The U.S. polyolefin market is expected to reach USD 79.18 million by 2025 as a result of increasing demand from various applications, such as automotive, electronics, film and sheet, and construction. Rising R&D investments by the leading companies to create eco- and user-friendly products are also expected to support the market growth over the forecast period.
Technological advancements in automotive industry in U.S., in terms of carbon emission control and fuel efficiency, are expected to spur demand for low-cost moldable and light-weight plastic. This will drive the U.S. polyolefin market over the coming years. Moreover, high demand for sustainable and safe packaging materials from retail and packaging industries, especially for food products, will also add to the market growth.
Various types of plastics, such as HDPE, LDPE, and LLDPE, are used in varied applications based on their features. Polyolefins are also used in film and sheet and garments sectors as they are nonporous, chemical-resistant, and odorless. Rising demand for beverages and oil containers is also acting as a market growth-driver. Conventional plastics are being replaced by innovative, durable, and cost-effective products.
Polyethylene and polypropylene, are the most commonly used polyolefins owing to their crystalline structure. They find applications in various end-use markets, such as film and sheet, automotive, and electrical insulation. Polyolefin are also used as a prototype for CNC machines and 3D printers. Rapidly expanding application areas are expected to contribute toward the market growth.
The ethylene vinyl acetate product segment is expected to witness steady growth over the coming years as it is widely used in the packaging and processing industry. It also finds applications in general assembly, mattresses, filtration, and film and sheets sector due to the properties, such as opacity, film smoothness, weatherability, and dispersibility.
Polypropylene M60RHC, Cryovac D-955 Polyolefin Shrink Film Roll are some of the commonly used products across various industries in U.S. Regulatory framework, such as OSHA and ASHRAE, have been initiated by the U.S. government to ensure ecofriendly product deliverance. The U.S. polyolefin market is oligopolistic in nature with major companies commanding around 40% of the market share.
The market is expected to witness considerable growth due to establishment of new reforms and rising awareness regarding using sustainable, low-cost products. Some of the key market participants include Sinopec Corporation, LyondellBasell Industries Holdings N.V, Petrochina Company Limited, ExxonMobil Corporation, The Dow Chemical Company, Total SA, Chevron Corporation, Repsol, Braskem, and Borealis AG.