Polyethylene Market Worth $157 Billion By 2030, at CAGR of 4.2%: IndustryARC

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20 Mar, 2023, 10:01 ET

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HYDERABAD, India, March 20, 2023 /PRNewswire/ -- According to the latest market research report on the Polyethylene Market, published by IndustryARC, Low-Density Polyethylene (LDPE) is estimated to experience the fastest CAGR of 5.3% during the forecast period of 2023-2030. LDPE segmentation is becoming increasingly relevant in the polyethylene market due to its versatile properties, which include flexibility, durability, heat resistance, and low cost.

The Polyethylene Market research report segmented By Type [(Low-Density Polyethylene (LDPE), Medium Density Polyethylene (MDPE), High Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE), Ultra-low-density polyethylene (ULDPE), High-molecular-weight polyethylene (HMWPE), Metallocene polyethylene (mPE), Chlorinated polyethylene (CPE), Ultra-high-molecular-weight polyethylene (UHMWPE), Cross-linked polyethylene], By Manufacturing Technology (Extrusion Blow Molding, Compression Molding, Plastic Injection Molding, Reaction Injection Molding, Rotational Molding, Thermoforming, Vacuum Casting, Others), By Application (Films & Sheets, Pipe, Hoses & Fittings, Extrusion Coatings, Wires and Cables, Trash & Grocery Bags, Toys, Medical Equipment, Household Items, Packaging & Containers, Bottles, Others), By End Use Industry (Food & Beverage, Electrical & Electronics, Automotive, Building & Construction, Health & Hygiene, Agriculture, Textile, Consumer, Chemical, Pharmaceutical, Healthcare, Aerospace & Defence, Sports, Information Technology (IT), Furniture, Others) and By Geography, which provides comprehensive analysis of global market & industry forecast (2023 - 2030).

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Europe Anticipated to Show the Fastest Growth in the Market:

Europe is estimated to be the fastest-growing region in Polyethylene Market owing to the rising demand from the automotive sector for polythene products. Polyethylene is the most popular polymer used in automotive owing to its properties such as low density, good heat resistance, electrical insulation, and corrosion inhibition.

Increasing demand for consumer products owing to the increased disposable incomes, increase in population and shifting consumer preferences also drives the market growth. As per the Plastic Europe report, in Europe, the production of plastics has increased to 57.2 million tonnes with which polyethylene accounts for 9.3% of HDPE and 14.7% of LDPE in 2021.

Polyethylene Market 2023-2030: Scope of the Report

Report Metric

Details

Base Year Considered

2022

Forecast Period

2023–2030

CAGR

4.2 %

Market Size in 2030

$157 billion

Segments Covered

Type, Manufacturing Technology, Application, End-Use Industry and Region

Geographies Covered

North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America), the Rest of the World (the Middle East and Africa).

Key Market Players

1. SABIC

2. ExxonMobil Corporation

3. LyondellBasell Industries N.V.

4. Dow Inc.

5. INEOS Group Limited

6. Reliance Industries Limited

7. China Petroleum & Chemical Corporation

8. Borealis AG

9. Ducor Petrochemicals B.V.

10. Chevron Phillips Chemical Company

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Polyethylene Market Report – Key Takeaways:

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Key Opportunity Analysis:

Research and Innovation Investments in Smart Sustainable Plastic Packaging

Smart Sustainable Plastic Packaging (SSPP) makes plastic packaging fit for a sustainable future. The ambition of SSPP is to make smart and environmentally friendly polyethylene packaging for consumer products. As per UK Research and Innovation, in 2022, the UK government invested £60 million in sustainable plastic R&D. It reflects the urgent need for actions to reduce the impact on the environment and eradicate plastic pollution. The amount of polyethylene waste in the environment would have significantly decreased by 2025.

Development of New Technologies in Polyethylene Manufacturing

The development of new manufacturing technology such as metallocene catalysts enhances polyethylene performance. Metallocene catalysts are characterized by their ability to produce polyethylene with more uniform properties improved clarity and greater strength compared to traditional catalysts. Metallocene catalyst technology is widely used in the production of high-performance polyethylene products such as films, coatings and packaging materials. It has also found applications in other industries such as the automotive and construction sectors. Superior properties of metallocene-produced polyethylene include benefits such as weight reduction, improved durability and better thermal stability.

For instance, in 2022, Univation Technologies launched its most recent metallocene development, XCATTM VP Metallocene Technology which provides a superior balance of film processibility and performance in a variety of applications such as packaging (food packaging, heavy-duty shipping sack sand stand-up pouches). By enabling down-gauging in HDPE injection molding applications, XCATTM VP Metallocene also creates new market potential in established HDPE.

Increasing Collaboration with FMCG Manufacturers to Improve Plastic Recycling

In collaboration with retailers and manufacturers, the FMCG firms intend to increase recycling and decrease plastic pollution by providing various materials with a stable value. Increasing collaboration between polyethylene producers and FMCG manufacturers can help to improve plastic recycling and reduce the amount of plastic waste generated. By working together to develop joint initiatives, improve product design and increase the use of recycled materials, the industry can support a more sustainable and circular economy for polyethylene.

In the UK, a recent study from the University of Sheffield reveals that there is significant consumer demand for recycling flexible polyethylene with 95% of individuals saying they would be ready to recycle their flexible polymers. In May 2021, as per the Ecosurety report, over 80% of the collected plastics were recycled in the UK.

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The Report also Covers the Following Areas:

Polyethylene Market 2022-2030: Key Highlights

Covid and Ukrainian Crisis Impact:

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List of Top Companies in the Polyethylene Market:

The Global Polyethylene Market is highly concentrated as the majority share is held by the leading polyethylene providers. The key companies profiled are listed below:

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PE Pipe Resin Market - The PE Pipe Resin Market is projected to grow at an estimated CAGR of 3.1% by 2030 owing to the increasing demand for PE pipe resins in producing pipelines for the water supply and distribution applications across various industries such as water & wastewater treatment, agriculture, construction and others is offering major growth in the market.

Plastic Films & Sheets Market - The Plastic Films & Sheets Market is projected to grow at a CAGR of 5.2% by 2030 owing growing consumption of plastic films from the food and beverage, healthcare, and automotive industry and the rise in demand for eco-friendly and water-soluble films.

Micro-perforated Films Market - The Micro-perforated Films Market is projected to grow at a CAGR of 4.1% by 2030 owing to an increase in agricultural production and surging pharmaceutical production.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company's Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.

IndustryARC's goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

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SOURCE IndustryARC