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In a recent published report, Kenneth Research has updated the market report for Polyolefin Resin Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Polyolefin Resin Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The Polyolefin Resin Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled“Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry's production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.
Product Overview
Polyolefin resins are resins extracted from hydrocarbon sources which may contain one or multiple olefin groups. Raw materials used in manufacture of polyolefin resin are cyclic olefins, ethylene, butadiene propylene and isobutylene. Paints which are manufactured by using polyolefin resin are known as polyolefin resin paints. Polyolefin resins help in refining several characteristics of paints such as chemical resistance, wear & tear resistance and adhesive properties. Polyolefin resins are large molecular weight hydrocarbons which include polyethylene, polypropylenes that comprise resins and copolymers. Polyolefin resins have the ability for resisting exposures to all chemicals at room temperature. Automotive, Electronics, Packaging, Plastic and Construction materials construction are some of the significant end-user industries of polyolefin resins.
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Market Size and Forecast
The global polyolefin resin market is anticipated to expand at a CAGR around 8.1% during year 2017-2027. The global polyolefin resin market is anticipated to value at USD 387.09 Bn by 2027.
The global polyolefin resin market can be segmented on the basis of product type, application type and end-user. Moreover on the basis of end-user type it is sub segmented into automotive, electronics, packaging and plastic and construction materials. Automotive is expected to be the largest growing end use segment for polyolefin resin market. Polyolefin resin provides structural benefits in automotive interiors. Polyolefin resin is widely used in automotive interiors, which provides resistant from various external impact. Polyolefins are widely used for industrial application and have replaced PVC owing to the rubber like properties. The cost effective physical properties of polyolefin resin is the major factor supporting the demand for the global polyolefin market from the automotive industry.
By region, global polyolefin resin market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia Pacific is expected to dominate the global polyolefin resins market on the account of presence of the various polyolefin resin manufacturers in the region. Additionally, the development of automobile sector in countries such as China and India leads to increasing demand for polyolefin resin in Asia Pacific region. Moreover, high availability of low cost raw materials is compelling many key manufacturers in Europe and North America to enter Asia-Pacific by setting up new manufacturing plants in the region.
North America is also one of the leading region for polyolefin resins owing to the increasing production of shale gas which in turn results in high availability of raw materials which is anticipated to increase the production of the polyolefin resins in the region in the forthcoming years.
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Market Segmentation
Our in-depth analysis segmented the global polyolefin resin market in the following segments:
By Product Type:
PE (polyethylene)
PP (polypropylene)
FPO (Flexible polyolefin)
By Application type:
Blow Molding
Injection Molding
Film & Sheet
Fibers & Raffia
Extrusion Coating
By End-Users
Automotive
Electronics
Packaging
Plastic
Construction
By Region
The global polyolefin resin market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges
The high accessibility of raw material and increasing demand from packaging industry are the major drivers for the polyolefin resin market over the forecast period. Moreover, high shale gas in North America has provided options for getting cheap raw materials. This in turn increases the profit margins for the producers and drives the polyolefin resin market. The major restraining factor associated with polyolefin resin market is high demand and supply ratio.
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Key Players
ASF SE
Bayer MS
The Dow Chemical Co.
DuPont
SABIC
Lanxess AG
Total S.A.
Formosa Plastics Group
Americas Styrenics
Styrolution Group GMBH
Henjiang Chimei Chemical Co., Ltd
PS Japan Corporation
Styron LLC
TOTAL Gestion USA
Ineos Nova LLC
Total Petrochemicals
Owens Corning
Nova Chemicals Corporation
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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