The global polyethylene market is expected to gain momentum from its increasing usage in a wide range of industries owing to various beneficial properties, such as high durability, easy customization, and resistance to moisture. This information is given by Fortune Business Insights™ in a new report, titled, “Polyethylene (PE) Market Size, Share & COVID-19 Impact Analysis, By Type (HDPE, LDPE, LLDPE), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Agriculture, Others), and Regional 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. Asia Pacific dominated the polyethylene market with a market share of 47.98% in 2022.
This Report Answers the Following Questions:
What are the market opportunities and dynamics?
Which firms would hold the largest share in the market?
Which region is set to showcase the highest growth in the global market?
What are the strategies adopted by prominent players to surge sales of polyethylene?
Fortune Business Insights™ lists out the names of all the PE manufacturers operating in the global market. They are as follows:
LyondellBasell Industries N.V. (Netherlands)
ExxonMobil Chemical (U.S.)
China National Petroleum Corporation (China)
INEOS (UK)
China Petroleum & Chemical Corporation (China)
SABIC (Saudi Arabia)
Ducor Petrochemicals (Netherlands)
Reliance Industries Limited (India)
Formosa Plastic Group (Taiwan)
Braskem (Brazil)
Repsol (Spain)
Borouge (UAE)
Borealis AG (Austria)
MOL Group (Hungary)
Beaulieu International Group (Belgium)
Other Key Players
Segment-
Packaging Segment to Dominate: Demand from Food & Beverages Industry to Aid Growth
Based on the end-use industry, the automotive segment procured 5.3% in terms of polyethylene market share in 2019. The packaging segment, on the other hand, is expected to generate the largest share throughout the forthcoming years. This growth is attributable to the surging usage of polyethene in the manufacturing of numerous packaging solutions, especially in the food & beverages industry.
Drivers & Restraints-
High Demand for Drippers & Nozzles at Irrigation Fields to Propel Growth
Polyethylene is nowadays being used extensively in the manufacturing of toys, sports goods, and fashion apparels. This is occurring because the material enables easy molding of products, provides flexibility & durability, and is capable of resisting physical stresses. The agriculture industry is also exhibiting high demand for the material because of the increasing demand for nozzles, micro tubes, emitting pipes, and drippers at irrigation fields. These factors are set to boost the polyethylene market growth in the near future. However, the prices of raw materials are fluctuating constantly, which, in turn, would impact the cost structure of the final product negatively. This factor may obstruct growth.
Information Source:
https://www.fortunebusinessinsights.com/industry-reports/polyethylene-pe-market-101584
Competitive Landscape-
Key Players Focus on Launching Unique Products to Intensify Competition
The market consists of a large number of companies that are currently aiming to overtake their rivals in terms of revenue by introducing state-of-the-art polythene products. Some of the others are collaborating to develop such products. Below are two latest industry developments:
October 2022: Dow recently unveiled a new resin called Dow Agility CE. It is made up of 70 percent recycled plastic and is the company’s first post-consumer recycled (PCR) product.
July 2023:Dow and Thong Guan introduced a new line of bio-based polyethylene (bio-PE) named Nano Bio in Asia Pacific. It will be developed by using the nanotechnology of Thong Guan.
Regional Analysis-
Rising Usage in Automotive Industry to Favor Growth in Europe
Geographically, in 2019, Asia Pacific held USD 49.40 billion in terms of revenue. It is anticipated to lead the market in the coming years fueled by the high demand for PE from India and China. The material is utilized in the infrastructure & construction and packaging industries in these countries. In Europe, the U.S. is set to contribute to growth majorly because of the rising usage of the material in the automotive, as well as healthcare & pharmaceuticals industries.