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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The global polyolefin elastomers (POE) and plastomers (POP) market is estimated to garner a revenue of USD 7772.6 Million by the end of 2031 by growing at a CAGR of 7.6% over the forecast period, i.e., 2022 – 2031. Moreover, the market generated a revenue of USD 3752.8 Million in the year 2021. The growth of the market can be attributed to the growing demand for automobiles worldwide, the production of which touched 91786861 units in the year 2019 around the globe, up from 58374162 units in the year 2000, according to the statistics by International Organization of Motor Vehicle Manufacturers (OICA). In the automotive industry, polyolefin elastomers (POE) and plastomers (POP) are used for manufacturing the exteriors and interiors of the vehicle.
On the other hand, the surge in urbanization, which is driving the need for urban housing, along with the development of smart cities and the rise in the number of commercial and residential housing projects, are driving the need for electrical wires and cables. Additionally, growing adoption of renewable energy worldwide, is also raising the need for electric cables, such as HVDC cables, and others. Since, POE and POP materials are used as wire and cable coatings, hence, the rising demand for wires and cables is expected to contribute to the growth of the market in the coming years. The growth of the market can also be attributed to the numerous applications of the chemical compounds across different end-use industries.
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Polyolefin elastomers and plastomers are a relatively new class of polymers which are copolymers of ethylene and butene (EBR) or octene (EOR), and are produced by a metallocene catalyst. These chemical compounds have emerged on the back of recent advancements in metallocene polymerization catalysts and are widely being adopted as a substitute for generic polymers, such as styrene-block copolymers (SBCs), ethylene vinyl acetate (EVA), ethylene propylene rubbers (EPR or EPDM), and poly vinyl chloride (PVC) among others. These chemical compounds are known to offer low density and high flexibility and are also used in injection molding, film & compounding, and extrusion. The growth of the global polyolefin elastomers and plastomers market can also be attributed to the increasing demand for the product in the medical industry for manufacturing different medical devices, as well as for applications in prosthetics, surgical instruments, and mobility aids. Besides this, the stringent regulations of the government of nations on the use of plastics owing to its health concerns, along with the use of POE in solar module encapsulation are also expected to drive the growth of the market in the coming years.
Global Polyolefin Elastomers and Plastomers Market Regional Synopsis Regionally, the global polyolefin elastomers and plastomers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is anticipated to garner the largest revenue of USD 3132.4 Million by the end of 2031, up from a revenue of USD 1464.0 Million in the year 2021.
The growth of the market in the region can primarily be attributed to the increasing sales of automobiles amongst the countries in the region, especially in China and India. For instance, according to the statistics by the OICA, the production of vehicles in China was the largest with a volume of 2069069 units in the year 2000 to 25720665 units in the year 2019. Besides this, the presence of a strong footwear manufacturing organization in the region along with the presence of several manufacturers who use POE and POP materials, are also expected to boost the market growth in the coming years. The market in the region is further segmented by country into Australia, Japan, South Korea, India, China, and the Rest of Asia Pacific. The market in China is expected to garner the largest revenue of USD 1654.2 Million by the end of 2031, up from a revenue of USD 788.2 Million in the year 2021.
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Growth Drivers and Challenges Impacting the Growth of the Global Polyolefin Elastomers and Plastomers Market Growth Drivers
- Increasing Demand for the Product from the Medical Industry
- Numerous End-Use of the Product Across Other Industries
Challenges
- High Price of the Product
- Availability of Low-Cost Alternatives
Global Polyolefin Elastomers and Plastomers Market Segmentation Synopsis The global polyolefin elastomers and plastomers market is segmented by end-user into automotive, packaging, wires & cables, and others. The packaging segment is projected to garner the largest revenue of USD 2883.8 Million by the end of 2031, up from a revenue of USD 1434.9 Million in the year 2021. By distribution channel, the market is segmented into direct sales, retail sales, and others. The direct sales segment is anticipated to garner the largest revenue of USD 4008.2 Million by the end of 2031, up from a revenue of USD 1968.2 Million in the year 2021.
Key Companies Dominating the Market Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global polyolefin elastomers and plastomers market that are included in our report are The Dow Chemical Company, Exxon Mobil Corporation, LG Chem, Mitsui Chemicals, Inc., Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Holdings Corporation, Borealis AG, RTP Company, LyondellBasell Industries Holdings B.V., Ravago, and others.
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