Pune, India, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The global polyethylene market size was valued at USD 109.56 billion in 2021. The market is expected to grow from USD 112.71 billion in 2022 to USD 142.03 billion in 2029, exhibiting a CAGR of 3.4% during the forecast period.
Rapid urbanization, the rapidly progressing packaging sector, and extensive demand for PE packaging from the food & beverage sector are expected to propel market growth. Fortune Business Insights™ mentions this information in its report titled “Polyethylene Market, 2022-2029.”
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 3.4% |
| 2029 Value Projection | USD 142.03 Billion |
| Base Year | 2021 |
| Polyethylene Market Size in 2021 | USD 109.56 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 218 |
| Segments Covered | By Type, End-user and Regional Insights |
| Polyethylene (PE) Industry 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 |
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.
List of Key Players Profiled in the Polyethylene 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)
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Segments
HDPE Segment to Dominate Owing to Low Manufacturing Costs
By type, the market is segmented into High-density Polyethylene (HDPE), Low-density Polyethylene (LDPE), and Linear Low-density Polyethylene (LLDPE). The High-density Polyethylene (HDPE) 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.
Key Industry Development
- April 2022: ExxonMobil launched its Exceed S performance polyethylene resin that offers toughness and is easy to process.
Drivers and Restraints
Strong Demand from Several End-use Industries to Propel Market Progress
Polyethylene is a polymer that is used for packaging goods. It is extensively used in the construction sector due to its efficiency. Robust demand from several end-use industries is expected to elevate its demand. Further, rising demand for the polymer from consumer goods, food & beverage, electronics & electrical, and automotive is expected to foster the industry’s progress.
Moreover, strong demand for effective packaging solutions that reduce contamination is expected to elevate the material’s adoption. In addition, strong demand for the material for toys, sports goods, and fashion apparel production may drive the polyethylene market growth. However, the availability of substitute products may hinder the market growth.
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 56.94 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.
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COVID-19 Impact:
Manufacturing Restrictions Hindered Industry Growth
The market was negatively affected during the COVID-19 pandemic due to restrictions on manufacturing. The sudden spike in COVID-19 infections provoked governments to impose stringent lockdown rules. Reduced manufacturing activities across several sectors resulted in lack of materials required to produce the polymer.
However, the resumption of activities after the pandemic has allowed key industry players to regain their market position and balance costs. This factor facilitated growth during the pandemic.
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 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 Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Type (Value and Volume)
- High Density Polyethylene (HDPE)
- 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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