According to Goldstein Research, “Growing automotive industry and rising consumer goods industry particularly in emerging markets such as India, Brazil and China is expected to bolster the market growth.” Growth of polyethylene industry backed up by the rising demand in packaging industry is one of the major factors driving the growth of olefin market. Bio-based alpha olefins are under research and development phase, but are likely to gain traction in the next decade which will provide the growth opportunity for olefin manufacturers.
The global olefin market is segmented based on product and by application. Application segment is further bifurcated into polyethylene, detergent alcohol, synthetic lubricants, plasticizers, cosmetics and adhesives. Polyethylene is the largest application of olefins due to high demand of high-quality plastic in packaging industry. Properties of polyethylene like high tensile and high puncture resistance make it appropriate material for packaging. It is largely used in food packaging, pharmaceutical and consumer goods packaging.
The global olefin market anticipated to grow at a CAGR of 4.8% over the forecast owing to growing plastic industry which is the major end user industry of olefins. Global Olefin market accounted for USD 14.5 billion in 2016 and the market is projected to reach USD 19.8 billion by the end of forecast period i.e.2016-2024.
Asia-pacific is the dominating and fastest growing market for olefin products. High growth of end users industries such packaging automotive and textiles in Asia-Pacific region is significantly driving the growth of olefin market. Asia Pacific region accounted for the 24% revenue share in global olefin market. China is expected to witness the highest growth in the region. Flourishing manufacturing sector which is majorly driven by low cost and easy availability of raw material, led to exponential growth of plastic industry in china. The olefin accounts for more than 45% of total petrochemical sales across the globe. Global production of olefin increased by 3.5% in 2016 compared to 2014 owing to new Chinese olefin manufacturer's production capacity
New Developments in Pharmaceutical Packaging Material: Fostering Olefin Market Growth
Conventional pharmaceutical packaging materials have been refined over past decade to provide high level protection for sensitive goods and medicines. However, technological advancement of pharmaceuticals have arisen the new packaging challenges which are better solved with new generation of materials such as cyclic olefin polymers and copolymers. These ultra-pure, high-clarity products deliver a new level of safety and purity which is best suited for the highly complex and sensitive active pharmaceuticals ingredients. The unique properties of olefin have enabled the development of wide range of pharmaceutical packaging applications. Moreover, with the growing regulatory demands on packaging , cyclic olefin-based products will continue to increase their share of this important market.
“Global Olefin Market Outlook 2024” contains detailed overview of the global olefin market in terms of market segmentation by product type and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Olefin Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Shell Chemicals Ltd., ONGC, The Dow Chemical Company, Chevron Phillips Chemical Company, Sasol, INEOS, The Linde Group, Qatar chemical Company Ltd. and Idemitsu Petrochemicals etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global olefin 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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