Polyolefins Market Size and Forecast 2024-2033| ExxonMobil Corporation, Saudi Basic Industries Corporation., China Petroleum & Chemical Corporation., Total SE, Arkema S.A

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Overview and Scope

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

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the polyolefins market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the polyolefins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The polyolefins market report table of contents includes:

1. Executive Summary

2. Polyolefins Market Characteristics

3. Polyolefins Market Trends And Strategies

4. Polyolefins Market – Macro Economic Scenario

5. Global Polyolefins Market Size and Growth

26. South America Polyolefins Market

27. Brazil Polyolefins Market

28. Middle East Polyolefins Market

29. Africa Polyolefins Market

30. Polyolefins Market Competitive Landscape And Company Profiles

Top Major Players: