POLYOLEFIN RESIN PAINTS MARKET ANALYSIS

Polyolefin resin is produced from hydrocarbon materials with one or multiple alkelyn or olefinic groups in them. Butadiene, isobutylene, propylene, cyclic olefins, ethylene are some of the major raw materials used in the manufacturing of polyolefin resins. Polyolefin is predominantly used in the production of paints, owing to its chemical resistance, wear & tear endurance, and adhesive properties. They are also used in various industries including electronics, building & construction, coatings, automotive, etc.

Market Outlook

Global polyolefin resin paints market is expected to witness significant growth during the forecast period, owing to growing use of polyolefin resin paints in various industries. Polyolefin resin paint finds major applications in the building and construction industry. Significant growth of building & construction industry around the world is expected to boost the demand for polyolefin resins paint and hence drive the market growth. Furthermore, increasing demand for polyolefin resin paints from the automotive industry is expected to drive the market growth in the near future. Polyolefin resin paint is as coatings for engineering plastics such as polycarbonate in the automotive industry. Increasing demand for automotive vehicles around the world is expected to increase the demand for polyolefin resin paints and hence support the market growth.

However, manufacturing of polyolefin resin paint poses health and environmental hazards, which is expected to restrain the global polyolefin resin paints market growth over the forecast period. Moreover, stringent environmental regulations on the manufacturing of polyolefin resin paints are expected to hinder market growth.

Market Regional Analysis

Asia Pacific is projected to gain a significant market share in the global polyolefin resin paints market over the forecast period. Increasing demand for polyolefin resin paints from emerging economies such as India and China is projected tfo drive the market growth in the near future. Moreover, increasing purchase parity is another factor boosting growth of the market. North America is projected to witness significant growth over the forecast period, owing to presence of key players in the region. Increasing investment by key players and high adoption of growth strategies is expected to support the market growth in the North America. Africa and Latin America are projected to witness significant market growth, due to increasing demand from emerging economies in the regions.

Market Players

Key players in the global polyolefin resin paints market are Borealis Group, Polyfil Additives Technology, Nippon Paper Chemicals Co., Ltd., and Eastman Chemical Company.

Key Developments:-

• In 2013, LyondellBasell, a U.S. based chemical company launched a new polyolefin resins for food packaging application. The new type of resin would protect the products and would offer convenience, thereby providing ease of using ready to eat foods.
• In November 2019, Berry Global, a packaging manufacturer partnered with SABIC, a chemical company. SABIC is engaged in the innovation and use of polyolefin resins made from chemical recycling. The partnership aims to design and manufacture environmentally sustainable packaging under the initiative ‘sustainability strategy Impact 2025’ by Berry Group.
• In 2018, Borealis AG, a manufacturer of Polyolefins has accomplished acquisition of Ecoplast Kunststoffrecycling GmbH, a plastic recycler based in Austria. The acquisition aimed to enter in the recycling business by Borealis AG, wherein the company can rise the recycling rate and increase the circularity of polyolefins.