Arkema S.A, Borealis AG, Tosoh Corporation.

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This release was published on openPR.