by The Polyolefin Resins Market is estimated to be valued at US$ 255.82 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyolefin resins are versatile polymers made from monomers such as ethylene and propylene. These resins possess properties such as durability, flexibility, and chemical resistance. They are widely used in applications such as films, molded packaging, pipes, cables, and profiles & sheets. Key end use industries include packaging, building & construction, automotive & transportation, agriculture, medical, and electronics. Low-density polyethylene (LDPE), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polypropylene (PP), and polyethylene terephthalate (PET) are some of the major types of polyolefin resins.
Market Dynamics:
Rising consumption of packaged food and beverages globally is one of the major drivers of the polyolefin resins market. Growth in the packaging industry has led to increasing demand for polyethylene and polypropylene resins which find widespread applications in food packaging. According to the Flexible Packaging Association, flexible packaging accounted for $36.5 billion in sales in 2018 and is expected to grow at 2.4% annually through 2023. Another key driver is growth of the construction industry. Polyolefin resins such as polyethylene and polypropylene are widely used in pipes, cables, roofing, and insulation materials in the construction sector. Recovery of the global construction sector post Covid-19 pandemic is fueling demand. Additionally, increasing automotive production across emerging economies is propelling consumption of polyolefin resins which are extensively used in interior as well as exterior automotive parts for their durability and moldability.
Segment Analysis
Polyolefin resins can be segmented into two major categories- polyethylene and polypropylene. Among these, polyethylene dominates the market with a share of over 60% in 2023. It is widely used in food packaging, consumer goods packaging, industrial packaging and agricultural films due to its high tensile strength, flexibility and resistance to moisture.
PEST Analysis
Political: Supportive government policies and regulations favoring the use of sustainable and recyclable plastics are driving the polyolefin resins market growth.
Economic: Rapid industrialization and infrastructure development in emerging economies are increasing the demand from end-use industries like packaging, consumer goods, construction and automotive.
Social: Rising disposable incomes and growing awareness about eco-friendly plastics are positively impacting the consumption of polyolefin resins in packaging applications.
Technological: Advancements in resin production technologies allow manufacturers to provide customized polyolefin resins with enhanced properties as per end-use requirements.
Key Takeaways
The global Polyolefin Resins Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand from packaging industry. Asia Pacific dominates the market with over 50% share in 2023 led by China, India and other Southeast Asian countries. This can be attributed to rapid industrialization, growth of e-commerce sector and favorable government policies supporting plastics industry.
Regional analysis: Asia Pacific is projected to be the fastest growing as well as the largest market for polyolefin resins during the forecast period. This growth can be attributed to factors such as increasing population, rising consumer spending on packaged foods and consumer goods and growing construction industry in the region.
Key players: Key players operating in the polyolefin resins market are China Petrochemical Corporation, LyondellBasell Industries Holdings B.V., PetroChina Company Limited, TotalEnergies, Chevron Corporation, Repsol, Dow, Inc. These players are focusing on capacity expansion and partnerships with end-use industries to gain higher market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
