POLYOLEFIN RESINS MARKET ANALYSIS (2020-2027)
Polyolefin resin comprises one or more olefinic groups. These are polymers with high molecular weight hydrocarbons. It can withstand exposure to almost all chemicals at room temperature. These resins adapt to different fabrication techniques and are less expensive. Polyolefin resins find applications in automobile, film & sheet, fibers & tapes in packaging, medical, construction, and coating.
Market Dynamics
Increasing awareness about environmental unviability of polyvinyl chloride (PVC) is expected to drive growth of the global polyolefin resin market, as this will increase demand for polyolefins such as polyethylene and polypropylene. The rubber like properties of polyolefins have resulted in replacement of PVC with polyolefins. Also, these are suitable for high performance industrial applications.
Moreover, low cost of polyolefin resins and ability to be fabricated using modern technologies such as extrusion, blow molding, and injecting molding are expected to drive growth of the global polyolefin resin market. Although PVC is preferred for various applications, stringent regulations by governments is expected to provide vast growth opportunities for polyolefin resin market.
Increasing demand for polyolefin resin in automotive industry due to its cost-efficient physical properties is another major factor that is expected to drive growth of the market over the forecast period.
Market Outlook
On the basis of region, the global polyolefin resin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific holds dominant position in the global polyolefin resin market, owing to presence of key manufacturers in the region. Growth of automobile industry in emerging economies such as China and India is increasing the demand for polyolefins in Asia Pacific, thereby driving growth of the market in this region.
North America is the third largest market for polyolefin resins and rising demand for polyolefin in the region is met by importing these compounds from Asia Pacific. Due to the shale gas boom in North America, raw materials were available at cheaper rates. This in turn is expected to boost the production of polyolefin resins in countries such as the U.S. and Canada.
Moreover, Middle East is expected to be one of the largest exporters of polyolefin resins over the forecast period. The polyolefin resin market growth in Europe is considerably low due to sluggish economic growth.
Key Players
Some of the major players operating in the global polyolefin resin market include China National Petroleum Corporation, Dupont, The Dow Chemical Company, LyondellBasell Industries NV, and Saudi Basic Industries Corporation.
Key Developments
Key players are adopting new product launches, merger and acquisition in order to gain market share in the global polyolefin resin market. For instance, In 2017, The Washington-based Association of Plastic Recyclers (APR) has announced the launch of its Recycling Demand Champion Campaign, a new program designed to expand market demand for recycled resins and to improve plastic recycling in North America. The APR Recycling Demand Champion Campaign aims to increase the use of polyolefin such as polypropylene or polyethylene postconsumer resin (PCR) by focusing on work in process (WIP) items used in manufacturing, such as trash cans, pallets and tote boxes.
In October 2019, Borealis launched new BorPure resin at the K 2019. The new BorPure resin is designed for flip-top cap application. The new launched BorPure RF777MO. This new resin has Borstar Nucleation Technology (BNT) and it has been designed for use in flip-top caps, a growing caps and closures market segment.
In October 2019, the Braskem the polyolefins producer in the Americas and producer of biopolymer in the world. The company has launched its new I’m Green Recycled polypropylene (PP) in the United States. The new I'm green master now includes Braskem's product developments in bio-based resins, post-consumer-recycled (PCR) resins, as well as mixed bio-based plastics and PCR solutions.
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