Plastomer (Polyolefin Plastomer) Market Size By Product (Ethylene Propylene, Ethylene Butene, Ethylene Hexene, Ethylene Octene), By Applications (Adhesives, Compounding Foams, Food Packaging, Non-Food Packaging, Wire & Cables, Automotive), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025
Published Date: May 2019 | Report ID: GMI3369 | Authors: Kiran Pulidindi, Hemant Pandey
Plastomer Market size was over USD 2 billion in 2018 and will witness a CAGR more than 6% between 2019 and 2025.
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Rising product demand from food packaging industry is majorly attributed to the growing population in Asia Pacific will make significant contribution to plastomer market size in the forecast time period. For instance, food & beverage industry in India is expected to reach USD 1.14 trillion by 2025, which will have a positive impact on the product demand and thereby will drive the overall market size in the forecast timeframe. Additionally, rapidly evolving packaging regulations and increasing package food demand in the region are linked to strong R&D investment, which has led to development of new innovative materials for packaging. In the food packaging industry, product is widely applicable owing to combination of excellent properties such as flexibility, strength, light weight, stability, chemical resistance and recyclability & reuse.
Product is broadly used in non-food packaging industry such as films for applications across medical/healthcare, personal care, electrical component, etc. Thus, strong growth indicators in these above-mentioned end-user industries will complement industry polyolefin plastomers market size by 2025. However, fluctuating crude oil prices which is the major raw material in the value chain is probable to hamper the overall plastomer market share. Furthermore, implementation of stringent environment protection norms along with penetration of bioplastic packaging films is likely to be a major concern for the market growth in the forecast spell.
|Base Year:||2018||Market Size in 2018:||2 Billion (USD)|
|Historical Data for:||2014 to 2018||Forecast Period:||2019 to 2025|
|Forecast Period 2019 to 2025 CAGR:||6%||2025 Value Projection:||3.1 Billion (USD)|
|Pages:||246||Tables, Charts & Figures:||435|
|Geographies covered (27):||U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Belgium, Netherlands, China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Singapore, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Kuwait, Qatar|
|Segments covered:||Product, Applications and Region|
|Companies covered (15):||Dow Chemical Company, Borealis, ExxonMobil, SK Global Chemical Co. Ltd., Royal Dutch Shell, Chevron Phillips Chemical Company, Ineos, Saudi Basic Industries Corporation, Mitsui Chemicals, Sumitomo Chemical, LyondellBasell, Prime Polymer, Matrix Polymers, LG Chem, Westlake Chemical Corporation,|
|Pitfalls & Challenges:||
Plastomer Market, By Product
Based on product, ethylene propylene market is anticipated to witness gains close to 5% in the forecast time period. Ethylene propylene possess combination of excellent chemical and physical properties such as heat sealability, processability, softness, clarity, and compatibility in blends for films, sheets and molded products. The aforementioned characteristics along with growing packaging, automotive and construction industry will make notable impact on the overall plastomer market size in the coming years. For instance, the overall flexible packaging market size in the U.S. was over USD 30 billion in 2018 and likely to exhibit growth over 5% by 2025. Such inclination in the packaging industry shall subsequently fuel the overall plastomer market growth, as more than 60% of the application base is occupied by food & non-food packaging applications.
Plastomer Market, By Application
Plastomer market size for food packaging is likely to grow at a CAGR close to 6.5% in the coming years. They are widely applicable as a sealing polymer in food packaging industry, which is mainly attributed to its low density nature and the fact that there is a difference in its sealing and melting behavior. Additionally, product possess extraordinary properties such as flexibility, strength and excellent chemical resistance to protect food products from contamination and spoilage, which makes it highly desirable across food packaging industry. Changing consumer food habits, lifestyle changes, global travel, and the ongoing trend of healthy foods are offering new opportunities to the food industry. The above-mentioned trends mainly in emerging economies such as Asia Pacific and the Middle East will boost the product demand, which will have a positive influence on the overall plastomer market growth in the projected timeframe.
Plastomer Market, By Region
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Asia Pacific led the overall plastomer market share with over 35% of the global volume in 2018. Growth in Asia Pacific is credited to the rapidly growing food & beverage, pharmaceutical and personal care industry, which positively influences the packaging industry. For instance, improved per capita spending, purchasing parity and socio-economic dynamics ultimately propels package food and personal care product demand. These trends suggest a food and non-food packaging industry, which will help attain promising gains for the market size in the near future.
Key players in the segment are developing new and modified packaging materials to attract consumers likely to make a notable impact on the plastomer market growth in the coming years. Moreover, rising aging population and growing middle class population in the region will boost the product demand for medical/healthcare industry and thereby its packaging material such as film, sheet, etc. which in turn will help attain a positive outlook for the plastomer market share in the forecast timeframe.
Competitive Market Share
Plastomer market share is competitive due to presence of few large-scale and small scale manufacturers. Prominent market share contributors are Dow Chemical Company, Borealis, ExxonMobil, Royal Dutch Shell, Chevron Phillips Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell and Westlake Chemical Corporation. Most of these companies are making substantial investment to expand its production capacity to meet the consistently rising product demand and gain edge over its competitors. For instance, Borealis announced to ramp up the polyolefin capacity in 2016, in combination with Borouge to 8 million tons.
Plastomer is a polymer material which has the qualities of both the elastomers and plastics. They are a broad category of olefins which are mainly composed of ethylene propylene, ethylene butene, ethylene hexene, ethylene octene. They have wide ranging application in the form of compounding foams, food packaging, non-food packaging, adhesives, wire & cables, automotive, etc. Improving socio-economic dynamics in Asia Pacific, Latin America and the Middle East will trigger the product demand from food packaging industry, which will have a positive outlook for the plastomer industry by 2025. Additionally, increase in the public expenditure on healthcare/medical industry which will help attain positive gains to the overall market in the near future.
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