Polyolefins Market Growing Demand, Top Trends, Key Drivers, Companies And Forecast To 2033

The polyolefins market size has grown rapidly in recent years. It will grow from $267.44 billion in 2023 to $298.46 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to industrialization and urbanization, consumer preference, emerging markets, increasing consumption of polyolefins.

The polyolefins market size is expected to see rapid growth in the next few years. It will grow to $447.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to biodegradable polyolefins, advanced packaging solutions, lightweighting, electric vehicle (ev) applications, smart packaging. Major trends in the forecast period include biodegradable polyolefins, advanced packaging solutions, lightweighting, electric vehicle (ev) applications, technological advancements.

Market Overview -
Polyolefins are a group of polymers containing simple olefins and are categorized as a type of thermoplastics. They are comprised solely of hydrogen and carbon and are obtained from oil and natural gas. Polyolefins are used for packaging, and making blow-molded components in toys.

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Rising Demand For Packaged Food Fuels Growth In The Polyolefins Market
An increase in demand for packaged food is expected to propel the growth of the polyolefins market going forward. Packaged food is a type of food that saves time in food acquisition, preparation, and is ready-to-eat food from grocery stores. Polyolefins are used to pack food products with mechanical strength, and cost-efficiency, as a result, increasing demand for packaged food increases the demand for polyolefins market. For instance, according to the Press Information Bureau, a nodal agency of the Government of India, India exported more than $ 2.14 billion worth of final food products in 2020-21. The export of products under the ready-to-eat (RTE), ready-to-cook (RTC) and ready-to-serve (RTS) categories rose by more than 23% to $ 1011 million from April to October (2021-22) compared to $ 823 million reported in April to October (2020-21). Therefore, an increase in demand for packaged food is driving the growth of the polyolefins market.

Competitive Landscape -
Major companies operating in the polyolefins market include ExxonMobil Corporation, Saudi Basic Industries Corporation., China Petroleum & Chemical Corporation., Total SE, Arkema S.A., LyondellBasell Industries N.V., Braskem S.A., BASF SE, Bayer AG, Reliance Industries Limited, Borealis AG, INEOS Group AG, Repsol S.A., PetroChina Company Ltd., Ducor Petrochemicals B.V., Formosa Plastics Corporation, Chevron Phillips Chemical Company LLC., Hanwha TotalEnergies Petrochemical Co. Ltd., PolyOne Corporation, Sasol Limited, Tosoh Corporation, The Dow Chemical Company, LG Chem Ltd., Sumitomo Chemical Co Ltd., Mitsui Chemicals Inc., Westlake Chemical Corporation, Lotte Chemical Corporation, Versalis S.p.A., PTT Global Chemical Public Company Limited, China National Chemical Corporation

Innovative Sustainable Solutions Borealis Introduces Stelora To The Polyolefins Market
Major companies operating in the polyolefins market are developing innovative products, such as Stelora, to meet the growing demand for sustainable engineering polymers. Stelora to its existing portfolio of polyolefins. It is a new class of engineering polymer that is made with renewable feedstock. It is designed to offer a more sustainable alternative to traditional engineering polymers such as ABS and polycarbonate. For instance, in May 2023, Borealis AG, an Austrian-based chemicals company, launched Stelora to its existing portfolio of polyolefins. It is made with renewable feedstock, and it offers a number of advantages over traditional engineering polymers. It has sustainability, performance, processability, and versatility. Moreover, it has high heat resistance and low moisture absorption.

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Key Segments -
The polyolefins market covered in this report is segmented -
1) By Type: Polyethylene (PP) - HDPE, LDPE, LLDPE, Polypropylene, Other Types
2) By Application: Films and Sheets, Blow Molding, Injection Molding, Profile Extrusion, Other Applications
3) By End-User: Packaging, Automotive, Construction, Pharmaceuticals/Medical, Electronics & Electricals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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