Polyolefin Market–Market
Overview
Globally, polyolefin market is
estimated to reach USD 324 billion in 2022, expanding at CAGR of 6.49% during
the forecast period from 2017 to 2022. This is attributed to the wide range of
applications wherein polyolefin is major used, substantial growth of packaging
industry, and increasing demand from the building & construction industry.
The packaging and automotive markets are witnessing considerable growth and are
estimated to register a triple digit billion dollar mark by the end of 2022.
This is anticipated to boost demand for the polyolefin in these major end use
industries. Additionally, the polyolefin market is substantially driven
by increasing demand from FMCG and consumer goods. Geographically, Asia-Pacific
holds the healthy market share in terms of value and volume, which direct
implies, the demand coming from China, India, Japan, Taiwan, Malaysia and other
countries positively affecting the growing of polyolefin market.
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Polyolefin Market- Competitive
Landscape
The global polyolefin is a
rapidly growing market, which consists of significant number of mature players.
The market is primarily driven by the technological advancements on part of
leading players, along with the rising demand for polyolefin in major end users
such as automotive and building & construction. The market consists of
considerable number of tier 1 and 2 companies. Among them, W.R. Grace, Total
S.A, Arkema SA, SABIC, and PolyOne Corporation are leading overall production
of the polyolefin. They have substantial contribution to the growth of the
market during the review period. Almost all of these market participants are
primarily adopting the expansion of their production capacities tactics to
strengthen their market position and meet rising demand for the product.
Growing construction industries, and continuous collaborations and agreements
between manufacturers, distributers, and marketing firms, along with continuous
R&D activities are the key market forces favoring the growth of the demand
for polyolefin. Considering all these trends the global polyolefin
market poised to witness considerable competition throughout the
forecast period of 2017-2022.
Industry/ Innovation/ Related
News:
May 11, 2017- The
U.S. basech oil & natural gas giant, ExxonMobil Chemical Company reached an
agreement with Singapore based Jurong Aromatics Corporation Pte. Ltd. to
acquire its aromatics plant on Jurong Island. This development acquisition is
widely seen as integrating JAC's operations with refining and petrochemical
complex of ExxonMobil Singapore, which has a crude oil processing capacity of
592,000 b/d and includes two world-scale steam crackers.
December 11, 2017- Hanwha
Total Petrochemical, a 50/50 joint venture between Hanwha and Total, announced
its plans to invest more than USD 300 Million for expansion of its integrated
refining & petrochemicals platform located in Daesan, South Korea. With
this investment the polyethylene capacity of this site will increase by more
than 50% to 1.1 million tons per year by the end of 2019.
December 14, 2017- The
U.S. based catalysts and materials technology company, W. R. Grace & Co.
signed an agreement to acquire the Polyolefin Catalysts business of Albemarle
Corporation for USD 416 million. Under the terms of acquisition includes a
comprehensive series of highly optimized Ziegler-Natta catalysts for
polyethylene production. This is expected to strengthen Grace’s catalysts
technology portfolio, commercial relationships, and manufacturing network.
December 7, 2017- Saudi
Arabia based petrochemical giant SABIC announced its ambitious plans to spend
around USD 3 billion to USD 10 billion on acquisition, in the next five years.
According to SABIC, a “strategic market” for the company is looking at
opportunities to expand the current joint venture with Chinese petrochemical
major Sinopec. As China is planning to become more self-sufficient in
petrochemicals, it is an opportunity for SABIC.
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