2014-01-21 21:47:02 - Polyolefins Market: Global Trends & Forecasts to 2018 - a new market research report on companiesandmarkets.com
The global polyolefins industry is witnessing high growth on an account of increasing applications, technological advancements, and growing demand in the Asia-Pacific region. The industry is forecast to hit a consumption volume of 169,892.4 kilotons by 2018. Polyolefins is a preferred and widely accepted polymer due to its inherent properties and wide range of applications. Polyolefins consumption has grown significantly in the recent times and is at an emerging stage in various countries.
Currently, Asia-Pacific is the largest market of polyolefins, acquiring more than 45.3% of the global market. Polyolefins consumption in the region is estimated to grow at a CAGR of about 6.2% from 2013 to 2018. The region has huge installed plant capacities of polyolefins. The polyolefins market is
emerging in various countries like China, South Korea, India, Saudi Arabia, Brazil, etc due to increasing industrial activity. Also, large number of emerging manufacturers from Asia-Pacific is expected to reduce import dependency and is expected to drive the polyolefins market in future.
The Middle East, being the second fastest growing polyolefins market world-over, is estimated to grow at a CAGR of 5.5% for the next five years. Middle East is witnessing high industrial growth which hints at an increasing demand for polyolefins for its diverse applications. Saudi Arabia dominates the polyolefins market in the Middle East being a major consumer and the fastest growing country in terms of polyolefins production.
Currently, a high share of polyolefins is consumed by the film & sheet industry and the demand for polyolefins through film & sheet industry is expected to grow in next five years at a CAGR of more than 4.7% from 2013 to 2018. Other Middle East countries are also showing increasing growth in demand for polyolefins. Moreover, polyolefin manufacturers from Middle Eastern countries are putting vigorous efforts for developing a strong base of polyolefins market, with a target of rising polyolefins exports.
Due to easy availability of cheaper raw material and increase in new applications, the use of polyolefins in various industries is becoming popular. Moreover, in North America, shale gas boom has provided an opportunity for availability of cheaper raw material, thus widening profit margins for the producers hence, providing a boost to the polyolefins industry. Injection-molded plastics industry is flourishing at a fast pace in emerging economies such as: Asia-Pacific, ultimately driving demand for polyolefins in these regions. The key manufacturers of polyolefins such as: LyondellBasell Industries NV (The Netherlands), The Dow Chemical Company (U.S.), Saudi Basic Industries Corporation (Saudi Arabia), China National Petroleum Corporation (China), etc. are investing in expansion activities and new product launches to meet the growing demand of polyolefins.
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