Asia-Pacific Polyolefin (PO) Market - Segmented by Material Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific polyolefin (PO) market is expected to grow at a moderate rate during the forecast period (2018 - 2023). China is estimated to lead the market, owing to the growing demand from the home appliance, electronic, and automotive sectors. Film is expected to be the fastest end-use application market.
Shift in Preference from Rigid Packaging to Flexible Packaging
Polyolefin used for flexible packaging provides convenience and durability, which is preferred by consumers. Consumer, retail, and technology trends have contributed towards a gradual shift from rigid packaging to flexible packaging in the recent years. Busier lifestyles due to increase in urbanization have led consumers to choose convenient and portable food products with easy-to-open packaging, which produces less waste. In addition, growing demand for miniature packages for consumer products that are light in weight and convenient for travel purposes has shifted the consumer preference from rigid packaging to flexible packaging. This shift in preferences has increased the consumption of flexible packaging, which, in turn, is driving the demand for polyolefin.
Film Application is Expected to be the Fastest Market
Film end-use application is expected to be the fastest market during the forecast period. The high level of economic growth and improvement in quality of life in countries such as China, India, and South Korea, among others, is expected to drive the demand for fast moving consumer goods. This increase in demand for fast moving consumer goods is estimated to increase the consumption of films used for packaging purpose. In addition, increase in demand for packaged food and ready-to-eat food among the population is expected to drive the polyolefin market for film end use during the forecast period.
China to Lead the Market
China is projected to dominate the polyolefin market during the forecast period, due to the growing demand from the home appliance, electronic, and automotive sectors. Increase in sales of household appliances and electronic equipment due to change in lifestyle and rapid urbanization have raised the consumption of polyolefin. In addition, increase in the number of consumers willing to purchase new cars and pay for after-sales services has increased the consumption of automotive parts, which, in turn, is driving the demand for polyolefin in the country.
Major Players: Sinopec Corporation, Lyondellbasell Industries Holdings N.V., Exxonmobil Chemical, Saudi Arabia Basic Industries Corporation, the DOW Chemical Company, and Braskem S.A., among others
Reasons to Purchase the Report
To understand the impact of end-use application on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating material type in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in Excel)
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