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Increasing use of HDPE pipes in the construction industry, rising demand from the packaging industry and penetration of online shopping

NEW YORK CITY, U.S., UNITED STATES, June 20, 2023/EINPresswire.com/ -- The anticipated revenue of the global High-Density Polyethylene (HDPE) market is projected to reach USD 111.85 billion by 2030. Throughout the forecast period, it is expected to experience a rapid compound annual growth rate (CAGR) of 4.6%. Key drivers of market revenue growth include the increasing utilization of HDPE pipes in the construction industry, a growing demand from the packaging sector, and the expanding presence of online shopping, Internet services, and food delivery in emerging countries. These factors have led to a significant surge in the demand for packaging raw materials.

HDPE pipes are renowned for their lightweight nature as well as their resistance to corrosion and chemicals. Due to their lightweight properties, these pipes are easily installed and transported, making them suitable for applications in agriculture, irrigation, water supply, sewage and industrial effluent disposal, ducting, and electrical installation. Additionally, their affordability, hassle-free installation, and resistance to corrosion and chemicals contribute to the increasing demand for HDPE pipes, consequently driving the growth of the market.

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High-Density Polyethylene (HDPE) Market Segments:

The High-Density Polyethylene (HDPE) Market Report encompasses various parameters and details. In 2021, the market size was valued at USD 74.51 billion, and it is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2030, reaching a revenue forecast of USD 111.85 billion by 2030. The base year for estimation is 2021, with historical data spanning from 2019 to 2020. The forecast period for this report is from 2022 to 2030, and the quantitative units used are in USD million. The report provides coverage on various aspects including revenue forecast, company rankings, competitive landscape, growth factors, and trends. It also includes segments based on technology outlook, application outlook, end-use outlook, and regional outlook. The technology outlook segments comprise blow molding, pipe & extrusion, and injection molding. The application outlook covers caps & closures, geomembranes, tapes, sheet & films, pipes & tubes, wire & cables, and others. The end-use outlook includes agriculture, building & construction, automobile, packaging, food & beverages (F&B), and others. The regional scope of the report includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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High-Density Polyethylene (HDPE) Market Competitive landscape:

The global HDPE market has a fragmented competitive landscape, with numerous key players operating at both global and regional levels. These players are actively involved in product development and strategic alliances to expand their product portfolios and strengthen their position in the global market. Prominent companies in the market include Ineos, LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, Dow Inc., PetroChina Company Ltd, Braskem, Formosa Plastics Corporation, Reliance Industries Limited, Borealis AG, and Chevron Phillips Chemical Company LLC.

Market players have implemented various initiatives that contribute to the revenue growth of the market. For example, in August 2021, Braskem, a petrochemical company based in Sao Paulo, introduced a new polyethylene resin specifically designed for the packaging sector. This launch enables the company to meet the quality demands of the chemical and agrochemical markets. The resin offers essential properties such as rigidity, impact resistance, and environmental stress cracking resistance, thereby enhancing product safety in the packaging sector.

Similarly, in May 2021, LACTEL and INEOS collaborated to produce the world's first HDPE milk bottle using advanced recycling techniques that transform discarded plastic into new and high-quality polymers. LACTEL, as the first dairy brand to explore a solution for Ultra-High Temperature (UHT) milk bottles made from recycled materials, partnered with INEOS to achieve this milestone.

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