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Natural Gas Is The Fastest Growing Segment Fueling The Growth Of The Polyolefin Resins Market

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Leena Shedmake
Natural Gas Is The Fastest Growing Segment Fueling The Growth Of The Polyolefin Resins Market

The global polyolefin resins market is estimated to be valued at US$ 255.82 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.



Market Overview:


Polyolefin resins are thermoplastic polymers produced using ethylene and propylene as raw materials. They offer advantages such as high durability, flexibility, heat resistance and chemical resistance. These properties make polyolefin resins ideal for use in applications such as films, sheets, extrusion coatings and injection molding.



Market key trends:


One of the major trends in the polyolefin resins market is growing popularity of bio-based and degradable polyolefin resins. Rising environmental concerns are driving demand for sustainable alternatives to conventional polyolefin resins. Companies are investing in R&D to develop polyolefin resins from renewable feedstocks such as vegetable oils and carbohydrates using fermentation processes. These bio-based polyolefin resins have properties comparable to conventional resins while being carbon neutral and help reduce dependency on fossil fuels.


Segment Analysis


(The Polyolefin Resins market is segmented by type into polyethylene and polypropylene. Among these, the polyethylene segment dominated the market and accounted for around 55% share of the global market in 2022. The growth of this segment can be attributed to the wide use of polyethylene in producing bottles, jars, containers, packaging and carrier bags owing to properties like high strength, durability and chemical resistance.)


Key Takeaways


The Global Polyolefin Resins Market Demand is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing use of Polyolefin Resins in wide range of applications such as packaging, consumer goods, automotive, medical devices and construction.


Regional analysis Asia Pacific dominates the global Polyolefin Resins market with a share of around 45% and is expected to continue its dominance over the forecast period. This can be attributed to increasing demand from the growing packaging, consumer goods and automotive industries in the region.


Key players operating in the Polyolefin Resins market are Sinopec Corporations, LyondellBasell Industries Holdings N.V., ExxonMobil Chemicals, and Petrochina Company Limited. Key players are investing hugely in capacity expansions to cater to the growing demand for Polyolefin Resins across the globe. The global Polyolefin Resins market is consolidated in nature with top 4 players accounting for over 50% of the global market share.

 


Explorer more information on this topic, Please visit-

https://www.marketwebjournal.com/polyolefin-resins-market-growth-and-trnds-analysis-share-size-demand-forecast/

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