“The market for polyolefins (PO) to register a CAGR of 7.82%”
The market size of PO is projected to reach USD 297.09 billion by 2021, at a CAGR of 7.82% between 2016 and 2021. Polyethylene (PE) type accounted for more than 50% of the overall PO market, in terms of volume, in 2015. PE is the most widely used polymer in the plastic industry owing to its easy availability and cheaper processing techniques in comparison to other polymers. Growing population worldwide and availability of low-cost plastic products are replacing metals, woods, and other materials, thus increasing the consumption of PE products in wide range of applications.
“Injection molding: The fastest-growing application of PE”
Injection molding is projected to the fastest-growing application of PE, between 2016 and 2021. Injection molding processes provide numerous advantages in achieving faster production rate, desired size and shape, and reducing wastage. The growing packaging sector is accelerating the demand for injection molding in the plastic industry, thus boosting the overall PE market.
“Rising demand from Asia-Pacific: A major driver for PO market“
In 2015, Asia-Pacific was the largest market for PO, in terms of value and volume, which is estimated to retain leadership during the forecast period. China and India are the two major markets for PO in the region. The plastic industry in China has the largest share in Asia-Pacific, resulting in a high demand for PO owing to its increased use in film & sheet, injection molding, and fibers & raffia applications. In addition, increasing developments in the solar energy industry is likely to drive the demand for PO in China, India, Japan, and South Korea.
Extensive primary interviews have been conducted to determine and verify the market size for several segments and subsegments gathered through secondary research.
The break-up of primary interviews is given below:
- By Company Type - Tier 1 - 50%, Tier 2 – 20%, and Others - 35%
- By Designation - C level - 35%, Director level - 25%, and Others - 40%
- By Region - North America - 13%, Europe - 20%, Asia-Pacific - 47%,
- The Middle East & Africa – 13%, and South America – 7%
The key companies profiled in this market research report are Sinopec Corp. (China), LyondellBasell Industries Holdings B.V. (Netherlands), ExxonMobil Corporation (U.S.), The Dow Chemical Company (U.S.), Total S.A. (France), Borealis AG (Austria), SABIC (Saudi Arabia), Braskem S.A., (Brazil), and others.