Polyethylene Industry Growth Drivers and Size Forecast (2024-2032)
The global polyethylene market size was valued at USD 110.23 billion in 2023 and is projected to grow from USD 114.89 billion in 2024 to USD 158.49 billion by 2032, exhibiting a CAGR of 4.1% during the forecast period. The rise is driven by the increasing popularity of the product in various industries such as construction and packaging.
Source: https://www.fortunebusinessinsights.com/industry-reports/polyethylene-pe-market-101584
Polyethylene, one of the most versatile and widely used polymers, plays an essential role in modern industries. Known for its lightweight, durable, and flexible properties, polyethylene is the backbone of various products, from packaging materials to industrial parts. The polyethylene market continues to grow at a significant pace, driven by increasing demand across multiple sectors, especially packaging, construction, automotive, and healthcare.
Fortune Business Insights™ provides this information in its research report, titled “Polyethylene Market, 2024-2032”.
List of Key Players Mentioned in the 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)
Segmentation:
HDPE Segment to Register Commendable Surge Impelled by Low Cost of Manufacturing
On the basis of type, the market is fragmented into Linear Low-density Polyethylene (LLDPE), High-density Polyethylene (HDPE)/Medium-density Polyethylene (MDPE), and Low-density Polyethylene (LDPE). The HDPE segment dominates the market and is estimated to grow at a substantial pace over the estimated period. The compound is deployed across various applications such as food storage containers, ballistic plates, bottle caps, chemical-resistant piping, boats, and others.
Packaging Segment to Exhibit Notable Growth Considering Soaring Demand from F&B Sector
Based on end-use industry, the market is classified into healthcare & pharmaceuticals, consumer goods/lifestyle, automotive, packaging, infrastructure & construction, agriculture, electrical & electronics, and others. The packaging segment held the largest share in the market and is expected to exhibit considerable expansion throughout the forecast period. The expansion is impelled by the increasing product deployment in the production of numerous packaging solutions for the food & beverage sector.
Based on geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides an in-depth analysis of the key trends propelling the global business landscape over the forthcoming years. It further presents an account of the vital strategies adopted by leading market players for securing a competitive edge and expanding their geographical footprints. Other components include an overview of the driving and restraining factors and the impact of COVID-19 pandemic on industry expansion.
Drivers and Restraints:
Surge in Market Value Due to Growing Demand from Numerous End-use Industries
One of the key factors impelling the global polyethylene market growth is the surging product demand in numerous sectors. These include food & beverage, electrical & electronics, consumer goods, and automotive.
However, the availability of substitute products such as polyethylene terephthalate (PET) and polypropylene may hamper industry expansion to some extent.
Source: https://www.fortunebusinessinsights.com/industry-reports/polyethylene-pe-market-101584
Regional Insights:
Asia Pacific to Hold the Largest Market Share Owing to Presence of Major Consuming Countries
The Asia Pacific region depicts a greater product demand from infrastructure & construction and packaging industries. Besides, the region exhibits rapid industrialization, owing to which the regional market holds the dominating industry value. The polyethylene market share in the region is touted to expand at a considerable pace over the study period.
Europe held the second-largest value in the global market and is expected to exhibit a substantial CAGR over the projected period. The surge is impelled by the various properties of the product such as corrosion inhibition, electric insulation, low density, and good heat resistance.
Competitive Landscape:
Leading Companies Develop New Strategies to Expand Product Reach
Key industry players focus on devising and implementing various strategic initiatives for strengthening their industry positions. Some of these steps include research activities, the development of new products, and the formation of alliances. Many companies are also entering collaborations and forging merger agreements for expanding their product reach and geographical footprints.
Key Industry Development:
December 2022 – SABIC rolled out a new HDPE with mechanically recycled content. The solution was launched as part of TRUCIRCLE. The move was focused on driving toward a full closed loop from bottle to bottle in the automotive aftermarket in Saudi Arabia.