Infinium Global Research’s recent report on the “Polyolefin Resins Market (Product Type - Polyethylene (PE), Polypropylene (PP), and Others; End-user - Healthcare, Food and Beverage, Electronic Consumer Goods, Automotive, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market. The polyolefin resins market is to grow with a CAGR of 4% over the period of 2020 to 2026.

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Growth in Construction and Automotive Sectors is Expected to Augment the Growth of the Global Polyolefin Resins Market

Polyolefin resins have found their application in several industries including consumer goods, construction, electronics, electrical, automotive, and others. There is a wide variety of polyolefin resins manufactured, including polyethylene (PE), polypropylene (PP), and others, all with distinct characteristics. The growing demand for resins for paints and coatings is a key driver for the growth of the global polyolefin resins market. Resins-based coatings have several advantages over oil-based paints and coatings, such as they are easier to work with and dry more quickly, they contain low or near zero VOCs, and being easy to clean up and re-coat. Moreover, the construction and automotive industries widely use polyolefin resins for various applications including paints, coatings, carpets, and nonwoven textiles. Thus, the growth in the construction and automotive sectors is expected to augment the growth of the global polyolefin resins market.

Furthermore, the rapid spread of coronavirus has severely affected the polyolefin resins market by hindering production and demand, disrupting the supply chain, and by its impact on firms and the financial markets. The polyolefin resins industry is heavily dependent on oil producing companies in OPEC countries for raw materials. The spread of COVID-19 in major OPEC countries including Iran, Saudi Arabia, and UAE caused severe demand-supply gaps in the industry. Furthermore, the lower production and shortage of polyolefin resins in the market is estimated to hamper the market growth in the short term. In addition, lower demand for polyolefin resins from end-use industries is further hindering the market during the pandemic era.

The Wider Availability and Versatility of Polyethylene (Pe) is Augmenting Its Demand in the Market

In terms of product type, the polyethylene (PE) segment generated the highest revenue for the global polyolefin resins market, in 2019. PE is the most widely used resin across various industries. It is the most easily available plastic material in the world. Moreover, PE is inexpensive as compared to other plastic materials due to its wider availability and cost-efficient processing techniques. In addition, the inexpensive nature of PE leads to the higher demand from developing markets in the world. Furthermore, PE has superior physical properties such as water resistivity, lightweight, durability, and heat resistance. These properties of PE make it favorable for a wide range of applications in numerous industries.

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The Polyolefin Resins Market is Anticipated to Witness Several Mergers and Acquisitions Over the Forecast Period

The global polyolefin resins market is highly fragmented with the presence of many regional and global small and medium-sized players. The presence of several major global players in the market makes competition among vendors more intense. With the increase in demand for polyolefin resins in APAC and EMEA, especially in emerging economies, the major global players are taking steps to cater to this demand and reap the profits. These steps include M&A with regional players and the customization of their existing products to cater to changing consumer requirements in these regions. The market is dominated by major players such as Dow, SABIC, LG Chem, LyondellBasell, Chevron Phillips, Eni, BASF, Ineos, NOVA Chemicals, Exxon Mobil, and SINOPEC are the prominent players in the polyolefin resins market.

The key market players are focused on market strategies such as acquisition and new product launches. Infinium Global Research’s recent report on the global polyolefin resins market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

Asia Pacific Region to Generate the Largest Revenue in the Polyolefin Resins Market

Geographically, Asia Pacific generated the largest revenue in the global polyolefin resins market. A large consumer pool in the Asia Pacific is one of the major drivers for the growth of the polyolefin resins market in the region. Moreover, the improving economic conditions of the region such as higher GDP growth rate and growing level of disposable income are likely to augment the growth of the market.

Furthermore, higher sale of automobile and electronic goods in the region augments the demand for polyolefin resins in the Asia Pacific. The growing urban population in the region is further supporting the market growth for polyolefin resins in the Asia Pacific. Additionally, the North America polyolefin resins market is estimated to hold the second largest share among the regions. The growing construction industry in the region is anticipated to boost the demand for polyolefin resins for paint, coating, construction, carpets, and nonwovens application.

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