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/

Comments

Post a Comment

Popular posts from this blog

The Promising Neuroregeneration Therapy Market Will Grow At Highest Pace Owing To Growing Prevalence Of Neurodegenerative Diseases

Image
  Neuroregeneration Therapy Market Neuroregeneration therapy aims to reinstate nerve function lost through injury or disease. Some of the key advantages of these therapies include facilitating nerve regeneration to restore lost neural connections and reducing demyelination leading to improved nerve conduction. The therapies are finding increasing use in treating chronic conditions like Alzheimer's disease, Parkinson's disease and spinal cord injuries. The global Neuroregeneration Therapy Market is estimated to be valued at US$ 13.45 Billion in 2024 and is expected to exhibit a CAGR Of 16% over the forecast period 2024 To 2030 . Key players operating in the neuroregeneration therapy are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. Key Takeaways Key players operating in the neuroregeneration therapy are focusing on developing new therapies through collaborations and acquisitions. For instance, in 2023 Boeing acqu...
Read more

The Global Railway Connectors Market Growth Accelerated By Growing Urban Rail Network

Image
Railway Connectors Market Railway connectors are used to connect electrical equipment and facilitate the transmission of signals, power supply and data in rail transport systems. They help ensure smooth functioning of trains by providing reliable connections between coaches and locomotives. The growing urban rail network across regions is driving extensive deployment of metros and light rail transit systems which in turn is propelling the demand for railway connectors. The global Railway Connectors Market is estimated to be valued at Us$ 919.69 Mn in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030 , as highlighted in a new report published by Coherent Market Insights. Market key trends: The growing urban rail network is one of the major trends accelerating the growth of the railway connectors market. Transport authorities across countries are making significant investments in expanding urban rail infrastructure to provide faster and cleaner commu...
Read more

Ethernet Card Is Estimated To Witness High Growth Owing To Increased Adoption Of Networking Solutions

Image
  Ethernet Card Market   Ethernet card provides an interface between a host system and a network, enabling connectivity and communication between a host system and other systems on a network. Ethernet cards are used in desktops, laptops, servers, and other network-connected devices to allow them to connect to physical Ethernet infrastructure and communicate with other systems on the network. The adoption of ethernet cards is growing owing to the widespread deployment of networking infrastructure and growth in IT infrastructure across industries. Ethernet cards provide higher bandwidth and reliability compared to legacy technologies. The demand for high-performance networking solutions from various industries is also acting as a major driver for the ethernet card market. The global  Ethernet Card Market  is estimated to be valued at  US$ 7.2 Bn  in 2023 and is expected to exhibit a  CAGR Of 13%  over the forecast period  2024 To 2031 , as high...
Read more