Polyolefin Market is estimated to reach USD 324 billion in 2022

Pune, India,  January 19, 2018/MRFR Press Release/- Market Research Future Published a Half Cooked Research “Global Polyolefin Market Research Report - Forecast to 2023” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2030.

W.R. Grace, Total S.A., LyondellBasell Industries Holdings B.V, DoDuPont, PetroChina Company Limited, PolyOne Corporation, Arkema SA and SABIC, among others are some of the prominent players at the forefront of competition in the global Polyolefin market and are profiled in MRFR Analysis.

Polyolefin Market–Market Overview

Polyolefins Market Size was valued at USD 178.57 Billion in 2022. The Polyolefins industry is projected to grow from USD 223.24 Billion in 2023 to USD 535.94 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.73% during the forecast period (2023 - 2030). 

This is attributed to the wide range of applications wherein polyolefin is major used, substantial growth of packaging industry, and increasing demand from the building & construction industry. The packaging and automotive markets are witnessing considerable growth and are estimated to register a triple digit billion dollar mark by the end of 2023. This is anticipated to boost demand for the polyolefin in these major end use industries.  Additionally, the polyolefin market is substantially driven by increasing demand from FMCG and consumer goods. Geographically, Asia-Pacific holds the healthy market share in terms of value and volume, which direct implies, the demand coming from China, India, Japan, Taiwan, Malaysia and other countries positively affecting the growing of polyolefin market.

Polyolefin Market- Competitive Landscape

The global polyolefin is a rapidly growing market, which consists of significant number of mature players. The market is primarily driven by the technological advancements on part of leading players, along with the rising demand for polyolefin in major end users such as automotive and building & construction. The market consists of considerable number of tier 1 and 2 companies. Among them, W.R. Grace, Total S.A, Arkema SA, SABIC, and PolyOne Corporation are leading overall production of the polyolefin. They have substantial contribution to the growth of the market during the review period. Almost all of these market participants are primarily adopting the expansion of their production capacities tactics to strengthen their market position and meet rising demand for the product. Growing construction industries, and continuous collaborations and agreements between manufacturers, distributers, and marketing firms, along with continuous R&D activities are the key market forces favoring the growth of the demand for polyolefin. Considering all these trends the global polyolefin market poised to witness considerable competition throughout the forecast period of 2017-2022.

Industry/ Innovation/ Related News:

May 11, 2017- The U.S. basech oil & natural gas giant, ExxonMobil Chemical Company reached an agreement with Singapore based Jurong Aromatics Corporation Pte. Ltd. to acquire its aromatics plant on Jurong Island. This development acquisition is widely seen as integrating JAC's operations with refining and petrochemical complex of ExxonMobil Singapore, which has a crude oil processing capacity of 592,000 b/d and includes two world-scale steam crackers.

December 11, 2017- Hanwha Total Petrochemical, a 50/50 joint venture between Hanwha and Total, announced its plans to invest more than USD 300 Million for expansion of its integrated refining & petrochemicals platform located in Daesan, South Korea. With this investment the polyethylene capacity of this site will increase by more than 50% to 1.1 million tons per year by the end of 2019.

December 14, 2017- The U.S. based catalysts and materials technology company, W. R. Grace & Co. signed an agreement to acquire the Polyolefin Catalysts business of Albemarle Corporation for USD 416 million. Under the terms of acquisition includes a comprehensive series of highly optimized Ziegler-Natta catalysts for polyethylene production. This is expected to strengthen Grace’s catalysts technology portfolio, commercial relationships, and manufacturing network.

December 7, 2017- Saudi Arabia based petrochemical giant SABIC announced its ambitious plans to spend around USD 3 billion to USD 10 billion on acquisition, in the next five years. According to SABIC, a “strategic market” for the company is looking at opportunities to expand the current joint venture with Chinese petrochemical major Sinopec. As China is planning to become more self-sufficient in petrochemicals, it is an opportunity for SABIC.

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