September 26, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the polyolefins market, an increase in demand for packaged food is expected to propel the growth of the polyolefins market going forward. Packaged food is a type of food that saves time in food acquisition, preparation, and is ready-to-eat food from grocery stores. Polyolefins are used to pack food products with mechanical strength, and cost-efficiency, as a result, increasing demand for packaged food increases the demand for polyolefins market.
For instance, according to the Press Information Bureau, a nodal agency of the Government of India, India exported more than $ 2.14 billion worth of final food products in 2020-21. The export of products under the ready-to-eat (RTE), ready-to-cook (RTC) and ready-to-serve (RTS) categories rose by more than 23% to $ 1011 million from April to October (2021-22) compared to $ 823 million reported in April to October (2020-21). Therefore, an increase in demand for packaged food is driving the growth of the polyolefins market.
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The global polyolefins market size is expected to grow from $173.96 billion in 2021 to $193.65 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The global polyolefins market size is expected to reach $298.34 billion in 2026 at a CAGR of 11.4%.
Technological advancements are a key trend gaining popularity in the polyolefins market. Major companies operating in the polyolefins market are focused on product innovations to strengthen their position in the market. For instance, in May 2020, Braskem a US-based manufacturer of polyolefins developed polyolefin-based additive manufacturing materials. The company added products such as powder for powder-bed fusion technology, pellets with pellet extrusion technology, and polyolefin-based filament with material extrusion technology. These newly developed products can be used for fused filament fabrication for personal and industrial uses.
Major players in the polyolefins market are Exxonmobil Corporation, SABIC, Sinopec Group, Total SA, Arkema SA, LyondellBasell Industries, Braskem SA, Total SA, BASF SE, Sinopec Group, Bayer AG, Reliance Industries, Borealis Ag, Ineos Group AG, Repsol, Petrochina Company Ltd, Ducor Petrochemical, Formosa Plastics Corporation, Chevron Phillips Chemical Co., and Reliance Industries
The global polyolefins market segmentation is categorized by type into polyethylene (PP) – HDPE, LDPE, LLDPE, Polypropylene, other; by application into films and sheets, blow molding, injection molding, profile extrusion, other; by end-user into packaging, automotive, construction, pharmaceuticals/medical, electronics and electricals.
Asia-Pacific was the largest region in the polyolefins market in 2021 and is expected to be the fastest-growing region in the global polyolefins market during the forecast period. The regions covered in the global polyolefins industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Polyolefins Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide polyolefins market overviews, analyze and forecast market size and growth for the whole market, polyolefins market segments and geographies, polyolefins market trends, market drivers, market restraints, polyolefins market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The polyolefins market overview also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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