Polyolefin resins, which primarily include polyethylene (PE) and polypropylene (PP), are increasingly being used in packaging and non-packaging applications due to their beneficial properties like durability, lightweight and cost competitiveness. Polyolefins are durable, versatile thermoplastic materials that can be readily molded into various packaging and non-packaging products such as plastic bottles, covers, pressure pipes, molding & extrusion products. They provide substantial advantages over alternative materials like aluminum, glass and paper in terms of cost, processing efficiencies and design flexibility. Global polyolefin resins consumption has grown due to increasing demand for environment-friendly plastic materials.
Key Takeaways
Key players operating in the polyolefin resins are Accruent, Archibus, FM:Systems Group, LLC, IBM TRIRIGA, iOFFICE, OfficeSpace Software, Planon, QuickFMS, and SPACEWELL INTERNATIONAL.
These players are focusing on expanding their production capacities and global footprint to cater to the growing demand. Secondly, the growing demand for polyolefin resins from packaging industry is expected to drive the market growth. Pouches & bags, containers, caps & closures and others are major application areas of polyolefins resins in packaging industry. Their advantages like low weight, design flexibility, durability and sealability have increased their adoption rates. Lastly, advancements in polyolefin production technologies like metallocene catalysts have enhanced the output and properties of resins. This has enabled manufacturers to provide customized solutions to end-users.
Market Trends
The demand for bio-based and recyclable polyolefin resins is rising owing to stringent environmental regulations on plastic waste disposal. Major players are investing in R&D to develop novel resin grades made from renewable feedstock and with improved recyclability. Secondly, light-weighting has become an important criterion for manufacturers across industries. Polyolefin resin suppliers are offering new grades with enhanced mechanical properties for production of thinner yet durable products.
Market Opportunities
The growing electric vehicles Global Polyolefin Resins Market Size presents significantly large opportunity for polyolefin resin producers. Significant amount of polyolefins are required in EV components like battery packs, electric connectors and wiring harnesses insulation that require heat resistance and chemical stability. Secondly, 3D printing industry is growing rapidly which uses specialized polyolefin filaments for additive manufacturing. Resin manufacturers can focus on developing novel filament grades for various 3D printing applications.
Impact of COVID-19 on Polyolefin Resins Market Growth
The COVID-19 pandemic has impacted the polyolefin resins market growth globally. Supply chain disruptions, lockdowns, and social distancing norms led to a decline in production capacity. The major end-use industries like packaging, construction suffered declining demand during lockdowns. Shutdowns of manufacturing units hampered the availability of polyolefin resins. The demand from the automotive and construction industries decreased significantly as construction projects were halted and vehicle production reduced.
However, the demand increased from the packaging industry as more products were packed for shipping. Healthcare, pharmaceuticals also witnessed rising polyolefin resin consumption for making PPE kits, masks, gloves etc. The e-commerce sector boomed as people started ordering goods online which further augmented the packaging demand. With lifting of lockdowns and resuming construction activities, the market is recovering gradually. Manufacturers are operating at near-full capacities while prioritizing worker safety. The demand from automotive and construction industries is picking up pace backed by government stimulus packages for infrastructure development.
North America Polyolefin Resins Market
North America accounted for the largest share of the global polyolefin resins market in terms of value prior to the pandemic owing to well-established end-use industries and high per capita plastic consumption in the US and Canada. The region suffered an initial demand slump due to lockdowns impacting key end-users. However, with rapid vaccination drives and economic reopening, market activities are reviving in the US. The automotive production is increasing supported by retooling of idled plants. Rising construction of residential buildings is propelling the demand. Robust e-commerce growth and sustainability initiatives are major tailwinds for market recovery and future expansion across North America.
Asia Pacific- Fastest Growing Region for Polyolefin Resins Market
Asia Pacific represented the fastest growing regional market and is likely to maintain its momentum post-pandemic. Mounting population, rising disposable incomes, and heavy investments in infrastructure development are driving polyolefin resin consumption. Countries like China and India housed major automotive, packaging, and construction industries prior to the pandemic which slipped temporarily but are gaining traction again. Continued government spending on construction projects is assisting market revival. Additionally, shifting of manufacturing bases to the region by global firms is creating local production capacities and bolstering the Asia Pacific polyolefin resins market.
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