Global High-Density Polyethylene (HDPE) Market to Boost in Coming Years – Projected to Reach 78.0 Million Tons by 2028
Published | 16 March 2022
The growth of the high-density polyethylene (HDPE) market can be primarily attributed to extensive application in several industries such as the packaging industry, textile industry among others due to its chemical and corrosion resistance as well as low moisture…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global High-Density Polyethylene (HDPE) Market was 54.7 million tons in 2021 and is projected to reach 78.0 million tons by the year 2028, growing at a CAGR of 5.6% over the analysis period of 2022-2028. The expansion in the high-density polyethylene (HDPE) market can be primarily attributed to the large array of properties exhibited by HDPE that expands its employability across several sectors. It is strong, possesses excellent processability, is resistant to chemical corrosion and is inexpensive. To be precise, it is the ideal material for manufacturing and packaging operations. These factors are driving the growth of the global high-density polyethylene market during the forecast period 2022-2028.
Burgeoning Demand for Light Weight Materials Across Various Sectors Driving the Global Market Growth
The surge in demand for lightweight vehicles due to stern emission policies coupled with the rising employment of lightweight materials for improved safety and fuel efficiency is projected to have an optimistic impact on the high-density polyethylene market industry during the forecast period. Moreover, the growing use of plastic and paper as packaging materials is aiding the growth of the HDPE market. Another crucial growth empowering factor is the ongoing trend of self-cleaning technologies across several end-user industries across the world. Furthermore, the rapidly developing construction sector, especially in the U.S. and China is also expected to contribute to the demand for the HDPE during the forecast period 2022-2028.
Packaging Industry to Grow at A Higher Growth Rate During the Forecast Period
With the growing urbanization, industrialization, rising personal disposable income, changes in the lifestyles of people, there has been an augmentation in the expenditure on food and beverages, apparel, and pharmaceuticals throughout the world. The growing on-the-go food consumption culture, growing number of online food delivery platforms coupled with the certification of HDPE as a food-grade polymer, has played an efficient role in augmenting the demand for HDPE in the packaging industry. Other end-use industries like building and construction and transportation, are also anticipated to propel the growth of the high-density polyethylene market during the forecast period.
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Impact of COVID-19 On The Global High-Density Polyethylene (HDPE) Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global High-Density Polyethylene (HDPE) market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns thus vividly hampering the building and construction, transportation, packaging, electrical, and electronics industries, which are the most important end-user industries for the high-density polyethylene (HDPE) market. The construction industry suffered the most due to the pandemic. However, the impact of the pandemic on the packaging industry has been mixed. Although the demand for luxury, industrial and some B2B-transport packaging saw a decline, packaging for healthcare products, groceries and e-commerce transportation has witnessed an increment. Nevertheless, with the improving market circumstances in the post covid era, the growth of the high-density polyethylene (HDPE) market is likely to recover during the forecast period.
The Asia-Pacific Region Is Expected to Grow with The Highest CAGR in The Global High-Density Polyethylene (HDPE) Market.
In terms of regional analysis, the global High-Density Polyethylene (HDPE) market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global High-Density Polyethylene (HDPE) owing to the existence of a large packaging sector in the region. Additionally, the increasing government investment in infrastructure development in developing countries like China India is likely to drive the growth of the high-density polyethylene market over the forecast period. Europe has been following the Asia-Pacific market closely due to the heavy demand for HDPE for injection and film molding goods.
The global purified terephthalic market is a semi-consolidated market. The key players operating in the global High-Density Polyethylene (HDPE) market are Chevron Phillips Chemical Company, Dynalab Corp., The Dow Chemical Company, Exxon Mobil Corporation, LyondellBasell Industries N.V., INEOS AG, Saudi Basic Industries Corporation (SABIC), SINOPEC Beijing Yanshan Company, PetroChina Company Ltd., Braskem, Reliance Industries Ltd., Formosa Plastics Corporation, Daelim Industrial Co. Ltd., Prime Polymer Co. Ltd., and Mitsui Chemicals Inc. and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global high-density polyethylene (HDPE) market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global high-density polyethylene (HDPE) market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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