Pune, India, July 26, 2023 (GLOBE NEWSWIRE) -- The global polyethylene market size was valued at USD 105.77 billion in 2022 and is anticipated to surge from USD 110.23 billion in 2023 to USD 146.20 billion by 2030, exhibiting a CAGR of 4.1% over the estimated period. The rise is driven by the increasing popularity of the product in various industries such as construction and packaging.
Fortune Business Insights™ provides this information in its research report, titled “Polyethylene Market, 2023-2030”.
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List of Key Players Mentioned in the Polyethylene Market Report:
- LyondellBasell Industries N.V. (Netherlands)
- ExxonMobil Chemical (U.S.)
- SABIC (Saudi Arabia)
- Reliance Industries Limited (India)
- INEOS (U.K.)
- China National Petroleum Corporation (China)
- China Petroleum & Chemical Corporation (China)
- Ducor Petrochemicals (Netherlands)
- Formosa Plastic Group (Taiwan)
- Braskem (Brazil)
- Repsol (Spain)
- Borouge (UAE)
- Borealis AG (Austria)
- MOL Group (Hungary)
Competitive Landscape:
Leading Companies Develop New Strategies to Expand Product Reach
Key industry players focus on devising and implementing various strategic initiatives for strengthening their industry positions. Some of these steps include research activities, the development of new products, and the formation of alliances. Many companies are also entering collaborations and forging merger agreements for expanding their product reach and geographical footprints.
Key Industry Development:
December 2022 – SABIC rolled out a new HDPE with mechanically recycled content. The solution was launched as part of TRUCIRCLE. The move was focused on driving toward a full closed loop from bottle to bottle in the automotive aftermarket in Saudi Arabia.
COVID-19 Impact:
Fluctuating Crude Oil Prices Impacted Industry Growth Amid Coronavirus Pandemic
The pandemic affected the product supply driven by the reduced demand from various industries including consumer goods, electrical & electronics, automotive, and others. Additional factors which impacted the industry demand included the enforcement of lockdown restrictions and decreased production in a range of industries.
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Segmentation:
HDPE Segment to Register Commendable Surge Impelled by Low Cost of Manufacturing
On the basis of type, the market is fragmented into Linear Low-density Polyethylene (LLDPE), High-density Polyethylene (HDPE)/Medium-density Polyethylene (MDPE), and Low-density Polyethylene (LDPE). The HDPE segment dominates the market and is estimated to grow at a substantial pace over the estimated period. The compound is deployed across various applications such as food storage containers, ballistic plates, bottle caps, chemical-resistant piping, boats, and others.
Packaging Segment to Exhibit Notable Growth Considering Soaring Demand from F&B Sector
Based on end-use industry, the market is classified into healthcare & pharmaceuticals, consumer goods/lifestyle, automotive, packaging, infrastructure & construction, agriculture, electrical & electronics, and others. The packaging segment held the largest share in the market and is expected to exhibit considerable expansion throughout the forecast period. The expansion is impelled by the increasing product deployment in the production of numerous packaging solutions for the food & beverage sector.
Based on geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides an in-depth analysis of the key trends propelling the global business landscape over the forthcoming years. It further presents an account of the vital strategies adopted by leading market players for securing a competitive edge and expanding their geographical footprints. Other components include an overview of the driving and restraining factors and the impact of COVID-19 pandemic on industry expansion.
Drivers and Restraints:
Surge in Market Value Due to Growing Demand from Numerous End-use Industries
One of the key factors impelling the global polyethylene market growth is the surging product demand in numerous sectors. These include food & beverage, electrical & electronics, consumer goods, and automotive.
However, the availability of substitute products such as polyethylene terephthalate (PET) and polypropylene may hamper industry expansion to some extent.
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Regional Insights:
Asia Pacific to Hold the Largest Market Share Owing to the Presence of Major Consuming Countries
The Asia Pacific region depicts a greater product demand from infrastructure & construction and packaging industries. Besides, the region exhibits rapid industrialization, owing to which the regional market holds the dominating industry value. The polyethylene market share in the region is touted to expand at a considerable pace over the study period.
Europe held the second-largest value in the global market and is expected to exhibit a substantial CAGR over the projected period. The surge is impelled by the various properties of the product such as corrosion inhibition, electric insulation, low density, and good heat resistance.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on the Impact of COVID-19 on Global Polyethylene Industry
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities Due to COVID-19 Outbreak
- Global Polyethylene Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Value and Volume)
- High-Density Polyethylene (HDPE)/ Medium-density Polyethylene (MDPE)
- Low-Density Polyethylene (LDPE)
- Linear low-density Polyethylene (LLDPE)
- By End-use Industry (Value and Volume)
- Packaging
- Automotive
- Infrastructure & Construction
- Consumer Goods/ Lifestyle
- Healthcare & Pharmaceuticals
- Electrical & Electronics
- Agriculture
- Textile
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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