Westford, USA, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The polyethylene (PE) market in the Asia Pacific is projected to exhibit exponential growth owing to several factors, such as fast-paced urbanization, a thriving packaging industry, and the extensive demand for PE packaging in the food and beverage sector. Furthermore, polyethylene's high tensile strength and stiffness make it a desirable material for building and infrastructure applications, leading to consistent demand globally. Additionally, manufacturers are increasingly focusing on finding efficient packaging materials and solutions to lower quality loss and the risk of food contamination, further fueling the market revenue growth.
According to SkyQuest, processed food exports from the US reached 36.65 billion dollars in 2021, a 14.5% increase from the previous year. Meanwhile, exports of prepared foods reached 12.75 billion dollars, a 12.3% increase from the prior year. This growth in the food export industry will likely increase the use of polyethylene in various packaging solutions, such as containers, plastic bags, and plastic films. As a result, the polyethylene market is expected to grow further during the forecast period.
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Browse in-depth TOC on the "Polyethylene (PE) Market"
- Pages - 254
- Tables - 68
- Figures - 70
Polyethylene, also referred to as polythene, is a widely used plastic worldwide due to its versatile properties. It is classified as an addition polymer with a linear structure, making it easy to process and mold. Furthermore, being a thermoplastic, it can be melted and reshaped multiple times by heating. This feature makes it popular for various applications, including plastic bags, containers, bottles, films, and even geomembranes. With its low cost and exceptional durability, polyethylene has become a go-to material for various industries.
Prominent Players in Polyethylene (PE) Market
- LyondellBasell Industries N.V. (Netherlands)
- ExxonMobil Chemical (US)
- China National Petroleum Corporation (China)
- INEOS (UK)
- China Petroleum & Chemical Corporation (China)
- SABIC (Saudi Arabia)
- Ducor Petrochemicals (Netherlands)
- Reliance Industries Limited (India)
- Formosa Plastic Group (Taiwan)
- Braskem (Brazil)
- Repsol (Spain)
- Borouge (UAE)
- Borealis AG (Austria)
- MOL Group (Hungary)
- Beaulieu International Group (Belgium)
High Density Polyethylene (HDPE) Segment to Capture the Largest Revenue Share owing to Low Manufacturing Cost and Wide Applications
High density polyethylene (HDPE) dominated the polyethylene market in 2022. It is predicted to grow at the highest CAGR from 2023 to 2028, owing to its unique characteristics such as low manufacturing costs, high strength-to-density ratio, and high-temperature resistance. In addition, the physical attributes of HDPE are influenced by the molding process used during its production. As a result of its exceptional properties, HDPE is used in numerous applications, including ballistic plates, bottle caps, boats, chemical-resistant pipework, food storage containers, and many more.
According to recent market research, Asia Pacific dominated the polyethylene (PE) market in 2022, driven by the rapid industrialization and evolving preferences of consumers in the region. The pharmaceutical market in the Asia Pacific is expected to be led by countries such as Japan, China, and South Korea, with China and Japan collectively accounting for more than 15% of the global pharmaceutical market. As the pharmaceutical industry grows in the region, the demand for high-quality packaging solutions that ensure product safety and meet regulatory requirements is increasing.
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Packaging to Remain Dominant End-User Segment Thanks to Extensive Use in Food and Beverage Industry
According to SkyQuest's research, the packaging segment dominates the market, with more than 60% share in 2022. With the growing use of resin in the production of various packaging solutions in the food & beverage industry, the packaging segment accounted for a significant polyethylene market share and is estimated to stay the largest during the projected period. Moreover, PE is easily recyclable, making it an eco-friendly food and beverage packaging option.
Europe holds the second-largest share in the global polyethylene (PE) market and is projected to increase its market share from 2023 to 2028. The region has witnessed significant growth in the demand for this polymer, especially from the automotive industry. This growing demand is expected to contribute to the high market revenue in the region. In addition, PE is highly preferred in Europe due to its superior properties, such as electric insulation, corrosion inhibition, strong heat resistance, and low density, making it the most sought-after polymer among several other alternatives available in the market.
The polyethylene (PE) market is highly competitive, and vendors always look for ways to gain a competitive advantage. One way to do this is by understanding the value chain, which encompasses all the activities and processes involved in bringing a product to market, from raw material production to final consumption. The value chain analysis included in the market study provides an in-depth understanding of the entire value chain from start to finish.
Key Developments in Polyethylene (PE) Market
- Shore Capital Partners, a private equity firm based in Chicago, has recently entered into a partnership with Container Services, Inc. (CSI), a leading custom blow molder of rigid plastic containers with facilities located in Hillsboro, Kansas, and New Castle, Pennsylvania. The company produces high-quality PET (polyethylene terephthalate) and HDPE (high-density polyethylene) blow-molded plastic containers and has considerable expertise working with post-consumer recycled plastic resins.
- ProAmpac, a leading developer of flexible packaging and material science, has unveiled its latest innovation, the ProActive Recyclable R-2050. This new patent-pending addition to ProAmpac's ProActive Recyclable polyethylene-based structures is set to be introduced to the European market soon. The company has stated that both platforms are easily recyclable in Europe via existing streams, and they are OPRL compliant in the United Kingdom for front-of-store drop-off.
- NOVA Chemicals has announced that it will be delaying the startup of its new polyethylene (PE) plant until the first half of 2023. The facility is set to produce 1 billion pounds (454,000 tonnes) of linear low-density polyethylene (LLDPE) per year, utilizing the company's proprietary Advanced SCLAIRTECH technology (AST2). This expansion project is expected to increase the capacity of the cracker by more than 50%, making it a leading contributor to the global supply of LLDPE.
- LyondellBasell, a leading global chemical company, and KIRKBI A/S, an investment company of the iconic LEGO® brand, have agreed to invest in APK. This company specializes in a revolutionary solvent-based recycling technology for low-density polyethylene (LDPE). The investment aims to boost the recycling of multi-layer flexible packaging materials that constitute the bulk of mixed plastic waste generated in the consumer sector.
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Key Questions Answered in Polyethylene (PE) Market Report
- What are the projected (CAGR) estimate for the polyethylene (PE) market and its expected market size?
- What are some of the main factors driving the growth of the global market? Additionally, what are some of the key challenges and obstacles that companies are likely to face?
- Which segments are extensively researched and analyzed during market research studies on the global market?
- Who are some of the leading players that have been successful in the global market, and what strategies have they employed to achieve this success?
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