Polyolefins are macromolecules, a class of polymers, which is produced from olefins. Polyolefin elastomers (POE) are comparatively new class of polymers with latest developments in metallocene polymerization catalysts. These polymers boast excellent properties, such as low to extremely high molecular weight, amorphous to crystalline, UV resistance, superior elasticity, toughness, impressive thermal stability, and low-temperature ductility. The global Polyolefin Elastomers Market Share is expected to exhibit high compound annual growth rate during the forecast period due to various factors identified by Market Research Future (MRFR).
Over the years, the applications of POE have increased multifold, from molded rubber goods, adhesives, pipes, footwear foams, packaging, cables, and wires. This increasing application of polyolefin elastomers is expected to act as a major driver to the growth of the global market. Furthermore, the introduction of technologically advanced products like Dow’s INSITE CGC and Exxpol is also believed to push the market growth of polyolefin elastomers and ensure the emergence of new players. Also, the proliferation of the automotive industry is further anticipated to aid the market growth during the forecast period. However, on the flip side, the fluctuating price of crude oil and the expensive pricing of raw materials are expected to cause hindrance to the overall growth of the market in the coming years.
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The global polyolefin elastomers market segmentation is based on the following dynamics: manufacturing method, type, end-user industry, and application.
By manufacturing method, the market is segmented into blow molding, extrusion molding, injection molding, cast and blown film extrusion, and foam and calendering.
By type, the market is classified into polypropylene, polyethylene, and ethylene propylene diene monomer.
By application, the market segments into medical equipment, adhesives, automotive interiors, films, molded rubber goods, wires cables, and others.
By end-user industries, the market divides into electrical and electronics, automotive, consumer goods, packaging, and others.
The global polyolefin elastomers market is geographically segmented into the following regions: Latin America, Asia Pacific, Europe. North America, and the Middle East Africa.
Asia Pacific is identified as the leading region in the global Polyolefin Elastomers Market Value Chain Analysis in terms of share portion. This dominant positioning of the market is due to the growing demand for molded products in automobiles, packaging, and toys. China holds the highest vehicle production value as per the 2017 survey conducted by the OICA with a staggering 29 million units to its name. Some of the other major contributory regions aiding the growth of the polyolefin elastomers market in Asia Pacific are India, South Korea, Japan, and Thailand.
The North American market stands second in the global rankings is expected to experience significant growth during the assessment period owing to the increasing demand for the product in the US automotive sector. The demand of polyolefin elastomers in North American region is also stimulated by its usage as wires and cables in the electrical and electronics industry.
The Latin American region is spearheaded by Brazil and Argentina due to the high demand it garners for medical and packaging applications. The regional market is also influenced positively by the increasing usage of the product in instrument panels, bumpers, and trims in the automotive industry. The European region is anticipated to be a highly lucrative market for polyolefin elastomers owing to the expanding use of the same in the footwear and packaging industries. The primary contributors driving the growth of the market in this region are countries like the UK, France, Germany, and Italy.
The Middle Eastern and African region is reported to achieve the least share in the global forecast. This is due to the saturation of the market in end-user applications. The region is spearheaded by South Africa and Saudi Arabia due to the increasing demand therein from the automotive and packaging industries.
Exxon Mobil Corporation (US), the Dow Chemical Company (US), DowDuPont (US), LG Chem (South Korea), RTP Company (US), Mitsui Chemicals, Inc. (Japan), Polmann India Ltd (India), LyondellBasell Industries Holdings BV (Netherlands), Mitsubishi Chemical Holding Corporation (Japan), SABIC (Saudi Arabia), PolyOne Corporation (United States), and others are some of the leading players in the polyolefin elastomers market.
Oct 9th 2018, RenewSys, an Indian-based specialist in PV module and materials, became the first company from India to attain the UL approval for commercializing its Polyolefin Elastomeric encapsulant, named CONSERV E 360 (POE).