Rise in Demand from Electronic and Automotive Industry Expected to Drive Global Functional Polyolefins Market: Ken Research
Functionalized polyolefin is a polymer formed by the polymerization of olefin. It is highly desired materials owing to their beneficial surface properties. It is virtually pervasive in everyday life, from consumer food packaging to biomedical applications. The key properties are included electrical insulation, excellent heat resistance, low density, corrosion inhibition, low raw material prices and easy availability of raw material.
According to study, “Global Functional Polyolefins Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global functional polyolefins market are Sinopec corporation, Saudi arabia basic industries corporation, Lyondellbasell industries holdings n.v., The dow chemical company, Exxonmobil chemical, Abu dhabi polymers company ltd. (borouge), Petrochina company limited, Chevron phillips chemical company LLC, Braskem S.A., Ineos group AG, Total S.A., Formosa plastics corporation, Arkema S.A., Eni s.p.a., Borealis AG, Reliance industries limited (RIL), Polyone corporation, Tosoh corporation, Repsol, Sasol ltd. The diverse product portfolio, continuous adoption of development strategies, strategically positioned research & development (R&D) centers, and technological advancements reinforce the market position of these companies in the market. They have been adopting several organic & inorganic growth strategies, for instance new product launches, expansions, agreements, & technology transfers, collaborations & investments acquisitions, to enhance their current market shares. This is projected to help the market evolve in more applications and increase their market shares.
Based on type, functional polyolefins market is segmented into Polypropylene (PP), Polyethylene (PE) and others. PE segment is further sub-segmented into high-density polyethylene (HDPE), low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE). Based on structure type, market is segmented into randomly functionalized copolymers (exist as either branched or linear structures), chain-end-functionalized copolymers, block copolymers, and graft copolymers. Randomly functionalized copolymers offer a way to drastically change the properties of the corresponding homo-polyolefin by applying a minimum of changes. Randomly functionalized polyolefin includes Ring-opening metathesis polymerization (ROMP), post-functionalization, radical polymerization, acyclic diene metathesis (ADMET) and catalytic polymerization. Chain-end functionalized polyolefin are copolymers with functionality either at one end or at both ends of the chain. Additionally, block copolymers and graft polyolefin provides high extent of functional groups onto the polymer chain and their synthesis proceed through a combination of polymerization reactions, most notably through coordination or insertion mechanism and radical polymerization. In addition, based on application, market is segmented into electronics, automotive and others. Both electronics and automotive industries dominate the market owing to their light weight and high performance.
The functional polyolefins market is driven by rise in product demand from various end-use industries, followed by increase in disposable incomes, rise in product awareness among consumers, change in lifestyle, growth in technological advancements, and financial stability. Moreover, rapid product innovation is a key opportunity for market. Furthermore, increase in number of customers willing to purchase new car and rapid urbanization are major trends for market.
Based on geography, the Asian-Pacific region holds major share in functional polyolefins market owing to increase in population along with speedy industrialization in the region. Whereas, the European and North-American regions are estimated to witness higher growth rate due to rise in investments in R&D and growth in technological advancements over the forecast period. In upcoming years, it is anticipated to exhibit substantial growth rate as a result of increase in demand from electronics and automotive sectors during the forecast period.
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