The global Polyolefin Elastomer Market was valued at US$ 2,026.2 Mn in 2022, according to the global polyolefin elastomer market report, by Application (Packaging, Automotive, Polymer Modification, Wires & Cables, Medical, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global polyolefin elastomer market is expected to surpass US$ 3,684.3 Million by 2030 and exhibit a CAGR of 7.76% during the forecast period (2023-2030). Global polyolefin elastomer market is expanding as a result of soaring demand for polyolefin elastomers across the automotive industry.
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Browse 16 market data tables* and 16 figures* on "Global Polyolefin Elastomer Market” - Forecast to 2030.
Key Trends and Analysis of the Global Polyolefin Elastomer Market:
Increasing demand for polyolefin elastomer in automotive, packaging, medical, electorncis industries is expected to drive the growth of the global polyolefin elastomer market over the forecast period. For instance, being lightweight, polyolefin elastomer (POE) is widely accepted in 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, a 10% reduction in the weight of the vehicle can account for a 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, the tensile strength, lightweight, clarity, and flexibility offered by the product enables it to replace thermoplastics such as ethylene vinyl acetate (EVA), polyvinyl chloride (PVC), styrene-block copolymers (SBC), ethylene methyl acrylate (EMA), and ethylene propylene rubber (EPR).
Key Takeaways of the Market:
- Polyolefin elastomer (POE) is used for wire and cable coatings, as they are used to enhance physical properties when combined with filler. In Asia Pacific region, owing to growing population and demand for processed food is expected to witness significant demand for polyolefin elastomer across the packaging industry. For instance, according to India Brand Equity Foundation (IBEF), in November 2022, the Indian food processing industry accounted the largest share in terms of production, exports, growth, and consumption. The industry produces several food products including poultry, vegetables, milk and milk products, meat, fruits, spices, fisheries, plantations, alcoholic beverages, grains, and poultry. India is one of the major producers of food worldwide, with a growing and large market. The food and grocery retail market, valued at US$ 11.3 trillion in 2021, is also among the largest in the global economy. This further creates opportunities for the market players of polyolefin elastomers across the region.
Key Players
- Major 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, SK Global Chemical Co., Ltd.
- For instance, in October 2022, Prime Polymer Co, Ltd., which is part of Mitsui chemicals was putting more effort to produce chemically recycled polyethylene derived from plastic waste. Prime Polymer and Mitsui Chemicals aim to achieve carbon neutrality by 2050. In addition, Prime Polymer is offering polypropylene and polyethylene products which are used in home appliances, dialy goods, housing facilities, food and other packaging, sheet, marking films, wrapping films, and others
Global Polyolefin Elastomer Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 had negatively impacted the global polyolefin elastomer market. During the pandemic, all the industries including food and beverages, automobiles, consumer goods, and packaging closed down suddenly throughout the globe. Thus, there was a decrease in demand for polyolefin elastomers across the globe. In addition, due to the closure of restaurants, there was a decline in demand for packaging materials such as polyolefin elastomers. Moreover, the production of automobiles has been stopped due to social distancing which further hampered the global polyolefin elastomers across the automotive industry. However, during COVID-19, the growing applications of polyolefin elastomers across the medical industry is boosting the product demand throughout the globe.
