Global Polyolefin Market To Generate Revenue worth $410.4 Billion by 2030

The global polyolefin market is projected to generate USD 410.4 billion revenue by 2030, advancing at a CAGR of 4.8% between 2022 and 2030. This can be ascribed to the rising demand for the derived products from the manufacturing, automotive, and building & construction industries. Moreover, the booming demand for durable packaging solutions during the transit of products in various industries, such as healthcare, e-commerce, logistics, and food & beverage, propels the consumption of these petrochemicals.

Furthermore, the growing use of these materials in consumer products and textiles is supporting the industry growth. Additionally, polystyrene and polyethylene terephthalate are being used to replace the metallic junction boxes in the production of solar energy. Moreover, high-density polyethylene is employed in the production of the large-diameter, solid-wall pipes used in wind farms, to protect electrical wires and the environment. Thus, the polyolefin market demand is driven, in part, due to the growing setup of wind and solar energy installations.

Film & Sheet Generate Majority of Revenue

Based on type, the market is categorized into polyethylene, polypropylene, and polystyrene. The polyethylene category generates significant revenue, holding around 20% segment share. It is used in a wide range of pharmaceutical packaging, food packaging, agricultural films, consumer goods, computer components, pipes & fittings, and fibers & textiles. Owing to its chemical resistance and impact resistance, it is also used in the chemical and automotive industries.

Based on application, the market is categorized into films & sheets, blow-molding, injection-molding, profile extrusion, and others. Among these, the film & sheet category generated the highest revenue in 2022. Films and sheets made from polyolefins have superior pierce resistance, high tensile strength, and low-temperature qualities; thus, they are extensively employed in the food packaging sector. Additionally, their increasing use in pharmaceutical & medical, consumer goods, industrial, and other packaging applications, such as tobacco, personal care, and homecare products, will drive the market over the forecast period.

The injection-molding category also held a significant revenue share in the market in 2022, owing to the increasing consumption of polyolefin-based products in automotive components, household goods, and packaging applications.

Additionally, the demand for blow-molded plastics is increasing in several demanding applications, such as automobiles, packaging, medical, construction, and electronics.

The APAC region accounted for the largest share in 2022. Product penetration in the region is fueled by the rising infrastructure investments and growing automobile demand in countries such as China, India, Indonesia, and Malaysia. Moreover, due to the low labor costs, many end-use sectors, including electronics and automobiles, are moving their production bases to these countries, which is further projected to drive the polymer demand in the region.

The growing food & beverage, pharmaceutical, automotive, and electronics industries in North America are also expected to propel the demand for polyolefin derivatives.

Major players operating in the polyolefin market include ExxonMobil Corporation, Braskem SA, Borealis AG, LyondellBasell Industries Holdings B.V., The Dow Chemical Company, Chevron Phillips Chemical Company LLC, Saudi Basic Industries Corporation, TotalEnergies SE, Reliance Industries Limited, and Repsol SA.