Our in-depth analysis segmented the global polyolefin resin market in the following segments:
By Product Type:
By Application type:
The global polyolefin resin market is further classified on the basis of region as follows:
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The global polyolefin resin market is anticipated to expand at a CAGR around 8.1% during year 2017-2027. The global polyolefin resin market is anticipated to value at USD 387.09 Bn by 2027.
The global polyolefin resin market can be segmented on the basis of product type, application type and end-user. Moreover on the basis of end-user type it is sub segmented into automotive, electronics, packaging and plastic and construction materials. Automotive is expected to be the largest growing end use segment for polyolefin resin market. Polyolefin resin provides structural benefits in automotive interiors. Polyolefin resin is widely used in automotive interiors, which provides resistant from various external impact. Polyolefins are widely used for industrial application and have replaced PVC owing to the rubber like properties. The cost effective physical properties of polyolefin resin is the major factor supporting the demand for the global polyolefin market from the automotive industry.
By region, global polyolefin resin market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia Pacific is expected to dominate the global polyolefin resins market on the account of presence of the various polyolefin resin manufacturers in the region. Additionally, the development of automobile sector in countries such as China and India leads to increasing demand for polyolefin resin in Asia Pacific region. Moreover, high availability of low cost raw materials is compelling many key manufacturers in Europe and North America to enter Asia-Pacific by setting up new manufacturing plants in the region.
North America is also one of the leading region for polyolefin resins owing to the increasing production of shale gas which in turn results in high availability of raw materials which is anticipated to increase the production of the polyolefin resins in the region in the forthcoming years.
The high accessibility of raw material and increasing demand from packaging industry are the major drivers for the polyolefin resin market over the forecast period. Moreover, high shale gas in North America has provided options for getting cheap raw materials. This in turn increases the profit margins for the producers and drives the polyolefin resin market. The major restraining factor associated with polyolefin resin market is high demand and supply ratio.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.