Functional Polyolefins Market Size & Share, Functional Polyolefins Type (Randomly, End, Block, Graft); Application (Construction, Electronics, Oil and Gas, Transportation, Additives)-Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5981
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Functional Polyolefins Market size is expected to reach USD 300 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of functional polyolefins was USD 180 Billion. The reason behind the growth is propelled by the growing chemical industry across the globe. Global in scope, the chemical industry is a major contributor to the global economy driven by the growing need for specialized chemicals combined with discoveries and technological breakthroughs.

For instance, the global chemical industry generated over USD 5 trillion in revenue in 2022. Particularly, between 2024–2028, the global chemicals market is expected to expand at a rate of more than 3%, reaching a market value of around USD 1 trillion.

The growing developments in functional polyolefins are believed to fuel the market growth. Specialty Functional Polyolefins have been developed recently to serve as effective replacements for high-performance engineering thermoplastics, which show promise as high-priced raw materials and complex production techniques that might discover remarkable markets in specialized applications.


Functionalized Polyolefins Market
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Functional Polyolefins Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Usage in the Packaging Industry - Most of the Functional Polyolefins are used in the production of shopping bags, supermarket bags, and flexible packaging owing to their exceptional chemical resistance and inexpensive cost.
  • Growing Production of Electronics - Olefin polymerization yields a polymer known as functionalized polyolefin which is often used in electronic appliances for insulation owing to its excellent insulation properties.
  • Increasing Medical Sector - Functionalized polyolefin is widely employed in many applications, including pharmaceutical packaging and medical devices.

Challenges

  • Presence of alternatives - Bio-based polyolefins are a class of polymers made from biomass and plants, which are renewable resources that have a smaller carbon footprint.
  • Need for frequent replacement owing to limited durability and resistance makes Functional Polyolefins unsuitable for many applications
  • Environmental concerns associated with the usage of plastic materials may limit functional polyolefins market growth

Functional Polyolefins Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~9%

Base Year Market Size (2023)

~ USD 180 Billion

Forecast Year Market Size (2036)

~ USD 300 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Functional Polyolefins Segmentation

Application (Construction, Electronics, Oil and Gas, Transportation, Additives)

The Transportation segment is estimated to gain a robust market share of 35% in the coming years owing to the properties of functional polyolefins. functional polyolefins play a vital role in the automotive industry, offering a wide range of applications including injection molding, extrusion, and blow molding.

Functional Polyolefins are utilized in dashboard panels, door trims, seating components, and floor coverings, as they offer excellent surface properties, and provide superior weather ability, impact resistance, and enable automakers to reduce vehicle weight, which can lead to improved fuel efficiency and reduced carbon emissions.

In addition, in several industries, including construction, where lightweight design, high tensile strength, puncture resistance, chemical resistance, and exceptional clarity are necessary, functional polyolefins are widely used.

Functional Polyolefins Type (Randomly, End, Block, Graft)

The graft segment is set to garner a notable share shortly. Functional hydroxyl groups are grafted onto polyolefins via an imide connection to add a significant number of functional groups to the polymer chain.

Our in-depth analysis of the global market includes the following segments:

     Functional Polyolefins Type

  •  Randomly
  •  End
  •  Block
  •  Graft

     Application

  • Construction
  •  Electronics
  •  Oil and Gas
  •  Transportation
  •  Additives

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Functional Polyolefins Industry - Regional Synopsis

North American Market Forecast

Functional Polyolefins market in North America is predicted to account for the largest share of 40% by 2036 impelled by the growing personal disposable income. As a result, more and more people in the region are spending on buying consumer goods and electronic appliances, which is expected to drive the demand for Functional Polyolefins. For instance, the United States' disposable personal income rose by more than 0.2% in January 2024 compared to the same month the previous year.

In addition, the construction industry has expanded and now makes up a significant portion of the US economy. This may significantly drive market growth.

 The United States' construction industry expanded by more than 6% in 2023.

European Market Statistics

The Europe Functional Polyolefins market is estimated to be the second largest, during the forecast timeframe led by the growing demand for packaged food.  Europe holds the largest proportion of the worldwide packaged food market owing to growing customer interest in fresh products with longer shelf lives and increasing demand for convenient and sustainable packaging solutions.

APAC Market Analysis

Also, the market in the Asia Pacific is poised to hold a significant share by the end of 2036 driven by rapid urbanization. As more people move to towns and cities in quest of economic opportunity, the number of towns and cities in India has increased dramatically owing to academic settings and an urban way of life, commercialization, the transition from rural to urban areas, and lifestyle changes. The construction industry is predicted to develop as a result of urbanization and the quick development of infrastructure.

Moreover, to meet the needs of its expanding urban population, India must construct more than 800 million square meters of residential and commercial space per year. This may create a significant demand for Functional Polyolefins in the region.

For instance, in India, more than 460 million people live in urban areas, and this figure is increasing annually by over 2%.

Research Nester
Functionalized Polyolefins Market size
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Companies Dominating the Functional Polyolefins Landscape

top-features-companies
    • SK Global Chemical
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Altana Group
    • SABIC
    • Lyondell Basel Industries Holdings B V
    • Ineos Group AG
    • Pluss Advanced Technologies
    • Eastman Chemical Company
    • Dow Company
    • Tecnofilm S.p.A
    • CBC Ltd.
    • Sinopec Corporation
    • ExxonMobil Corporation
    • Braskem SA

In-the-news

In The News

  • SK Global Chemical announced the acquisition of French chemical firm Arkema S.A.'s functional polyolefins business together with its technology and marketing expertise for four products that are utilized as adhesives in multilayer packaging to increase their company's competitiveness.
  • Lyondell Basel Industries Holdings B V acquired Mepol Group, a manufacturer of recycled, high-performing technical compounds to create a circular economy and help in building APS company more quickly.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5981
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing chemical industry across the globe and the growing developments in functional polyolefins are the major factors driving the growth of the market.

The market size of functional polyolefins is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2024-2036.

The major players in the market are Altana Group, SABIC, Lyondell Basel Industries Holdings B V, Ineos Group AG, Pluss Advanced Technologies, Eastman Chemical Company, Dow Company, Tecnofilm S.p.A, CBC Ltd., Sinopec Corporation, ExxonMobil Corporation, Braskem SA, and others.

The transportation segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Functional Polyolefins Market Report Scope
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