POLYOLEFIN ELASTOMER MARKET ANALYSIS

Polyolefin Elastomer MarketSize and Trends

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.

Market Trend

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.

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.