The global polyolefin market is expected to reach $348.31 billion by 2025, a 6.7 percent compound annual growth rate, according to Grand View Research Inc. Between 2017 and 2025, demand for polyolefins will grow from 149.78 million tons in 2016 at a 5.8 percent CAGR.

“There has been a rise in usage of eco-friendly polyolefins that cause lower emissions and ensure minimal environment degradation,” says the report from Grand View. “This can be attributed to growing consumer awareness regarding environment protection. Apart from compliance to environmental norms, companies are investing in extensive R&D activities, which has prompted the development of novel plastic products that outperform conventional plastics in terms of physical and chemical properties.”

Looking to regions, the Asia Pacific market, largely dominated by China, India, and Japan, is poised to see a surge in activity, pushed in part by expanding construction and furniture sectors.

Multinational companies like Sinopec Corp., LyondellBasell Industries Holdings N.V., BASF SE, ExxonMobil Chemicals, and Petrochina Co. Ltd. will continue to dominate the sector.