Polyolefin (PO) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 229.30 Billion |
| Market Size (2029) | USD 291.05 Billion |
| CAGR (2024 - 2029) | 4.88 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Polyolefin (PO) Market Analysis
The Polyolefin Market size is estimated at USD 229.30 billion in 2024, and is expected to reach USD 291.05 billion by 2029, growing at a CAGR of 4.88% during the forecast period (2024-2029).
The spread of COVID-19 severely affected the market, causing many end-user industries to shut down. During the pandemic, China hampered the polyolefins market intensively, as it is one of the major consumers of polyolefins owing to its strong industries such as packaging, toy manufacturing, construction, and automotive. However, as the industries resumed their manufacturing activities in 2021, the market studied may also recover.
- Polyolefin is used in electronics, cars, and other industries because of its advanced properties. This is expected to help the market grow in the short term.
- However, growing environmental regulations on plastic imposed by various governments may restrain the market.
- The growing focus on green polyolefin is likely to create new opportunities in the coming years.
- Asia-Pacific dominated the market worldwide, with the largest consumption coming from India and China.
Polyolefin (PO) Market Trends
Increasing Demand in the Films and Sheets Segment to Drive Market Growth
- Films and sheets can be used in the transportation, packaging, construction, and building industries.
- The agricultural sector is driving the market's expansion, with demand for polyolefin films and sheets for greenhouses, mulch, and silage stretch films. The demand is also seen in silage sheets and window films, as well as in the medical industry.
- Polyolefin-based agricultural films also protect vegetables from frost, wind, rain, and pests while speeding up the ripening of fruits, vegetables, and flowers, allowing farmers to grow several crops in a year. Polyolefin films also help reduce evaporation, thus saving water.
- On the other hand, polyolefin sheets are used in the building industry. Polyethylene sheeting, which works as a vapor retarder, is installed beneath the slab. These sheets can retard for a longer time without degrading. As a result, the demand for polyolefin from the construction industry is expanding.
- The Asia-Pacific construction industry is projected to become the world's largest and fastest-growing industry, with a 45% share of global construction spending coming from the region. In the coming years, this is likely to make more people opt for films and sheets.
- In fiscal year 2022, India had a total polyolefins production capacity of over 12 thousand kilotons. Most polyolefins were made by Reliance Industries Limited, which made up almost 47% of India's total polyolefins production capacity.
- Thus, due to these factors, the polyolefin market is likely to grow in the coming years as the demand for films and sheets rises.
Asia-Pacific to Dominate the Market
- Asia-Pacific is the dominant region in the polyolefins market, owing to China being the major consumer of polyolefins worldwide. The growth is driven by increasing e-commerce, as the strong courier business led to a spike in demand for plastic packaging. The country's manufacturing industry is one of the major contributors to its economy.
- The Chinese government announced big building plans for the next 10 years, including plans to move 250 million people to new megacities. This is a big chance for construction chemicals to be used in a variety of ways to improve building properties during construction.
- Electronic items, such as smartphones, OLED TVs, tablets, and other consumer electronics, are recording the fastest growth in the market. With more money in the pockets of the middle class, there will be more demand for electronics, which may drive the demand for polyolefins in the country.
- In China, the electronics segment was projected to reach over USD 385 billion by the end of 2023.
- All the above-mentioned factors are expected to increase the demand for polyolefins over the forecast period.
Polyolefin (PO) Industry Overview
The polyolefin market is consolidated in nature. Some of the major players (not in any particular order) include LyondellBasell Industries Holdings BV, ExxonMobil Corporation, SABIC, LG Chem, and Mitsubishi Chemical Holdings Corporation.
Polyolefin (PO) Market Leaders
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SABIC
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Mitsubishi Chemical Holdings Corporation
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LyondellBasell Industries Holdings BV
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ExxonMobil Corporation
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LG Chem
*Disclaimer: Major Players sorted in no particular order
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Polyolefin (PO) Market News
- November 2022: Stavian Quang Yen Petrochemical Ltd selected LyondellBasell's polypropylene (PP) technology for a new world-scale production facility. A 600-kiloton-per-annum PP plant equipped with LyondellBasell's Spheripol technology would fit in the facility. With this partnership, LyondellBasell became the polypropylene licensor for the group's first polyolefin facility.
- August 2022: SABIC SK Nexlene, a joint venture between SABIC and SK Geo Centric, announced the expansion of its manufacturing plant in Ulsan, South Korea. The plant is expected to be operational in the second quarter of 2024 and meet the growing demand for NEXLENE-based polyolefin solutions for various end-use industries.
Polyolefins Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Shift in Preferences from Rigid Packaging to Flexible Packaging
4.1.2 Growing Demand for Low-Cost Interior Furnishings
4.2 Restraints
4.2.1 Growing Environmental Regulations
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Material Type
5.1.1 Polyethylene (PE)
5.1.1.1 High Density Polyethylene (HDPE)
5.1.1.2 Low Density Polyethylene (LDPE)
5.1.1.3 Linear Low-density Polyethylene (LLDPE)
5.1.2 Polypropylene (PP)
5.2 Application
5.2.1 Films and Sheets
5.2.2 Injection Molding
5.2.3 Blow Molding
5.2.4 Extrusion Coating
5.2.5 Fibers and Raffia
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Arkema Group
6.4.2 BASF SE
6.4.3 Braskem
6.4.4 Chevron Phillips Chemical Company
6.4.5 China National Petroleum Corporation
6.4.6 China Petrochemical Corporation
6.4.7 Daelim
6.4.8 Dow
6.4.9 ExxonMobil Corporation
6.4.10 Formosa Plastics Corporation
6.4.11 Japan Polypropylene Corporation
6.4.12 LG Chem Ltd.
6.4.13 LyondellBasell Industries Holdings BV
6.4.14 Mitsubishi Chemical Holdings Corporation
6.4.15 Mitsui Chemicals Incorporated
6.4.16 Nova Chemicals Corporation
6.4.17 PetroChina Company Limited
6.4.18 Reliance Industries Limited
6.4.19 SABIC (Saudi Basic Industries Corporation)
6.4.20 Sasol Ltd.
6.4.21 Tosoh Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Focus on Green Polyolefin
Polyolefin (PO) Industry Segmentation
Polyolefins are macromolecules produced by the polymerization of olefin monomer units. The most common polyolefins used in the market are polyethylene (PE) and polypropylene (PP). Polyolefins possess excellent processability, chemical stability, and long-term durability. It is the most frequently used thermoplastic polymer, with uses ranging from packaging to consumer products to fibers and textiles.
The polyolefin market is segmented by material type, application, and geography. By material type, the market is segmented into polyethylene (PE) and polypropylene (PP). Polyethylene is further categorized into high-density polyethylene (HDPE), low-density polyethylene (LDPE), and linear low-density polyethylene (LLDPE). By application, the market is segmented into films and sheets, injection molding, blow molding, extrusion coating, and fibers and raffia. The report also covers the market sizes and forecasts for the polyolefin market in 15 countries across major regions. For each segment, the market sizes and forecasts are provided in terms of value (USD).
| Material Type | |||||
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| Polypropylene (PP) |
| Application | |
| Films and Sheets | |
| Injection Molding | |
| Blow Molding | |
| Extrusion Coating | |
| Fibers and Raffia |
| Geography | |||||||
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Polyolefins Market Research FAQs
How big is the Polyolefin Market?
The Polyolefin Market size is expected to reach USD 229.30 billion in 2024 and grow at a CAGR of 4.88% to reach USD 291.05 billion by 2029.
What is the current Polyolefin Market size?
In 2024, the Polyolefin Market size is expected to reach USD 229.30 billion.
Who are the key players in Polyolefin Market?
SABIC, Mitsubishi Chemical Holdings Corporation, LyondellBasell Industries Holdings BV, ExxonMobil Corporation and LG Chem are the major companies operating in the Polyolefin Market.
Which is the fastest growing region in Polyolefin Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polyolefin Market?
In 2024, the Asia-Pacific accounts for the largest market share in Polyolefin Market.
What years does this Polyolefin Market cover, and what was the market size in 2023?
In 2023, the Polyolefin Market size was estimated at USD 218.11 billion. The report covers the Polyolefin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyolefin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Polyolefin Industry Report
The Polyolefin Market Report presents a comprehensive industry analysis segmented by material type, application, and geography. The market overview includes detailed market segmentation, highlighting the predominant use of polyethylene and polypropylene in various applications such as films and sheets, injection molding, blow molding, extrusion coating, and fibers and raffia. The market forecast provides insights into the expected market growth and market value, with a focus on the Asia-Pacific, North America, Europe, South America, and Middle East and Africa regions.
Industry reports indicate a robust market growth driven by the increasing demand for polyolefin in diverse applications. The market outlook is supported by extensive market research and industry research, which underscore the significance of polyolefin in the global market. The industry statistics and market data reveal key trends and market predictions that are crucial for market leaders and research companies.
The report example and report pdf offer a detailed market analysis, including an industry outlook and industry trends that shape the market landscape. The market review and market predictions provide valuable insights into the future market size and market segmentation, ensuring a thorough understanding of the market dynamics.
The industry information and industry sales data further enhance the report's credibility, making it an essential resource for stakeholders. The market forecast and market overview are complemented by the analysis pdf, which provides a comprehensive view of the market's growth rate and market value. This report is a vital tool for anyone looking to gain a deeper understanding of the polyolefin market and its future trajectory.
Polyolefin Market Report Snapshots
