The increasing utilization of the different type of Polyolefins is driving the demand of the market.
Polyolefins Market Size – USD 232.45 Billion in 2020, Growth - CAGR of 4.5%, Trends – Growing application of ethylene.
The global Polyolefins Market is forecast to reach USD 329.30 Billion by 2028, according to a new report by Reports and Data. Polyolefins are the most important raw materials for several chemical products and intermediates. It is mainly produced by cracking of oil, naphtha, crude or natural gas. It is used to manufacture several major polymers, plastics, and resins such as Polypropylene and Polyethylene. Some of the examples of Polyolefins are ethylene, propylene, and butadiene.
The market on the basis of application is segmented into Olefin Glycols, Olefin Oxides, Ethylbenzene, PolyPolyolefins, and Cumene. A significant proportion of ethylbenzene produced worldwide is utilized in the production of styrene. Products made from styrene provides exceptional benefits such as high performance, toughness, simplicity of production, flexible design, and economy along with the offering of sanitation, hygiene, and safety features. For instance, styrene finds application in the strengthening of military armor, cushioning of bicycle helmets, making of wind power turbines, reduction of coal plant emissions, and improvement of components deployed in making automotive lightweight and fuel-efficient.
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Top Companies: DowDuPont Inc., SABIC, ExxonMobil Chemical Company, China Petroleum Chemical Corporation, Royal Dutch Shell Plc, NOVA Chemicals Corporation, LyondellBasell Industries, Chevron Phillips Chemical Company, Qatar Chemical Company Ltd., and Mitsubishi Chemical Corporation, among others.
Further Key Finding from the Report Suggestion:
- Ethylene is used in the chemical industry, and most of it goes toward polyethylene, which is a widely used plastic containing polymer chains of ethylene units in various chain lengths. It is also an important natural plant hormone and is used in agriculture to force the ripening of fruits.
- Cumene is used as a raw material in the production of phenol, which finds extensive application in the plastic industry as a starting material in the polymerization reaction for producing various types of plastics. It is used to produce a broad range of polymers which are used to synthesize epoxide resins and polycarbonates used in the manufacturing of plastics.
- In certain parts of the world, such as Eastern Europe, China, India, and South America, butadiene is also produced from ethanol. Lower capital makes the production of it from ethanol a viable option for smaller plants.
- The demand for ethylene in U.S. is expected to grow due to rising shale oil production, high sales of automobiles, and increase in construction activity, and growing flexible packaging industry. Advancement in technology, increasing demand for plastics and basic chemicals, and addition of ethylene capacity will propel the market demand in the region.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Polyolefins market is segmented into:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Ethylene
- Propylene
- Butadiene
- Butylene
- Others
Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Olefin Glycols
- Olefin Oxides
- Ethylbenzene
- PolyPolyolefins
- Cumene
Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Distributors
- Wholesale
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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