Polyolefins Market Size to Reach $446.6 Billion by 2028 | CAGR: 12.5%: AMR

PORTLAND, OR, UNITED STATES, October 23, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Polyolefins Market by Type (Polyethylene (PE), Polypropylene (PP), and Polystyrene) and Application (Film & Sheet, Injection Molding, Blow Molding, Profile Extrusion, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global polyolefins industry generated $133.9 billion in 2020, and is expected to reach $444.2 billion by 2028, witnessing a CAGR of 12.6% from 2021 to 2028.

Prime determinants of growth

Rise in demand from the healthcare sector and surge in deployment of renewable energy drive the growth of the global polyolefins market. However, varying prices of raw materials hinder the market growth. On the other hand, growth of the food sector in emerging economies presents new opportunities in the coming years.

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The polyethylene segment to continue its lead position during the forecast period

Based on type, the polyethylene segment held the highest share in 2020, accounting for nearly two-thirds of the global polyolefins market, and is expected to continue its lead position during the forecast period. This is attributed to its applications in industries such as packaging, automotive, electronics, and others. However, the polypropylene segment is expected to witness the largest CAGR of 14.5% from 2021 to 2028. This is due to its increased demand from the healthcare sector for its usefulness as medical plastics in applications such as syringes.

The global polyolefins market is analyzed across type, application, and region. On the basis of type, the polyethylene segment contributed to nearly two-thirds of the total market share in 2020, and is expected to retain its dominance during the forecast period. Simultaneously, the polypropylene segment is projected to grow at the fastest CAGR of 14.5% from 2021 to 2028.

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On the basis of application, the film & sheet segment accounted for the major share in 2020, garnering nearly one-third of the global polyolefins market. The same segment would also cite the fastest CAGR of 13.2% from 2021 to 2028.

On the basis of region, Asia-Pacific generated the market share in 2020, contributing to around three-fifths of the global market. The market across the region would also portray the fastest CAGR of 13.6% throughout the forecast period. The other regions studied in the report include North America, Europe, and LAMEA.

The key market players analyzed in the global polyolefins market report include SABIC, Total SE, Repsol, Reliance Industries, Formosa Plastics Corporation, LyondellBasell Industries N.V., Ineos Group AG, Ducor Petrochemical, and Sinopec Group. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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