Portland, OR, June 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global polyethylene insulation materials market generated $15.9 billion in 2020, and is estimated to generate $26.0 billion by 2030, witnessing a CAGR of 5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenario, and competitive landscape.
Growth in automotive production, increase demand from telecommunication, power, and real estate sectors in developing economies, and rise in consumption of consumer goods drive the global polyethylene insulation materials market. However, fluctuations in raw material prices, as well as strict regulations enforced by regulatory agencies on the usage of polyethylene due to its negative environmental consequences hinder the market growth.
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Covid-19 Scenario:
- Due to the Covid-19 pandemic, transportation restrictions were imposed, resulting in lower industrial production and interrupted supply chains, which had a significant impact on global economic growth and severely damaged market growth.
- As a result of the work stoppage, the companies have not made any profit, and not only have they lost money, but they have also lost suppliers that provide the essential materials to various companies for use in the construction sector, and all of those suppliers have suffered significant losses.
- Furthermore, during Covid-19, manufacturing enterprises had a limited workforce due to social distancing standards, which had a severe impact on production and construction operations.
The report offers detailed segmentation of the global polyethylene insulation materials market based on type, application, and region.
Based on type, the high-density polyethylene (HDPE) segment held the highest market share in 2020, accounting for nearly three-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the low-density polyethylene (LDPE) segment is estimated to grow at the fastest CAGR of 5.4% from 2021 to 2030.
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Based on application, the wires and cables segment accounted for the largest share in 2020, contributing to more than half of the global polyethylene insulation materials market, and is expected to maintain its lead position during the forecast period. However, the pipes and fittings segment is projected to portray the highest CAGR of 5.5% from 2021 to 2030.
Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, this region is projected to manifest the largest CAGR of 6.4% during the forecast period.
Leading players in the global polyethylene insulation materials market discussed in the research include BASF SE, Solvay SA, Saint Gobain S.A., Sika AG, Exxonmobil Chemical Company, Inc., Evonik Industries AG, The DOW Chemical Company, Akzonoble N.V., Arkema Group, and Polyone Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
