H1 2023: The leading producers of Polyolefin Elastomers (POE) in H1 2023 in the Asia Pacific region were SCG-Dow Group, LG Chem, and Mitsui Elastomers Singapore Pte Ltd. In H1 2023, this region, Polyolefin Elastomers faced mixed market behavior. China's Polyolefin Elastomers (POE) had to deal with a slow market environment in first three months of 2023 because of slow consumer purchasing tendencies. The downstream Automotive industry in the Chinese market consumed POE at a slower rate, which has resulted in a decline in POE demand there. Additionally, the Chinese POE production facilities had a consistent capacity utilisation rate. The imports from nearby nations like South Korea and Singapore made raw materials widely accessible at Chinese ports and shores. The manufacturers raised their prices as a result of high product inventories and weak downstream demand. However, April onwards, prices for polyolefin elastomers increased steadily throughout Asia-Pacific region. In April, high demand by the downstream automotive industry drove up the prices of polyolefin elastomers. The demand for polyolefin elastomers has expanded along with their market value due to the significant growth in foam and other end-user sectors. Polyolefin elastomers' prices in Asia surged dramatically in June as a result of higher demand in Asian markets. The astounding market success of the Asian car industry also resulted in a rise in POE consumption in the month of June.
The Asia Pacific Polyolefin Elastomers (POE) market touched volume of around 550 thousand tonnes in 2022 and is expected to grow at a CAGR of 4.84% during the forecast period until 2035. Due to their low density and great flexibility, POEs are frequently used to impact modify PE and PP compounds or to increase the flexibility of PE and PP moulded products. Applications include compounding, extrusion, film, and injection moulding.
Because of their incredible qualities, including as flexibility, toughness, durability, and chemical resistance, POE are in higher demand across a wide range of sectors. Due to their rapid expansion, the healthcare and automotive industries will need a greater quantity of strong and flexible materials in the future to make items like needles, tubes, masks, bags, and foam. Applications for polyolefin elastomers (POEs) include footwear, roofing membranes, floors, tubing, vehicle belts and hoses, car exteriors and interiors. Polyolefin foam is employed in construction as a joint filler, backup material, and roof insulation. The use of POE in the foam sector is also expected to be the driving factor of the Asia Pacific POE market in the coming times. The estimated market size for 2035 is 1020 thousand tonnes.
Based on region, Asia Pacific is consuming the maximum POE across all the globe. Geographically, the Asia Pacific POE market is divided into China, Japan, South Korea, India, and Rest of APAC. Among these, China is in the leading position followed by Japan. China is the hub of manufacturing automobiles. According to OICA, China manufactured approximately 30% of the global vehicles in the year 2022. It is anticipated that China will maintain its dominance in the upcoming years as well.
Based on the end-user industry, the Asia Pacific POE market is segmented into Automotive, Consumer Goods (Foam), Wire & Cable, Household Appliances, and Others. Automotive industry is the largest applications end-user market of POE, holding a share of approximately 54% of Asia Pacific POE market expected to dominate the market in the forecast period as well. The Asia Pacific POE market is significantly used by the foam sector, another major POE user. Additionally, significant proportions are also held by wire & cable and household items in the POE market.
Major players for Asia Pacific POE production are SCG-Dow Group, LG Chem, SSNC (SABIC SK Nexlene Company), Mitsui Elastomers Singapore Pte Ltd, Exxon Mobil Corp. Ltd, Wanhua Chemical Group, Sinopec Tianjin, Wison Engineering (Wison Taizhou), and Shandong Chambroad Petrochemicals Co., Ltd.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Polyolefin Elastomer (POE) which covers production, demand and supply of Polyolefin Elastomer (POE) market in the globe.
• To analyse and forecast the market size of Polyolefin Elastomer (POE)
• To classify and forecast Asia Pacific Polyolefin Elastomer (POE) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Polyolefin Elastomer (POE) market in the globe.
To extract data for Asia Pacific Polyolefin Elastomers (POE) market, primary research surveys were conducted with Polyolefin Elastomer (POE)manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Asia Pacific Polyolefin Elastomer (POE)market over the coming years.
ChemAnalyst calculated Polyolefin Elastomers (POE) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Polyolefin Elastomers (POE) across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polyolefin Elastomer (POE) manufacturers and other stakeholders
• Organizations, forums and alliances related to Polyolefin Elastomer (POE) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polyolefin Elastomer (POE)manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Asia Pacific Polyolefin Elastomer (POE) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
550 thousand tonnes
Market size Volume by 2035
1020 thousand tonnes
Growth Rate
CAGR of 4.84% from 2023 to 2035
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2035
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2035
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Capacity by Technology, Capacity by Process, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Automotive, Consumer Goods (Foam), Wire & Cable, Household Appliances, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
China, Japan, South Korea, India, and Rest of APAC
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Member - Board of Directors
Osaka Gas Co. Ltd
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What are the major end-use industries utilizing Polyolefin Elastomers (POE)?
Ans:
Polyolefin Elastomers (POE) demand is majorly driven by the Automotive, Consumer Goods (Foam), Wire & Cable, and Household Appliances as the leading end-use industries.
Q2.
What was Asia Pacific market size of Polyolefin Elastomers (POE) in terms of volume in 2022?
Ans:
The Asia Pacific market size of Polyolefin Elastomers (POE) stood at approximately 550 thousand tonnes in 2022.
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