Global Polyolefin Elastomers and Plastomers Market to Grow with a CAGR of 7.6% During 2022-2031; Market to Grow on Account of the Surge in Demand for the Chemical Compound from Different End-Use Industries
Kenneth Research published a report titled “Polyolefin Elastomers and Plastomers Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global polyolefin elastomers (POE) and plastomers (POP) market in terms of market segmentation by end-user, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global polyolefin elastomers (POE) and plastomers (POP) market is anticipated to grow with a CAGR of 7.6% during the forecast period, i.e., 2022-2031. The market is segmented by end-user into automotive, packaging, wires & cables, and others. Out of these, the packaging segment is projected to garner the largest revenue of USD 2883.8 Million by the end of 2031. Additionally, in the year 2021, the segment generated a revenue of USD 1434.9 Million.
The global polyolefin elastomers (POE) and plastomers (POP) market is estimated to garner a revenue of USD 7772.6 Million by the end of 2031, up from a revenue of USD 3752.8 Million in the year 2021. Surge in demand for electrical wires and cables in the construction and automotive industry, followed by the rise in demand for the chemical compound in the medical industry for the manufacturing of different medical devices, followed by the increasing use of POE in solar module encapsulation are some of the major factors anticipated to drive the growth of the market during the forecast period.
Geographically, the global polyolefin elastomers (POE) and plastomers (POP) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in the Asia Pacific is anticipated to garner the largest revenue of USD 3132.4 Million by the end of 2031. Additionally, the market in the region generated a revenue of USD 1464.0 Million in the year 2021.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in Demand for Automobiles Globally to Drive the Growth of the Market
According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the production of vehicles globally grew from 58374162 units in the year 2000 to 91786861 units in the year 2019.
The demand for different types of automobiles is increasing at a significant pace. With the surge in demand for these vehicles, there is a growing need amongst the vehicle manufacturers for different types of raw materials so as to build the vehicle components. Owing to the interesting properties of polyolefin elastomers (POE) and plastomers (POP), these chemical compounds are used for manufacturing the exteriors and interiors of the vehicle. The surge in demand for vehicles is therefore expected to drive the need for these raw materials, and in turn, contribute to the growth of the market in the coming years.
However, the high price of the product, and the availability of low-cost alternatives are expected to operate as key restraint to the growth of global polyolefin elastomers (POE) and plastomers (POP) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global polyolefin elastomers (POE) and plastomers (POP) market which includes company profiling of The Dow Chemical Company, Exxon Mobil Corporation, LG Chem, Mitsui Chemicals, Inc., Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Holdings Corporation, Borealis AG, RTP Company, LyondellBasell Industries Holdings B.V., Ravago, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global polyolefin elastomers (POE) and plastomers (POP) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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