The global polyolefin elastomer market was valued at US$ 1,723.8 million in 2018, according to Polyolefin Elastomer Market Report, by Application (Packaging, Automotive, Polymer Modification, Wires & Cables, Medical, and Others) and by Region (North America, South America, Asia Pacific, Europe, and Middle East & Africa) published by Coherent Market Insights.
The global polyolefin elastomer market is projected to reach US$ 3,602.5 million by 2027, exhibiting a CAGR of 8.7% during the forecast period (2019-2027). Increasing demand for polyolefin elastomer in automotive, packaging, medical, wires and cables industries is expected to drive growth of the global polyolefin elastomer market over the forecast period.
For instance, being light weight, polyolefin elastomer (POE) is widely accepted in the automotive interior and exterior applications. According to the U.S Department of Energy, using lightweight materials such as plastic in one quarter of the U.S. vehicle fleet will result in fuel savings of up to 5 billion gallons by 2030. Moreover, 10% reduction in weight of the vehicle can account for 6-8% fuel economy improvement. The U.S. federal government’s Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) developed the National Program for Greenhouse Gas Emissions and Fuel Economy Standards. The program aims to reduce gasoline use in the country by 2 million barrels per day by 2025, by achieving superior fuel efficiency in automobiles.
Polyolefin elastomer (POE) is a copolymer of ethylene and α- olefins, which has the lowest density among polyolefin (PO) series products. This product exhibits characteristics such as impact resistance, high elasticity, and low heat sealing temperature. Moreover, tensile strength, light weight, clarity, and flexibility offered by the product enables it to replace thermoplastics such as ethylene vinyl acetate (EVA), poly vinyl chloride (PVC), styrene-block copolymers (SBC), ethylene methyl acrylate (EMA), and ethylene propylene rubber (EPR).
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