Seattle, WA -- (SBWire) -- 11/14/2019 --Polyolefin resin is a type of polymer that consists of one or more olefinic groups with high molecular weight hydrocarbons. It can withstand exposure to almost all chemicals at room temperature. These resins can be mold into different fabrication techniques. Polyolefin resins are less expensive and are widely adopted across automobiles, film & sheet, fibers & tapes in packaging, medical, construction, and coating application.
Market Dynamics
Rising awareness regarding the environmental concern of polyvinyl chloride (PVC) is projected to fuel the growth of the global polyolefin resin market, which is expected to raise the demand for polyolefins such as polyethylene and polypropylene. They are flexible and are suitable for high-performance industrial applications.
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Moreover, the polyolefin is less expensive and can be fabricated using any modern technologies such as extrusion, blow molding, and injecting molding which are projected to fuel the growth of the global polyolefin resin market. PVC has various industrial applications but is imposed by various stringent regulations by governments which are projected to offer vast growth opportunities for the polyolefin resin market.
Rising demand for polyolefin resin in the automotive industry as it is cost-efficient and possess excellent physical properties, thus this is also expected to fuel the growth of the market over the forecast period.
Market Outlook
Based on the region, the global polyolefin resin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific holds a dominant position in the global polyolefin resin market, owing to strong presence of key manufacturers in the region. Growth of the automobile industry in emerging economies such as China and India is increasing the demand for polyolefins in the Asia Pacific, thereby driving the growth of the market in this region.
North America is the third-largest market for polyolefin resins and this can be attributed to the growing demand for polyolefin in the region is met by importing these compounds from the Asia Pacific. Due to rising shale gas exploration activities in North America, raw materials were available at cheaper rates which are expected to boost the production of polyolefin resins in countries such as the U.S. and Canada.
Moreover, the Middle East is expected to be one of the largest exporters of polyolefin resins over the forecast period. Whereas, the polyolefin resin market growth in Europe is considerably low due to sluggish economic growth.
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Key Players
Some of the major players operating in the global polyolefin resin market include China National Petroleum Corporation, Dupont, The Dow Chemical Company, LyondellBasell Industries NV, and Saudi Basic Industries Corporation.
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Polyolefin Resins Market Will Great Impact in Globally to 2027