Polyolefins Global Market Report 2024

Polyolefins are a group of polymers containing simple olefins and fall under the category of thermoplastics. Comprising solely hydrogen and carbon, polyolefins are derived from oil and natural gas. They find applications in packaging and the production of blow-molded components for toys.

The main types of polyolefins include polyethylene - HDPE, LDPE, LLDPE, polypropylene, and other variations. Polypropylene is a type of plastic produced through the polymerization of propylene. Applications of polypropylene encompass films and sheets, blow molding, injection molding, profile extrusion, and various other uses. These polyolefins are utilized in industries such as packaging, automotive, construction, pharmaceuticals or medical, electronics, and electricals.

The polyolefins market research report is one of a series of new reports that provides polyolefins market statistics, including polyolefins industry global market size, regional shares, competitors with a polyolefins market share, detailed polyolefins market segments, market trends and opportunities, and any further data you may need to thrive in the polyolefins industry. This polyolefins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The polyolefins market size has grown rapidly in recent years. It will grow from $267.44 billion in 2023 to $298.46 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%.
The growth observed in the historical period can be attributed to industrialization and urbanization, changing consumer preferences, the emergence of new markets, and an increasing consumption of polyolefins.

The polyolefins market size is expected to see rapid growth in the next few years. It will grow to $447.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
The anticipated growth in the forecast period can be attributed to the development of biodegradable polyolefins, advancements in packaging solutions, the trend towards lightweighting, increased applications in electric vehicles (EVs), and the implementation of smart packaging solutions. Notable trends expected in the forecast period encompass the rise of biodegradable polyolefins, the adoption of advanced packaging solutions, a focus on lightweighting for sustainability, the growing role of polyolefins in electric vehicle applications, and ongoing technological advancements in the industry.

The growth of the polyolefins market is anticipated to be driven by an increased demand for packaged food. Packaged food, known for its convenience in acquisition, preparation, and ready-to-eat availability, relies on polyolefins for packaging due to their mechanical strength and cost-efficiency. As an illustration, India recorded over $2.14 billion worth of final food product exports in 2020-21, with the ready-to-eat (RTE), ready-to-cook (RTC), and ready-to-serve (RTS) categories experiencing a growth of more than 23%, reaching $1011 million from April to October (2021-22).

The polyolefins market is poised for growth due to the expanding construction industry, engaging in a broad spectrum of activities related to the development, renovation, and maintenance of physical structures. Polyolefins are favored in construction for their versatile properties, cost-effectiveness, lightweight nature, durability, and resistance to environmental factors. Reports from the United States Census Bureau reveal an over 8% increase in the overall value of residential and non-residential construction in the US between 2020 and 2021. Additionally, a report by Oxford Economics projects substantial growth in global construction output, reaching around US$15.2 trillion by 2030, reflecting a 42% increase from 2020's US$10.7 trillion.

Innovation is a key focus for major companies in the polyolefins market, exemplified by the introduction of Stelora, a sustainable engineering polymer by Borealis AG in May 2023. Stelora, part of Borealis's polyolefin portfolio, is crafted from renewable feedstock, offering sustainability, enhanced performance, processability, and versatility. It provides a more eco-friendly alternative to traditional engineering polymers like ABS and polycarbonate, boasting high heat resistance and low moisture absorption.

Strategic partnerships are a common approach among major companies in the polyolefins market to enhance their services and reach. Borealis AG, in October 2023, partnered with Borouge, a United Arab Emirates-based chemicals company, aiming to leverage their strengths, expand their customer base, reduce costs, and enhance efficiency.

In September 2021 when Russian petrochemicals company SIBUR merged with TAIF group, a Russia-based company operating in the polyolefins market. This merger positioned the combined entity to competitively produce polyolefins, rubber, and elastomers, benefiting from synergies and paving the way for new partnerships.

Major companies operating in the polyolefins market include ExxonMobil Corporation, Saudi Basic Industries Corporation., China Petroleum & Chemical Corporation., Total SE, Arkema S.A., LyondellBasell Industries N.V., Braskem S.A., BASF SE, Bayer AG, Reliance Industries Limited, Borealis AG, INEOS Group AG, Repsol S.A., PetroChina Company Ltd., Ducor Petrochemicals B.V., Formosa Plastics Corporation, Chevron Phillips Chemical Company LLC., Hanwha TotalEnergies Petrochemical Co. Ltd., PolyOne Corporation, Sasol Limited, Tosoh Corporation, The Dow Chemical Company, LG Chem Ltd., Sumitomo Chemical Co Ltd., Mitsui Chemicals Inc., Westlake Chemical Corporation, Lotte Chemical Corporation, Versalis S.p.A., PTT Global Chemical Public Company Limited, China National Chemical Corporation

Asia-Pacific was the largest region in the polyolefins market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in this polyolefins market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the polyolefins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The polyolefins market consists of sales of ethylene propylene diene monomer (EPDM) rubber. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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