Westford, USA, Aug. 08, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the forecast period is anticipated to surge in the demand for blow-molded bottles, propelled by the escalating consumer requirements for food and beverages in the high-density polyethylene market. This heightened demand for packaging solutions is poised to drive a parallel increase in the need for High-Density Polyethylene (HDPE), a key material used in bottle manufacturing.
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High-density polyethylene (HDPE) is a thermoplastic polymer produced from the ethylene monomer, making it a type of polyethylene known as polyethylene high-density (PEHD). For instance, HDPE's exceptional strength-to-density ratio makes it highly desirable for manufacturing plastic bottles, corrosion-resistant pipelines, geomembranes, and plastic wood in the high-density polyethylene market.
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Prominent Players in High-Density Polyethylene Market
- LyondellBasell Industries Holdings B.V.
- ExxonMobil Corporation
- Dow Chemical Company
- SABIC
- Ineos Group AG
- Chevron Phillips Chemical Company LLC
- Borealis AG
- Braskem S.A.
- Reliance Industries Limited
- Formosa Plastics Corporation
- Total S.A.
- Mitsui Chemicals, Inc.
- Westlake Chemical Corporation
- Nova Chemicals Corporation
- Lotte Chemical Corporation
- Sinopec Limited
- Basell Polyolefine GmbH
- Thai Polyethylene Co., Ltd.
- China National Chemical Corporation
- Haldia Petrochemicals Limited
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Films and Sheets Segment is Expected to Grow the Market Due to Rising Wide-Ranging Applications
Films and sheets segment stands out as a significant revenue maker in the high-density polyethylene market owing to its wide-ranging applications. Films and sheets made from high-density polyethylene (HDPE) are extensively utilized in various packaging applications. The exceptional thermal stability and resistance to cracking stress exhibited by HDPE resin make it a preferred choice. In addition, its durability and thickness further contribute to its suitability for extrusion film applications.
The markets in Europe hold a prominent position in the high-density polyethylene market, ranking as the second-largest market globally. This is primarily owing to the significant demand for HDPE in film production and injection moulding applications across various industries. In addition, Germany, as the most important vehicle manufacturing country in the European Union, extensively employs HDPE jerry cans for packaging purposes.
Packaging Segment is Expected to Dominate the Market Due to Rising Exceptional Properties of HDPE Resins
Packaging segment commands the largest share of high-density polyethylene market. This is attributed to the exceptional properties of HDPE resins, including low-temperature resistance, compressive strength, outstanding chemical resistance, and a high strength-to-density ratio. In the packaging industry, HDPE is extensively employed in manufacturing plastic bottles, plastic lumber, and corrosion-resistant tubing.
Regional markets in Asia-Pacific are anticipated to dominate the high-density polyethylene market for various industries, driven by the growing demand from key end-user sectors such as building and construction, electrical and electronics, and packaging. Countries such as China and India play a pivotal role in driving this demand. The Asia-Pacific construction sector is the largest in the world, and its growth is expected to have a significant impact.
A comprehensive analysis of the major players in the high-density polyethylene market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in High-Density Polyethylene Market
- ExxonMobil introduced a new range of high-density polyethene (HDPE) products called ExxonMobil HMA706 in 2022. These products are characterized by their exceptional dimensional stability and impressive impact strength. HMA706 has received approval for food contact applications and offers fast-cycling capabilities. Additionally, it boasts a high gloss finish, making it an ideal choice for food packaging and other consumer goods.
- Recently, Formosa Plastics Corporation announced plans to invest USD 207 million in constructing a new production facility in Texas. The project is scheduled to be completed by October 2025. Once operational, the plant will have an annual capacity of 100,000 tons of alpha-olefins, a key ingredient used in manufacturing high-density polyethylene (HDPE) and various other products.
Key Questions Answered in High-Density Polyethylene Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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