Polyolefin Elastomers Market Analysis - Growth, Share, Global, Trends, Overview, Forecast, Scope, Size and Outlook 2023
Market Segmentation:
Global Polyolefin Elastomers Market Analysis is segmented by Type, Manufacturing Method, Application, End-Use Industry and Region.
Based on Type, Global POE Market is segmented into polyethylene, ethylene propylene diene monomer, and polypropylene. The polypropylene segment is estimated to dominate the Global POE Market during the forecast period, owing to lower cost, good mechanical and thermal stability, secure processing, chemical resistance, and melt rheological behavior.
Based on the Manufacturing Method, Global Polyolefin Elastomers Market is segmented into injection method, extrusion molding, cast & blown film extrusion, foam and calendaring, and blow molding.
Based on Application, Global Polyolefin Elastomers Market is segmented into adhesives, wires & cables, automotive interiors, films, molded rubber goods, and medical equipment. The automotive segment is likely to dominate the Global Polyolefin Elastomers Market owing to the elevated product use in automotive panels, airbags, adhesives, bumpers, and automotive interior and exterior components.
Key Players:
The Global Polyolefin Elastomers Market boasts a presence of many noteworthy players including DowDuPont (US), the Dow Chemical Company (US), Exxon Mobil Corporation (US), Mitsui Chemicals, Inc. (Japan), LG Chem (South Korea), Mitsubishi Chemical Holding Corporation (Japan), Polmann India Ltd (India), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), RTP Company (US), and PolyOne Corporation (US).
Industry Update:
June 2019: ExxonMobil Chemical Co. announced its plan to add a new line that will produce around 400,000 metric tons of its special elastomer. This addition will be done at its Baytown Texas complex. This project is a part of a USD 2 billion expansion project in Baytown that will maximize the value of the increased production from Permian shale oil basin, according to the May news release of the said company.
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Global Polyolefin Elastomers Market Overview:
The MRFR report concludes that the Global Polyolefin Elastomers Market is expected to witness a considerable CAGR through the forecast period owing to various factors, as listed in the Market Research Future's (MRFR) report. One of the significant factors causative of the ascension of the Polyolefin Elastomers Market is the augmentation of its applications in adhesives, footwear foams, as well as, molded rubber goods. Proliferated demand for Polyolefin Elastomers as an important component in the production of pipes, packaging, wires & cables is also anticipated to drive the global market exponentially.
Polyolefin Elastomers are produced using the copolymerization of ethylene along with different monomers like propylene, hexene, butene, and octene. POE has low density and good elasticity. Polyolefin Elastomers can be referred to as a new class of polymers which are developed owing to the advancements in metallocene polymerization catalysts. Polyolefin Elastomers offer superior UV resistance, thermal stability, toughness, along with low-temperature ductility.
Detailed Regional Analysis:
Global Polyolefin Elastomers Market is studied for the regional segments of Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. In the base year, the APAC region accounted for the largest share in the Global Polyolefin Elastomers Market. It is also expected to register substantial growth during the review period owing to the surging demand in molded rubber goods. A surge noticed in the automotive sector is anticipated to contribute to the growth in the Regional Polyolefin Elastomers Market over the assessment period. China is expected to lead the country-specific market for Polyolefin Elastomers Market owing to the large scale production of automobiles in the country.
The US is expected to dominate the country-specific market in North America as it did at the beginning of the forecast period. Globally, the U.S. is the second largest producer of automobiles, following China. In Latin America, countries like Latin America, Mexico, and Argentina are projected to be the leading country-specific markets in the region. This can be owed to the widespread use of POE in the healthcare and packaging industries residing in the region. Increasing demand for Polyolefin Elastomers in the footwear and packaging industries in Europe is likely to drive significant growth in the region during the conjecture period. Germany, the UK, Italy, and France are anticipated to lead the country-specific markets in the region during the forecast period. The Middle East & Africa is projected to showcase sluggish growth for Polyolefin Elastomers Market during the review period ending in 2023.
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