The global Polyolefin Resins Market is estimated to be valued at US$ 255.82 Bn in 2023
Polyolefin resins are widely used plastics produced from monomers such as polyethylene and polypropylene. They exhibit properties such as high strength, durability, lightweight and resistance to chemicals which make them suitable for use across various end use industries like packaging, consumer goods, automotive, construction and medical. The versatility and competitive pricing of polyolefin resins have helped them replace traditional materials in these industries.
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:
The rising adoption of polyolefin resins across end use industries has been a key factor driving the growth of this market. Polyolefin resins offer manufacturability, affordability and sustainability which help manufacturers in various industries lower costs and upgrade their products. Their increasing replacement of conventional materials like paper, glass and metal has accelerated the demand growth especially in the packaging industry. The market has also witnessed a shift towards high performance modified polyolefin resins which exhibit superior properties like abrasion resistance and barrier protection, finding more applications.
Segment Analysis
The polyolefin resins market is dominated by the polyethylene sub-segment. Polyethylene resins account for over 55% of the market share due to their lightweight, non-toxic, and low-cost properties. These resins have widespread applications across various industries like packaging, construction, automotive, and consumer goods. Polyethylene has good processability and versatility which makes it the preferred choice over other resins.
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 related content comprises the Asia Pacific region dominates the polyolefin resins market and is expected to grow at the fastest rate during the forecast period. This is attributed to huge consumption of these resins for packaging applications in India and China.
Key players related content comprises 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. These key players are focused on expanding their production facilities and product portfolios to strengthen their market position. For instance, Dow Chemicals has started a new production plant in Texas, US to cater to the growing demand for polyolefin resins from the packaging industry.
Check below related articles on this topic: https://www.ukwebwire.com/powering-growth-in-the-polyolefin-resins-market/
Comments
0 comment