Pune, India, May 10, 2023 (GLOBE NEWSWIRE) -- According to the report published by Fortune Business Insights™, titled "Polyethylene Market Size, Share, Growth and Forecast Outlook, 2022-2029" the global polyethylene market was valued at USD 102.49 billion in 2021 and is projected to experience substantial growth from USD 106.14 billion in 2022 to USD 140.21 billion in 2029, with an estimated compound annual growth rate (CAGR) of 4.1% during the forecast period. The market's expansion can be attributed to factors such as rapid urbanization, advancements in the packaging industry, and strong demand for polyethylene packaging from the food and beverage sector.
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List of Key Players Profiled 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
Major Players Announce Novel Products to Reinforce their Brand Image
The prominent companies operating in the market announce novel products to reinforce their brand image. For example, ExxonMobil announced its high-density HD1954M in August 2021. It offers high rigidity, productivity gains, rendering packaging optimization, and Environmental Stress Cracking (ESCR). This strategy may allow the company to satisfy the demand for the polymer from the chemical and agrochemical industries. Furthermore, prominent companies devise research and development, mergers, innovations, partnerships, acquisitions, and expansions to enhance their market position.
Report Coverage
The report offers an extensive analysis of the key segments and emerging trends within the market, providing valuable insights. It thoroughly explores the factors driving and restraining market growth, as well as the impact of the COVID-19 pandemic. Furthermore, the report examines regional developments and the strategies implemented by major players in the market.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.1 % |
| 2029 Value Projection | USD 140.21 Billion |
| Market Size in 2022 | USD 106.14 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 218 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Polyethylene Market Growth Drivers | Rapid Urbanization and Rapidly Progressing Packaging Sector to Foster Market Growth |
| Strong Demand for PE Packaging from the Food & Beverage Sector to Fuel Industry Growth |
Segments
HDPE Segment to Dominate Owing to Low Manufacturing Costs
By type, the market is segmented into High-density Polyethylene (HDPE)/ Medium-density Polyethylene (MDPE), Low-density Polyethylene (LDPE), and Linear Low-density Polyethylene (LLDPE). The HDPE/MDPE segment is expected to dominate due to low manufacturing costs.
Packaging Segment to Lead Owing to Robust Demand from the Food & Beverage Sector
As per end-use industry, the market is segregated into packaging, automotive, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceuticals, electrical & electronics, agriculture, and others. The packaging segment is expected to lead owing to robust demand from the food & beverage sector.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Strong Demand from Several End-use Industries to Propel Market Progress
Polyethylene, a versatile polymer employed in packaging applications, finds widespread usage in the construction industry owing to its exceptional efficiency. The polymer's demand is poised to soar due to robust requirements from various sectors. Anticipated growth in consumer goods, food and beverage, electronics and electrical, and automotive industries is projected to drive the advancement of the polyethylene industry.
Additionally, the material's adoption is expected to surge due to the increasing need for effective packaging solutions that minimize contamination risks. Moreover, the polyethylene market is likely to witness growth stimulated by the rising demand for the material in the production of toys, sports goods, and fashionable apparel. However, the availability of substitute products may hinder the market growth.
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Regional Insights
Strong Product Demand from Infrastructure & Construction Sectors to Fuel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the polyethylene market share due to strong demand from infrastructure & construction sectors, which is expected to foster industry growth. The market in Asia Pacific stood at USD 48.80 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Strong product demand from the infrastructure & construction sectors is expected to foster market growth.
In Europe, strong demand for the material from the automotive sector may foster the material’s demand. Further, rising awareness regarding the chemical’s low density, good heating resistance, corrosion inhibition, and electric insulation is expected to foster the polymer’s adoption.
In North America, strong demand from consumer goods, automotive, electronics & electrical, packaging, pharmaceuticals, and healthcare sectors is likely to foster the material’s adoption.
Key Industry Development
- April 2022: ExxonMobil launched its Exceed S performance polyethylene resin that offers toughness and is easy to process.
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 Impact of COVID-19 on Global Polyethylene Market
- 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 Industry Analysis, Insights and Forecast, 2018-2029
- 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
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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