Polyethylene Market worth USD 135.87 billion by 2028, registering a CAGR of 5.89% - Report by Market Research Future (MRFR)
New York, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Polyethylene Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Polyethylene Market Information Segmented By Type (LDPE, MDPE, HDPE), Technology (Films & Sheets Extrusion, Pipe Extrusion, Injection Molding, Blow Molding, Others) End-User (Packaging, Construction, Automotive, Electrical & Electronics, Household Applications, Others) and Region Forecast till 2028” the market size is projected to be worth USD 135.87 billion by 2028, registering a CAGR of 5.89% during the forecast period (2021 - 2028)., The market was valued at USD 112.15 billion in 2021.
Market Competitive Analysis:
The major companies in the polyethylene market profiled are:
- Formosa Plastics Corporation (Taiwan)
- Mitsui Chemicals Inc. (Japan)
- China Petrochemical Corporation (China)
- Petronas Chemicals Group Berhad (Malaysia)
- Sumitomo Chemical Co. Ltd (Japan)
- LyondellBasell Industries NV (the Netherlands)
- SABIC (Saudi Arabia)
- DowDuPont (the US)
- Exxon Mobil Corporation (the US)
- Sasol Ltd. (South Africa)
- Chevron Phillips Chemical Company (US)
- INEOS Group Holdings SA (the UK)
Market Scope:
Polyethylene is a durable and lightweight thermoplastic that can be found in an immeasurable majority of day-to-day items. Polyethylene is fully recyclable and can be melted and used again and again. Polyethylene is light in weight and provides high strength, and is used in plastic containers, lids, cups, bottles, pipes, bags, and numerous others. It is used in packaging materials, coatings, and molding a wide range of parts and components.
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Market USP Covered
Market Drivers
The global polyethylene market has recorded a noteworthy growth over the recent years, given by the significant participation of the construction sector. Apart from that, the growing demand from pharmaceutical, personal & home care, packaging, food & beverage, and other sectors is also likely to boost the growth of the market. The beneficial features provided by the material, like its durability, cost-effectiveness, resistance to moisture & chemicals, and superior characteristics, are causing a surge in demand for polyethylene across the globe. The growth in demand for polyethylene from the agricultural sector attributed to the increasing demand for drippers and nozzles at irrigation fields is also acting as a catalyst for the growth of the polyethylene market. The rising production of emitting pipes and microtubes is also projected to enhance market performance on a global level.
Market Restraints
The availability of substitutes for polyethylene like polyethylene terephthalate (PET) and polypropylene is likely to impact the market's growth negatively. Moreover, the volatility in the prices of raw materials used, growing consumer awareness, and stringent measures implied by governments to cut down the use of polyethylene are major challenges faced by the global polyethylene market.
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Impact of COVID-19
The occurrence of the COVID-19 pandemic has disturbed several industry sectors, including the polyethylene market. The market's downfall for three months straight attributed by a complete lockdown in numerous regions worldwide has negatively impacted the market. The market was at a standstill, with an abrupt fall in demand that caused a serious impact on global polyethylene production. However, the market is soon likely to gain pace again.
Segment Analysis
Market Segmentation
The global polyethylene market can be bifurcated based on type, end-users, and technology. Based on type, the classification is done as high-density polyethylene (HDPE), low-density polyethylene (LDPE), and medium-density polyethylene (MDPE). LDPE is anticipated to lead the market with a valuation of USD 97,157.2 million while growing at a CAGR of 6.01% throughout the review timeframe.
The market is divided as electrical & electronics, household applications, automotive, packaging, construction, and others based on end-user. The packaging segment is projected to record the fastest CAGR of 6.12% by 2025 acquiring the market value of USD 1 11,148.3 million.
Based on technology, the market classification is done as injection molding, films & sheets extrusion, pipe extrusion, blow molding and others. The films & sheets extrusion segment is projected to reach USD 1, 06,049.4 million by 2025, with a CAGR of 6.54% through the forecasted timeframe.
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Regional Analysis
The global polyethylene market is divided into regions like North America, Latin America, Europe, Asia Pacific and the Middle East, and Africa. APAC is likely to accomplish the largest market share through the forecasted era attributed to rapid industrialization and urbanization. The market is all set to reach USD 85,957.3 million while growing at a CAGR of 6.25% during the forecasted period. Emerging nations like Japan, China, and India are anticipated to augment the regional market.
Europe manages to hold the second position in the global polyethylene market by 2025. The rise in demand for polyethylene in the automotive sector is the reason for the surge in regional market growth. The growing development of healthcare & pharmaceuticals, packaging, electrical & electronics, and automotive sectors is the primary growth factor for the regional market.
The Latin America region is anticipated to record substantial growth in coming years given by the growing demand for construction materials, plastic bags, and bottles. MEA is projected to register a decent growth through the projected period due to the developments in packaging and consumer goods. The growing urbanization in the region is also likely to flourish the market growth in the coming years.
Segmentation of Market covered in the research:
Polyethylene Market Global Segmented By Type (LDPE, MDPE, HDPE), Technology (Films & Sheets Extrusion, Pipe Extrusion, Injection Molding, Blow Molding, Others) End-User (Packaging, Construction, Automotive, Electrical & Electronics, Household Applications, Others) and Region Forecast till 2028
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