Polyolefin catalyst market size to exceed $3.1 billion by 2026

According to a new research report by Global Market Insights Inc., the polyolefin catalyst market size is likely to exceed USD 3.1 billion by 2026.
 

Increasing thermoplastic demand to drive the industry growth

Growing utilization of thermoplastics in various end-use industries such as aviation, automotive, industrial, consumer products, and electronics will drive polyolefin catalyst market growth over the forecast period. These are used to stabilize the reaction, enhancing the polymerization reaction and maintaining the quality of the final product. Continuous economic growth and increasing consumer spending on consumer products is supporting the industry expansion.
 

In 2018, HDPE held over 30% share in polyolefin catalyst market and is attributed to its lightweight, strong, high heat resistance, stiffness, and flexural retention properties. On the other hand, polypropylene films are used for packaging applications owing to inherent stiffness. Film-extruded clear polypropylene films are structurally sound, and the biaxially orientated films are reflective or clear, making it well suited for lid closures and tablet containers. The bulk of lids, caps, and closures are made from polypropylene material.
 

Chromium catalyst to bank upon growing polyethylene demand

Chromium catalyst is used to produce polymerization of polyolefins, especially polyethylene HDPE group. Polyethylene are one of major commercially available polymers. Polymers are ubiquitous in different end-use industries, providing the economical physical structure for small objects. Currently, chromium catalyst is used significantly to produce high-density polyethylene polymerization. The demand for high density polyethylene is driven by housing appliances and packaging applications across the globe.
 

Superior mechanical properties to escalate the fibers segment penetration

Fiber will foresee significant growth in polyolefin catalyst market with its utilization for ropes, nets and mats owing to superior mechanical properties. Polyolefin fibers possess hydrophilic properties and have density less than that of water that allows it to float over the water surface. Multiple applications such as agricultural fabrics, automatic fabrics, geotextiles, construction sheeting, filtration media, hygiene, and industrial wipes will escalate the segment growth.
 

Product innovations are escalating the use of films, as packaging industry players are developing innovative solutions such as microwaveable packaging, stand-up pouches, blister packaging, and single-serve packs. These innovations have led to fast-pace development of plastic films and promoting its demand from both medium and large-scale corporations.
 

Low raw material cost to drive the growth in North America

North America polyolefin catalyst market will foresee significant growth owing to low raw material cost. Polyolefins are primarily derived from crude oil and natural gas. Oversupply of feedstock and abundant supply of the raw materials is decreasing the overall cost. Moreover, polyolefin manufacturers such as ExxonMobil, The Dow Inc., and LyondellBasell Industries NV, are increasing the production capacity of polyolefin at an unprecedented rate, thereby driving the demand for the polyolefin catalyst.
 

Industry players undergoing strategic consolidation to strengthen industry foothold

Polyolefin catalyst market participants are undergoing mergers and acquisitions to expand the presence across the globe. For instance, in October 2019, SK global announced acquisition of Arkema’s functional polyolefins business for USD 369 million. Similarly, in April 2018 Grace acquired the polyolefin catalysts business of Albemarle that denotes increasing adoption of acquisition model to gain competitive edge.
 

Some of the key players in polyolefin catalyst industry includes Johnson Matthey Inc, W.R. Grace, Clariant AG, Evonik Industries, DuPont, Inc, AGC Chemicals Inc, Univation Technologies, LLC, LyondellBasell Industries N.V., China Petroleum Corporation (Sinopec Group), and TOHO Titanium Company Limited.