by Polyolefin resins are lightweight synthetic polymers used to make a variety of products from packaging films and sheets to molded components. Consisting of polyethylene and polypropylene, polyolefin resins provide benefits like durability, flexibility, chemical resistance and weatherability. Flexible packaging made from films and laminates of polyolefin resins are widely used for food, consumer goods and agricultural applications due to their moisture and vapor barrier properties while plastic bottles, containers, lids and caps utilize polyolefin resins for their impact and shatter resistance. With growing global population and rising demand for consumer goods, food packaging and construction materials, the need for polyolefin resins is surging.
The global Polyolefin Resins Market is estimated to be valued at US$ 255.82 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends driving growth in the polyolefin resins market is the expansion of renewable energy sources used for polyolefin production. Major industry players are actively investing in technologies to produce polyolefins using solar and wind-generated electricity instead of fossil fuels as feedstocks. This helps reduce the carbon footprint of polyolefin resins and makes them more sustainable and eco-friendly. Additionally, governments worldwide are offering incentives and subsidies to companies shifting to renewable energy to lower greenhouse gas emissions. As concerns over climate change intensify, the transition towards renewable energy powered polyolefin manufacturing is expected to continue over the forecast period, supporting market revenue.
Porter’s Analysis
Threat of new entrants: Low economies of scale in production and longstanding customer relationships in the established polyolefin resins market make it difficult for new companies to enter the market.
Bargaining power of buyers: Large buyers in the end-use industries such as packaging, construction, automotive, etc have significant bargaining power due to the fragmented nature of the polyolefin resins market.
Bargaining power of suppliers: The polyolefin resins market is highly concentrated with the top players accounting for a major market share. This gives them significant bargaining power over buyers.
Threat of new substitutes: Other plastic resins such as polyethylene terephthalate (PET), polyvinyl chloride (PVC), polypropylene (PP), etc pose potential threats but polyolefin resins still have advantages over them.
Competitive rivalry: The polyolefin resins market is crowded with large multinational players competing on factors such as product range, cost, quality, and customer service.
Key Takeaways
The global Polyolefin Resins Market Demand is expected to witness high growth. The global polyolefin resins market is estimated to be valued at US$ 255.82 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region accounts for more than half of the global polyolefin resins market share due to the presence of emerging economies such as China, India, Indonesia, Thailand, etc and their rapidly growing industrial sectors. China dominates the Asia Pacific polyolefin resins market.
Key players: Key players operating in the polyolefin resins market are Accruent, Archibus, FM: Systems Group, LLC, IBM TRIRIGA, iOFFICE, OfficeSpace Software, Planon, QuickFMS, and SPACEWELL INTERNATIONAL.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
