Global polyolefin elastomer market is expected to surpass US$ 3,684.3 million by the end of 2030 and exhibit a CAGR of 7.76% during the forecast period (2023 to 2030). Soaring demand for polyolefin elastomer in different end-use industries including electrical, medical, and automotive is projected to drive the growth of the global polyolefin elastomer market throughout the forecast period.
Increasing demand for polyolefin elastomers in the packaging industry
Polyolefin elastomer is widely used in food and goods packaging. This elastomer offers soft, flexible, and less-density materials which are used in the packaging sector. In addition, polyolefin offers several applications in closures, flexible and liners bags, seals, and pouches, which are further used for food and beverage packaging. Moreover, these elastomers are used to make plastic bags, cartons and case sealing, vacuum bags, and others. These are major factors to boost the demand for polyolefin elastomers across the packaging industry.
Figure 1. Global Polyolefin Elastomer Market Revenue Share (%), By Region, 2022
Among the region, Asia Pacific is growing rapidly and is expected to show significant growth in the Global polyolefin market during the forecast period. The growing disposable income and rising consumer preference towards packaged goods coupled with the retail industry in Asia Pacific is projected to accelerate the growth of the Global polyolefin elastomers market. Moreover, soaring demand for molded plastic products including household goods and toys with a growing packaging industry propelling the global polyolefin elastomers market growth.
Polyolefin elastomer is a widely used plastic material on large scale across the world. This elastomer is harmful and non-biodegradable in the environment. However, the new trend in the global polyolefin elastomer market is to recycle the polyolefin elastomer. For instance, Unilever and Procter & Gamble are accelerating the demand for recycled polyolefin across the packaging industry. In addition, recycled polyolefin offers zero waste and sustainable products in the environment.
Figure 2. Global Polyolefin Elastomer Market Revenue Share (%), By Application, 2022
On the basis of application, the market is segmented into packaging, automotive, polymer modification, wires & cables, medical, and others. Among applications, the packaging segment is expected to hold a significant market share in 2022. In 2022, the segment accounted for a 52.0% share of the global polyolefin elastomer market. Moreover, polyolefin elastomer is used as a main ingredient in molded flexible foam technology such as in the fabrication of spa pillows, armrests, seat cushions, self-skinned footwear (crocs shoes), and others.
The side effects of polyolefin elastomer on the environment
The incineration of polyolefin elastomer waste causes air and soil pollution. In addition, recycling elastomers required energy and labor costs. Moreover, the consumption and overproduction of polyolefin elastomer materials pollute landfills. Furthermore, the high cost of raw materials required for the production of polyolefin elastomer is hindering the global polyolefin elastomer market growth.
Global Polyolefin Elastomer Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 negatively impacted the global polyolefin elastomer market. Owing to the strict laws followed by the government there was a decrease in the production of polyolefin elastomers. In addition, the market players of polyolefin elastomers were facing less productivity, low demand, and a lack of workforce owing to stringent regulations on transportation systems. Furthermore, the skilled workforce of the industry has faced the threat of getting infected by COVID-19. Due to social distancing, there was a reduction in the number of workers which affected the production capacity of polyolefin elastomer.
Polyolefin Elastomer Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 2,026.2 Mn|
|Historical Data for:||2017-2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||7.76%||2030 Value Projection:||US$ 3,684.3 Mn|
Mitsui Chemical, Inc., LG Chem Ltd., RTP Company, Inc., DowDuPont Inc., PolyOne Corporation, Siloxane Aggrandize Innovative Industries, Dalmia Polymers LLP, Tricon Energy Inc., Borealis AG, and SK Global Chemical Co., Ltd.
|Restraints & Challenges:||
Key players operating in the global polyolefin elastomer market include Mitsui Chemical, Inc., LG Chem Ltd., RTP Company, Inc., DowDuPont Inc., PolyOne Corporation, Siloxane Aggrandize Innovative Industries, Dalmia Polymers LLP, Tricon Energy Inc., Borealis AG, and SK Global Chemical Co., Ltd.
Polyolefin Elastomers (POE) are referred to as olefin-based polymers. They are derived from the copolymerization of different monomers including polypropylene, polyethylene, and butane. It offers several properties such as toughness, low-temperature ductility, thermal stability, excellent elasticity, and UV resistance.
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