New York (US), May 02, 2023 (GLOBE NEWSWIRE) -- Polyethylene Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Polyethylene Market Information by Type, Technology and End-Use, and Region - Forecast till 2030", the market for polyethylene can expect to attain a valuation of USD 135.87 billion while advancing at a rate of 5.89% between 2022 and 2030.
Market Synopsis
Polyethylene (PE) is a versatile material that is widely used in construction and packaging. For the goods at a cheaper cost, this polymer offers decreased weight, high ductility, great chemical resistance, superior electrical treeing resistance, and higher impact strength. The most popular polymer in use today may be found in a variety of items, including shopping bags, food packaging, detergent bottles, and fuel tanks for cars. For instance, Merck KGaA creates BRAND wide-mouth bottles from this polymer, while A-Pac Manufacturing Co., Inc. creates bags. Additionally, throughout the anticipated period, market growth is anticipated to be aided by rising industrialization, rising demand for bio-based polyurethane, and the quickening expansion of the packaging sector.
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Market Competitive Landscape:
The affluent firms in the polyethylene market are
- China Petrochemical Corporation (China)
- Formosa Plastics Corporation (Taiwan)
- Petronas Chemicals Group Berhad (Malaysia)
- Mitsui Chemicals Inc. (Japan)
- Exxon Mobil Corporation (the US)
- LyondellBasell Industries NV (the Netherlands)
- Sumitomo Chemical Co. Ltd (Japan)
- SABIC (Saudi Arabia)
- DowDuPont (the US)
- INEOS Group Holdings SA (the UK)
- Sasol Ltd. (South Africa)
- Chevron Phillips Chemical Company (US)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 135.87 billion |
| CAGR | 5.89% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology and End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Significant Contribution of Agriculture Sector to Boost the Market |
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Market USP Covered:
Market Drivers:
Global demand for portable, secure packaged food is increasing as customer preferences change. Due to its strength, adaptability, and sustainability, polyethylene has become more popular in creative packaging. As a moisture scavenger, antibacterial, odor remover, and temperature controller, it is frequently employed in the production of films for food packaging (frozen, dry items, etc.).
Manufacturers are compelled to transition to electric and hybrid vehicles in order to reduce CO2 emissions due to strict government regulations protecting the automotive sector. Due to its great impact resilience, low density, and solid durability, polyethylene is the material of choice for constructing electrical insulation and glass-reinforced automotive bodywork. Particularly for electric cars, the industry has seen a large increase in demand for lightweight parts and components. Global sales of electric vehicles in 2018 were over 3.29 million units. Polyethylene is therefore an O.E.M. cost-effective option.
Market Restraints:
Market expansion can be hampered by the rising need for environmental protection and health awareness. There has been an increase in the enactment of strict rules and regulations, which is anticipated to impede market expansion. Additionally, the market's growth prospects are anticipated to be harmed by the uncertain and fluctuating pricing of the raw materials required for manufacturing.
Opportunities
The fragmented polyethylene market has a large number of players. In order to gain a competitive advantage, grow their market share, and take advantage of market possibilities, the major market players are continually pursuing different growth strategies. For instance, U.P.M. Raflatac unveiled a new line of Forest Film products in May 2020 that are made from post-consumer recycled plastics and used in product packaging.
The industry's revenue development is also being fueled by the introduction of new products and technical breakthroughs, which is extending the favorable circumstances for the polyethylene market.
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COVID 19 Analysis
The COVID-19 outbreak has had a considerable influence on global manufacturing processes, commerce, and supply chains for chemicals and minerals. The COVID-19 pandemic caused a drop in the manufacture of polyethylene because industry participants had to close production facilities or run them at less-than-ideal production levels to stop the coronavirus from spreading. Additionally, the manufacturing rate has been hampered by a paucity of raw materials as a result of supply interruptions brought on by border and trade restrictions. However, several significant market participants have kept running their manufacturing plants. Additionally, the low demand from the end-use sectors and the falling costs of raw materials have led to surplus stockpiles and decreased output.
Market Segmentation
By Type
Different key types of polyethylene in the market are low-density polyethylene (LDPE), high-density polyethylene (HDPE), and medium-density polyethylene (MDPE).
Because of qualities including a high strength-to-density ratio, cheap production costs, and high-temperature resistance, the HDPE/MDPE sector has the biggest market share. Depending on the molding technique used to create it, HDPE's physical characteristics change. Ballistic plates, bottle caps, boats, chemical-resistant pipes, food storage containers, and many more sectors use HDPE due of its strong resistance to several types of solvents.
LDPE is mostly used for packaging because of its chemical resistance, flexibility, and softness. It is mostly utilized in the food sector for packaging purposes. The market's demand for LDPE is being driven up even more by the growing need for lightweight packaging in the fields of electronics, healthcare, and food and beverage.
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By End-User
Top end-users in the market are construction, packaging, automotive, household applications, electrical & electronics, and others.
Due to the expanding usage of this resin in the production of different packaging solutions in the food & beverage sector, the packaging category accounted for the biggest polyethylene market share in 2021 and is expected to increase at the quickest rate over the course of the forecast period. Over 60% of the market for flexible packaging, according to the Flexible Packaging Association, is made up of the food and beverage sector.
The end-use industry's second-largest section is thought to be the infrastructure and construction sector. Its demand in this industry is anticipated to increase due to the product's expanding application in the production of different construction materials, including films and sheets for windows, floors, countertops, roofing, cover building materials, and seal-off rooms.
Regional Insights
Asia Pacific controls the majority share of the market and is predicted to expand at the highest rate throughout the projected period. Due to the region's large customer base, several businesses, including those in pharmaceutical, healthcare, construction, automotive, consumer goods, and packaging, are expanding quickly. Additionally, the Asia Pacific region's increasing industrialization and urbanization are greatly boosting the market's need for polyethylene. The expansion of the polyethylene market will benefit from the rapidly expanding penetration of different e-commerce platforms, including Amazon, Flipkart, Zomato, and Walmart. The demand is being further fostered by the increased investments made in the region's manufacturing sectors to expand.
The plastics sector in Vietnam is expanding exponentially. The plastics industry is one of the fastest-growing sectors, with an average annual growth rate of 16–18%, according to the Vietnam Plastics Association (VPA). Vietnamese population increase is also supporting market expansion.
Government policies that support the plastic sector are propelling it in Indonesia. By 2030, Indonesia is anticipated to become the seventh-largest economy in the world. Food packaging makes up over 70% of all plastic use, according to the Indonesian Packaging Association, which further fuels industry expansion.
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