Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Polyolefin Catalyst Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The global polyolefin catalyst market is anticipated to grow at a CAGR of around 5.1% during the forecast period 2021 to 2028 and to reach around US$ 3.4 Bn by 2028.
High investment for polyolefin catalyst R&D activities and rising demand from various end use industries are major factors expected to drive the growth of the global polyolefin catalyst market.
North America is expected to account for a significant revenue share in the global polyolefin catalyst market due to rapid technological advancements in polypropylene. In addition, high demand for polyolefin catalysts from various end use industries such as construction, packaging, etc. is another major factor expected to further support the growth of the target market in this region. Polyolefin catalyst is widely used in the manufacturing of HDPE, LLDPE, and PE.
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Major players are focused on enhance the business presence through strategic business development activities this is another factor expected to impact the growth of target market.
- In 2016, W.R. Grace acquired the BASF Polyolefin Catalysts business. This acquisition will help the company to enhance the product portfolio and enhance the customer base.
- In 2018, R. Grace acquired the polyolefin catalysts business of Albemarle Corporation a chemical manufacturing company. This acquisition will help the company to enhance the customer base and strengthen its position in the global market.
- In 2019, W. R. Grace & Co. acquired Rive Technology, Inc., including its Molecular Highway™ zeolite technology. This acquisition will support the company to enhance its customer reach and increase the profit share.
The market in Asia Pacific is expected to witness faster growth in the global market over the forecast period due to increasing production capacity of polypropylene. In addition, flourishing automotive sector in the region, developing regulatory scenario, coupled with increasing use of polyolefin catalyst in production of various automotive parts are among other factors expected to further support the growth of the target market in this region.
Major players inclination towards developing countries in order to enhance the business presence and increase the customer base is another factor expected to further support the growth of regional market.
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High demand for polyolefin catalyst from various end use industries such as automotive, packaging, food & beverage, etc. is a major factor expected to dive the growth of global polyolefin catalyst market. Automotive industry is witnessing rapid advancements across the globe, developing regulatory scenario and players approach towards lowering the vehicle weight with enhanced safety is resulting in demand for polyolefin catalyst as these are widely used in the manufacturing of automotive parts and accessories. In addition, rapid technological advancements in polypropylene and the development of a new-generation catalyst for the betterment of the polymerization process is another important factor expected to further positively impact the growth of target market.
Major players are inclining towards shifting the manufacturing units to developing countries due to easy availability of raw material and low cost labor this is another factor expected to further support the growth of the target market.
- In 2017 Clariant a major manufacturer of specialty chemicals opened a new office for catalyst business in Yinchuan, China this is expected to help the company to enhance the customer base and increase the profit ratio.
However, factor such as stringent government regulation related to product approval and fluctuating raw material prices are expected to hamper the growth of global polyolefin catalyst market. In addition, rising environment safety regulation in some countries is another factor expected to challenge the growth of target market.
High investment by major players for R&D activities and inclination towards development of low-cost alternative raw materials are major factor expected to create new opportunities for players operating in the target market over the forecast period. In addition, increasing strategic partnership and agreements between players is another factor expected to revenue support the growth of target market.
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The global polyolefin catalyst market is segmented into classification, catalyst, and application. The application segment is further bifurcated into injection molding, blow molding, film, fiber, and others. Among classification the polypropylene is expected to account for significant revenue share in the global market.
Players operating in the global polyolefin catalyst market are LyondellBasell Industries N.V., Sud-Chemie India Pvt., Ltd, Johnson Matthey Inc., China Petroleum Corporation (Sinopec Group), TOHO Titanium Company Limited, PQ Corporation, Idemitsu Kosan Co., Ltd., INEOS Group, W.R. Grace, Univation Technologies, LLC, Mitsui Chemicals, Inc, Clariant AG, Evonik Industries, DuPont, Inc. The market is highly competitive due to presence of large number of players operating on a global level.
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