Polyolefin Resins Market is Estimated to Witness High Growth Owing to Increasing Demand from Packaging Industry

 

Polyolefin Resins Market
Polyolefin Resins Market 

The Polyolefin Resins Market is estimated to be valued at US$ 255.82 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:


Polyolefin resins are thermoplastic polymers used primarily in packaging applications. Polyolefin resins have properties like sturdiness, transparency, recyclability and resistance to chemicals which make them an ideal material for flexible and rigid packaging of food and non-food items. The demand for polyolefin resins in applications such as bags, bottles, containers and wraps are increasing owing to the need for packaging materials that maintain freshness and quality of products during transport and storage.

Market key trends:

One of the major trends driving the polyolefin resins market growth is increasing demand from flexible packaging industry. According to a recent study, flexible plastic packaging is estimated to account for over 55% of total plastic packaging demand globally by 2025. Properties of polyolefin resins like lightweight and durability make them suitable for flexible packaging formats such as stand-up pouches, wrap films and bags which are increasingly being used for food, beverages and other consumer products. Another factor fueling the demand is favorable regulations in Europe and North America regarding use of recyclable and eco-friendly plastics in packaging. Polyolefin resins have high recyclability and are gradually replacing commodity plastics like PVC and polystyrene in rigid packaging applications due to stringent regulations.

Porter’s Analysis

Threat of new entrants: New entrants face high capital requirements for setting up manufacturing facilities which acts as a barrier. Bargaining power of buyers: Large downstream buyers have significant bargaining power due to the presence of several manufacturers. Bargaining power of suppliers: Commodity nature of raw materials limits suppliers bargaining power. Threat of new substitutes: Potential threat from substitutes like plastic and paper & paperboard. Competitive rivalry: Intense competition among existing players limits their pricing flexibility.

SWOT Analysis

Strength: Wide applications in packaging, consumer goods, automobile industries. Weakness: Vulnerable to fluctuations in raw material prices and regulatory policies. Opportunity: Growing demand from end-use industries like packaging and construction. Threats: Stringent environmental regulations and increasing preference for substitutes.

Key Takeaways

The global Polyolefin Resins Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand from packaging industry. The Asia Pacific dominates the global market and is expected to maintain its dominance over the forecast period. China accounts for the largest share in Asia Pacific owing to presence of domestic manufacturers.

Key players operating in the polyolefin resins market are China Petrochemical Corporation, LyondellBasell Industries Holdings B.V., PetroChina Company Limited, TotalEnergies, Chevron Corporation, Repsol, and Dow, Inc.


Read  More  : https://www.newswirestats.com/plastic-resins-is-the-largest-segment-driving-the-growth-of-polyolefin-resins-market/

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