Chicago, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The Global Cross-linked Polyethylene (PEX) Market is projected to grow from USD 7.6 billion in 2023 and is projected to reach USD 11.0 billion by 2028, at a CAGR of 7.6%, between 2023 and 2028 period, as per the recent study by MarketsandMarkets™. Automotive is one of the fastest-growing application segments in the global PEX market.
The automotive industry has emerged as one of the most rapidly expanding segments within the global PEX (cross-linked polyethylene) market. This growth is primarily attributed to the widespread utilization of PEX in the production of various automobile parts and components. PEX, known for its exceptional durability and resistance to chemicals, has found extensive applications in automotive manufacturing. Its remarkable properties, including resistance to heat, abrasion, and corrosion, make it an ideal choice for fuel lines, wiring insulation, and various other critical automotive components. As the automotive sector continues to evolve and innovate, the demand for PEX in this industry is expected to remain robust.
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List of Key Players in Cross-linked Polyethylene (PEX) Market:
- Dow, Inc. (US)
- Borealis AG (Austria)
- LyondellBasell Industries Holding B.V. (Netherlands),
- Avient Corporation (US)
- Exxon Mobil Corporation (US)
- Finproject S.p.A. (Italy)
- SACO AEI Polymers (US)
- HDC Hyundai EP Company (South Korea)
- 3H Vinacom Co., Ltd (China)
Drivers, Opportunities and Challenges in Cross-linked Polyethylene (PEX) Market:
- Drivers: Growth in Automotive industry
- Restraint: Safety issues and chances of plumbing failure
- Opportunity: Increased demand for cross-linked HDPE
- Challenge: Fluctuations in the prices of raw materials
Key Findings of the Study:
- The HDPE segment is estimated to dominate the overall cross-link polyethylene (PEX) market.
- Wires & Cables is the largest market for cross-link polyethylene (PEX) by end-use industry.
- Asia Pacific is projected to be the largest cross-link polyethylene (PEX) market.
Furthermore, another significant driver of the PEX market is the surging demand for PEX foam within the medical packaging industry. PEX foams are distinct closed-cell materials that are increasingly being employed to create innovative packaging solutions in the healthcare sector. These foams possess several advantageous characteristics that make them ideal for medical packaging purposes. Firstly, PEX foam is non-toxic, ensuring that it is safe for medical applications. Additionally, it is hypoallergenic, which is crucial for ensuring the well-being of patients with allergies or sensitivities. Moreover, PEX foam is latex-free, eliminating the risk of latex-related allergies.
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One of the standout features of PEX foam is its cushion-like feel, making it a preferred choice for protecting delicate medical devices and equipment during transportation and storage. Furthermore, PEX foam exhibits impressive water-resistant properties, safeguarding medical supplies from moisture-related damage, which is particularly critical in healthcare settings where sterility is paramount. In essence, the versatile characteristics of PEX foam are driving its adoption within the medical packaging industry, where the need for safe, protective, and moisture-resistant packaging materials is of utmost importance. As a result, the PEX market is experiencing significant growth, driven in part by its expanding role in this vital sector.
Cross-linked polyethylene (PEX) is a versatile material that can be categorized into different types based on the density and properties of the polyethylene used in its production. These categories include low-density polyethylene (LDPE), high-density polyethylene (HDPE), and other variations. Cross-linked HDPE is particularly well-suited for use in plumbing applications, where its combination of properties makes it an ideal choice for pipes and tubing. HDPE offers durability, resistance to corrosion, and good flow characteristics, making it a reliable material in various industries. In wire and cable applications, most PEX materials used for insulation are based on LDPE. LDPE offers excellent dielectric properties, making it an effective insulator for electrical wires and cables. Aside from LDPE and HDPE, other types of PEX include middle-density polyethylene (MDPE), linear low-density polyethylene (LLDPE), ethylene-vinyl acetate (EVA), and polyolefin elastomers (POE). These variations of PEX may be used in different applications depending on their specific properties.
There are three primary technologies employed to induce cross-linking in polyethylene: PEXa, PEXb, and PEXC methods. The degree of cross-linking, along with its extent, varies depending on the chosen process. This cross-linking process fundamentally transforms the nature of the polymer, turning it from a thermoplastic into a thermoset material, resulting in a non-melting and more resilient polymer matrix. Exa is created using peroxide cross-linking technology and is the most widely used method for cross-linking polyethylene.PEXb, also known as the "moisture cure" method, is produced through silane grafting of polyethylene. This grafting occurs through two distinct processes: the two-step process and the one-step process. PEXc is generated using electron beam processing in a "cold" cross-linking procedure conducted below the crystal melting point. It yields a cross-linking of lower degree and less uniformity compared to the other two methods, PEXa and PEXb.
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The cross-link polyethylene (PEX) market in APAC is projected to register the highest CAGR between 2023 and 2028. The Asia-Pacific region stands out as the largest and most rapidly expanding market for cross-linked polyethylene globally. Several compelling factors contribute to this remarkable growth trajectory. Firstly, the region has been experiencing a rapid surge in urbanization, which, in turn, has fueled the demand for cross-link polyethylene (PEX) in various applications. Secondly, the automotive industry has seen a substantial uptick in demand for cross-link polyethylene (PEX), further bolstering the market's growth in this region. Additionally, emerging economies like China and India have placed a significant emphasis on infrastructure development, leading to increased requirements for cross-link polyethylene (PEX) in construction and industrial applications. Furthermore, the Asia-Pacific region has become an attractive destination for cross-link polyethylene (PEX) manufacturers due to the extensive infrastructure projects underway.
These factors collectively provide substantial growth opportunities for key players operating in the cross-linked polyethylene market during the forecast period. Notably, the rising demand for PEX (cross-linked polyethylene) in plumbing, wires & cables, and automotive applications across countries like China, Japan, and Australia is a major driver of the market in the Asia-Pacific region. Moreover, government investments aimed at producing green and clean energy through the installation of solar power plants and windmill-powered plants are anticipated to boost the demand for wires & cables, ultimately driving the growth of cross-link polyethylene (PEX) in the region. This confluence of factors positions the Asia-Pacific market as a pivotal hub for cross-link polyethylene (PEX)'s continued expansion.
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