“Global Polyolefin Elastomers Market to reach a market value of USD 2.2 Billion by 2030 growing at a CAGR of 7.7%”
The Global Polyolefin Elastomers Market size is expected to reach $2.2 billion by 2030, rising at a market growth of 7.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 851.65 Kilo Tonnes, experiencing a growth of 6.1% (2019-2022).
Growth or stability in sectors such as automotive, construction, and packaging in Europe can positively impact the demand for POEs. Consequently, the Europe region captured $ 186.78 million revenue in the market in 2022. The demand for POEs is often linked to manufacturing and industrial activities. According to the most recent data available as of February 2021, the automotive sector generated a turnover of €106.1 billion in 2020. This figure accounted for 11% of Italy's manufacturing turnover and 6.2% of the country's GDP. Italy increased production by 2.6% to 797,243 vehicles in 2021 (443,819 automobiles, 290,021 light commercial vehicles, and 63,403 trucks and buses) compared to 2020. As a result, there will be increased demand in the coming years.
As governments worldwide introduce regulations to limit vehicle emissions and improve fuel efficiency, automakers are under increasing pressure to design and manufacture lighter vehicles. Using lightweight materials, such as POEs, helps achieve these goals by reducing overall vehicle weight. Lighter vehicles require less energy to operate, leading to improved fuel efficiency. By incorporating POEs into various automotive components, manufacturers contribute to the overall reduction in energy consumption and the environmental impact of vehicle operation. Additionally, the excellent flexibility of POEs allows them to be used to produce flexible packaging materials. In the medical industry, where patient comfort is paramount, the softness and resilience of POEs make them suitable for producing medical devices. This includes items like catheters, tubing, and flexible medical packaging. Some formulations of POEs are designed to be biocompatible, making them suitable for applications involving direct contact with the human body. This is important in medical products where materials need to meet stringent safety and compatibility standards. These factors will boost the demand in the market.
However, crude oil and natural gas prices are known for their inherent volatility, influenced by geopolitical events, global demand and supply dynamics, and macroeconomic conditions. Fluctuations in these markets directly impact the cost of raw materials for polyolefin elastomer manufacturers. Variability in the prices of petrochemical feedstocks directly influences the production costs for POEs. Manufacturers may face challenges aligning production volumes with market demand, especially during rapidly changing raw material prices. The market is highly competitive, and manufacturers need to balance cost considerations with product quality and performance. Compared to alternative materials or elastomers, the overall cost competitiveness of POEs may be impacted by fluctuations in the cost of primary materials. Thus, these factors will decrease demand in the market.
Based on type, the market is segmented into polyethylene (PE) and polypropylene (PP). In 2022, the polypropylene (PP) segment garnered a significant revenue share in the market. Polypropylene-based POEs offer a versatile range of properties, combining the flexibility and elasticity of elastomers with the durability and chemical resistance of polyolefins. This versatility makes them suitable for various applications across various industries. Therefore, the segment will expand rapidly in the coming years.
On the basis of manufacturing methods, the market is divided into injection molding and extrusion molding. The injection molding segment recorded the maximum revenue share in the market in 2022. POEs exhibit excellent flow properties when in a molten state, allowing for the creation of intricate and complex part geometries. Injection molding enables the production of components with detailed features and complex shapes, meeting diverse design requirements. These factors will help in the expansion of the segment.
Based on application, the market is divided into vehicles (interior/exterior), films & sheets, wires & cables, roofing & flooring, syringe, and others. The roofing and flooring segment attained a significant revenue share in the market in 2022. The flexibility of POEs makes them well-suited for roofing and flooring applications. These materials can be easily molded and installed, adapting to various shapes and structures. The ease of installation contributes to cost-effectiveness and efficiency in construction projects. Thus, these factors will lead to increased demand in the segment.
On the basis of end-use, the market is divided into automotive, electrical & electronics, building & construction, medical, packaging, and others. The automotive segment recorded the maximum revenue share in the market in 2022. The automotive sector has witnessed a growing emphasis on the reduction of vehicle weight as a means to improve fuel efficiency and comply with rigorous environmental standards. POEs, being lightweight and offering good strength-to-weight ratios, have found applications in various automotive components. Therefore, the segment will expand rapidly in the coming years.
Free Valuable Insights: Global Polyolefin Elastomers Market size to reach USD 2.2 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Ongoing infrastructure development projects in the Asia Pacific region have heightened the need for POEs, especially in construction applications. The demand for elastomeric materials for pipes, cables, and other construction-related products has surged alongside infrastructure development initiatives. Hence, the segment will grow rapidly in the future.
Report Attribute | Details |
---|---|
Market size value in 2022 | USD 1.2 Billion |
Market size forecast in 2030 | USD 2.2 Billion |
Base Year | 2022 |
Historical Period | 2019 to 2021 |
Forecast Period | 2023 to 2030 |
Revenue Growth Rate | CAGR of 7.7% from 2023 to 2030 |
Number of Pages | 466 |
Number of Table | 950 |
Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
Segments covered | Type, Manufacturing Methods, Application, End-use, Region |
Country scope |
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Companies Included | LG Chem Ltd. (LG Corporation), RTP Company, Inc., The Dow Chemical Company, Borealis AG (OMV), Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Arkema S.A., Braskem SE (Odebrecht S.A), INEOS Group Holdings S.A. and Polmann India Ltd. |
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Manufacturing Methods (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
The Market size is projected to reach USD $2.2 billion by 2030.
Weatherability and resistance to ultraviolet (UV) radiation are driving the Market in coming years, however, Environmental challenges with polyolefin elastomers restraints the growth of the Market.
LG Chem Ltd. (LG Corporation), RTP Company, Inc., The Dow Chemical Company, Borealis AG (OMV), Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Arkema S.A., Braskem SE (Odebrecht S.A), INEOS Group Holdings S.A. and Polmann India Ltd.
In the year 2022, the market attained a volume of 851.65 Kilo Tonnes, experiencing a growth of 6.1% (2019-2022).
The Vehicles (Interior/Exterior) segment is leading the Market by Application in 2022; thereby, achieving a market value of $917.7 million by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.2 billion by 2030.
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