Functional Polyolefins Industry - Regional Synopsis
North American Market Forecast
Functional Polyolefins market in North America industry is likely to dominate majority revenue share of 40% by 2037, impelled by the growing personal disposable income. As a result, more and more people in the region are spending on buying consumer goods and electronic appliances, which is expected to drive the demand for Functional Polyolefins. For instance, the United States' disposable personal income rose by more than 0.2% in January 2024 compared to the same month the previous year.
In addition, the construction industry has expanded and now makes up a significant portion of the US economy. This may significantly drive market growth.
The United States' construction industry expanded by more than 6% in 2023.
European Market Statistics
The Europe Functional Polyolefins market is estimated to be the second largest, during the forecast timeframe led by the growing demand for packaged food. Europe holds the largest proportion of the worldwide packaged food market owing to growing customer interest in fresh products with longer shelf lives and increasing demand for convenient and sustainable packaging solutions.
APAC Market Analysis
Also, the market in the Asia Pacific is poised to hold a significant share by the end of 2037 driven by rapid urbanization. As more people move to towns and cities in quest of economic opportunity, the number of towns and cities in India has increased dramatically owing to academic settings and an urban way of life, commercialization, the transition from rural to urban areas, and lifestyle changes. The construction industry is predicted to develop as a result of urbanization and the quick development of infrastructure.
Moreover, to meet the needs of its expanding urban population, India must construct more than 800 million square meters of residential and commercial space per year. This may create a significant demand for Functional Polyolefins in the region.
For instance, in India, more than 460 million people live in urban areas, and this figure is increasing annually by over 2%.
