Asia Pacific & Europe Synthetic Polymers Market for LLDPE Films: Introduction
Transparency Market Research delivers key insights on the Asia Pacific and Europe synthetic polymers market for LLDPE films. In terms of revenue, the Asia Pacific & Europe synthetic polymers market for LLDPE films is estimated to expand at a CAGR of 5.06% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the Asia Pacific & Europe synthetic polymers market for LLDPE films. Synthetic polymers are produced from petroleum oil. Synthetic polymers include nylon, polyethylene, polyester, Teflon, and epoxy. Low density polyethylene polymer is the common kind of synthetic polymer that is used in the packaging industry.
Asia Pacific & Europe Synthetic Polymers Market for LLDPE Films: Dynamics
There has been a significant rise in population across the world over the last few decades. According to Worldometer, global population increased from 5.7 billion in 1995 to 7.7 billion in 2020. It is expected to continue to rise during the forecast period. According to the UN Department of Economic and Social Affairs Report, the global population is anticipated to reach 9.7 billion by 2050. The population projection indicates that nine countries would make up more than half the projected growth of the global population between 2019 and 2050: India, Nigeria, Pakistan, the Democratic Republic of the Congo, Ethiopia, the United Republic of Tanzania, Indonesia, Egypt, and the U.S. India is likely to overtake China as the world’s most populous country by 2027. Rise in population has led to an increase in demand for food, which exerts pressure on agricultural productivity. According to the Food and Agriculture Organization (FAO), global food production needs to increase by up to 70% by 2050 in order to feed everyone. This significant rise in demand for agricultural products can be achieved by controlled agriculture and adoption of technologies such as mulching, greenhouse, and silage. Agricultural films help improve the crop quality and agricultural productivity by minimizing soil erosion, providing nutrients, increasing soil temperature, and suppressing the growth of weeds. Therefore, the need to increase agricultural production plays an important role in driving the demand for agricultural films. Demand for synthetic polymers can be directly linked to the consumption of agricultural films, as LLDPE films derived from synthetic polymers are used as key raw materials in the manufacture of agricultural films. Thus, rise in efforts to increase agricultural output in order to cater to the growing population is a key factor anticipated to create opportunities for the synthetic polymers market for LLDPE films during the forecast period.
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Asia Pacific & Europe Synthetic Polymers Market for LLDPE Films: Prominent Regions
The flexible packaging industry in Europe has been expanding significantly since the past few years. Healthy growth of most of the end-user markets, such as coffee, pet food, and fresh foods, has been driving the demand for flexible packaging in the region. Smaller households need more single serve options. The demand for product varieties has been rising among consumers in Europe. This is in line with the general trend of flexible packaging. Rise in demand for flexible packaging is anticipated to create lucrative opportunities for the synthetic polymers market for LLDPE films in Europe during the forecast period. Synthetic polymers are commonly used in the manufacture of flexible packaging across the region. Thus, demand for synthetic polymers is likely to increase in the near future.
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Asia Pacific is a key consumer of synthetic polymers for LLDPE films, led by the expansion of the packaging industry due to the population growth and expanding middle class in developing economies such as China, India, and countries in Southeast Asia. Rise in eCommerce activities, due to the shift in consumer purchasing preferences from offline to online, is also driving the demand for packaging films in Asia Pacific. According to the Indian Institute of Packaging (IIP), packaging consumption in India has increased 200% over the last decade, from 4.3 kg per person per annum (pppa) to 8.6 kg pppa. The packaging industry is expected to reach US$ 204.81 Bn by 2025 from US$ 50.5 Bn in 2019 at a CAGR of 26.7%. Rise in demand for packaging is anticipated to create lucrative opportunities for the synthetic polymers market for LLDPE films, as 55% of the packaging sector is dominated by plastics materials.
Asia Pacific & Europe Synthetic Polymers Market for LLDPE Films: Key Players
Key players operating in the Asia Pacific and Europe synthetic polymers market for LLDPE films are Dow, LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, Borealis AG, Formosa Plastics Corporation, China Petroleum Corporation, INEOS, Sasol Limited, NOVA Chemicals Corporate, Westlake Chemical Corporation, Braskem, SCG Chemicals Co., and SABIC.