In 2020, the overall sales of the polyolefin compound witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including The Dow Chemical Company, BASF SE, LyondellBasell Industries, Bayer AG, DuPont, Polyspecific, Coperion and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for polyolefin compounds with largest market share.
For instance, Bayer AG has been working on the expansion of its research and development resources. The company has been giving importance to the innovation and development of next solutions to advance the future of agriculture. The company is focused on transforming agriculture through their open innovation model. This strategy lets the company partner with various startups, scale ups, academic institutions and established companies. In addition to this, the company announced an agreement with plaintiffs class counsel to manage and resolve future Roundup™ cases.
In Terms of growth, the North American region is expected to show a significant growth in the demand due to the expansion and innovations in infrastructure development . The market in the Europe and Asia Pacific regions are projected to be revenue generating through 2030 because of the emergence of new manufacturers and expansion of the automotive industry in the developing countries. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
Polyolefin Compound Market: Introduction
Polyolefin compound is a type of synthetic resin, prepared from the polymerization of olefins. Olefins are basically hydrocarbons, they contain hydrogen and carbon and the molecules of hydrocarbon contain a pair of carbon atoms, these carbon atoms are linked together by a double bond. Polyolefin compounds are basically derived from the natural gas, low molecular constituents of petroleum, and the most prominent members of polyolefin compounds are propylene and ethylene. These two compounds, i.e., propylene and ethylene, are basically lower olefins. The lower olefins of polyolefin compounds contain only one pair of carbon atom and the higher olefins of polyolefin compounds contain two and more pair of carbon atoms per molecule including the methylpentene and butene (butylene).All polyolefin compounds are employed into manufacturing of polymers of which the most important and beneficial olefin compounds are polypropylene and polyethylene. Polyolefin compounds are mostly used in the electronic components to protect the connection and in the various packaging and food applications. Polyolefin compounds are used as the main ingredient for the purpose of fabrications of self-skinned footwear and in manufacturing products such as crocsshoes, arm rests, seat cushions, and spa pillow, among others. Polyolefin compounds are waxy texture in nature and these compounds expand upon heating. Polyolefin compounds are odorless and nonporous when heated and cooled. Polyolefin compounds are the most preferred products for the metallic and non-metallic products due to the lightweight, durability, physical resistance and chemical attack nature. Polyolefin compounds are widely used in the industrial products, consumer goods, structural plastics, and food and packaging products.
Polyolefin Compound Market: Dynamics
The global polyolefin compound market is projected to have significant growth from 2018 – 2028 due to the increased demand for polyolefin compound from various industries such as electronics, automotive, packaging, plastic, building and construction materials. The end-use industries, especially the electronics, automotive and packaging, in which the demand for polyolefin compound is high, are expected to grow in the coming years. The demand for polyolefin compounds is projected to increase in the packaging industry due to the increasing demand for ecofriendly packaging of different consumer products. Due to the lightweight and high performance properties, the demand for polyolefin compound in the electronics and automotive industry is also estimated grow in the coming years. The demand for raw polyolefin compounds in building and construction industry is expected to increase over the forecast period. The demand of polyolefin compounds in the U.S., Germany, China, India, and Japan is rising because these countries consume significant amount of polyolefin compound due to the growing end industries such as automotive, packaging, electronics, construction and infrastructure development activities.
Polyolefin Compound Market: Segmentation
Based on the type, the global polyolefin compound market is segmented into:
- PE (polyethylene)
- PP (polypropylene)
- FPO (Flexible polyolefin)
Based on the Application, the global polyolefin compound market is segmented into:
- Blow Molding
- Injection Molding
- Film & Sheet
- Fibers & Raffia
- Extrusion Coating
- Compounding and Wire & Cable
Based on the end users, the global polyolefin compound market is segmented into:
- Construction materials
Polyolefin Compound Market: Regional Outlook
North America is expected to the dominant regional market for polyolefin compound as the demand for polyolefin compound in North America is expected to increase due to the infrastructure development in the coming years. Europe is expected to be the prominent revenue-generating region in the global polyolefin compound market. With the growing number of end-use industries and infrastructure development in India, China and other parts of Asia Pacific, the polyolefin compound market is expected to grow at a significant CAGR over the forecast period. The Middle East and Africa is expected to have moderate growth in the global polyolefin compound market.
Polyolefin Compound Market: Key Participants
Examples of some of the key players operating in the global polyolefin compound market are:
- The Dow Chemical Company
- BASF SE
- LyondellBasell Industries
- Bayer AG
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