April 20, 2024
Polyolefin Resins Market

Polyolefin Resins Market is Promoting Sustainability through Environment-friendly Manufacturing

Polyolefin resins are highly versatile and durable plastics that are used across major end-use industries globally. The unique properties of polyolefin resins including chemical resistance, high strength-to-density ratio and durability have made them an important material for producing packaging films, molded parts for automotive and consumer goods, wires and cables insulation. Some key advantages of polyolefin resins are low cost of production, easy processability, non-toxicity and recyclability. The rising concerns around plastic waste and sustainability have driven polyolefin resin manufacturers to adopt greener production techniques using renewable feedstocks and reducing carbon footprint.

The Global Polyolefin Resins Market is estimated to be valued at US$ 294.71 Mn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2030.

Demand for polyolefin resins is primarily driven by the packaging industry where they are used to produce flexible and rigid packaging products such as shrink films, bags and containers which require durability, moisture resistance and transparency. Growth in the e-commerce sector is also bolstering demand for efficient packaging solutions. In the non-packaging applications, polyolefin resins are gaining acceptance in the construction industry for piping, roofing and insulation due to their economic benefits.

Key Takeaways
Key players operating in the Global Polyolefin Resins Market Size are Accruent, Archibus, FM:Systems Group, LLC, IBM TRIRIGA, iOFFICE, OfficeSpace Software, Planon, QuickFMS, and SPACEWELL INTERNATIONAL . These companies are focusing on capacity expansion and mergers & acquisitions to meet the growing polyolefin demand worldwide. For instance, in 2022 IBM acquired Envizi to strengthen its AI capabilities for smart building management.
The demand for polyolefin resins is expected to grow significantly over the forecast period due to increasing plastic consumption for packaging and non-packaging uses across various end-use industries globally. The market is anticipated to be driven by rising e-commerce activities leading to more plastics usage for protective packaging of goods. China, India and Southeast Asian countries will be key contributors to the growing polyolefin resin consumption.
Major players in the market are actively expanding their production facilities and distribution networks globally especially in Asia Pacific and Middle East & Africa. For example, INEOS Olefins & Polymers USA plans to build new polyolefin production units in China and UAE. This is helping these player strengthen their presence and meet the accelerated demand from developing regions.

Market Key Trends
One of the major trends gaining traction in the polyolefin resins market is the growing adoption of recycled and bio-based resins by leading manufacturers. Resin producers are developing new grades of polyolefin resins made from renewable feedstocks like sugarcane, to reduce reliance on fossil fuels and lower carbon emissions from the process. Key players like LyondellBasell and Braskem have commercialized bio-polypropylene made from sustainably sourced sugarcane. There is also a rising focus on implementing advanced recycling technologies to recover post-consumer plastic waste and convert it back into food-grade recycled polyolefin resins. The use of recycled content is allowing resin producers to brand their products as sustainable and environment-friendly to better align with brands’ sustainability goals.

Porter’s Analysis
Threat of new entrants: Production of polyolefin requires high capital investment for setting up manufacturing units.

Bargaining power of buyers: Buyers have medium bargaining power due to availability of substitutes but are attracted towards properties offered by polyolefins.

Bargaining power of suppliers: Major suppliers have considerable influence over prices due to limited substitutes and supply-demand equilibrium.

Threat of new substitutes: Potential threat as researchers are developing substitutes with equal or better properties.

Competitive rivalry: Intense competition exists among the key players to gain higher market share.

Geographical Regions
North America accounts for the largest share in the global polyolefin resins market in terms of value due to high demand from packaging and automotive industries in the region.

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rapid industrialization and growing consumption of polyolefin resins in packaging, automotive, electronics and construction industries in emerging economies like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it