High-Density Polyethylene (HDPE) Market was valued at USD 45,849.4 million in 2017 and is expected to grow at a CAGR of 5.91% during the forecast period. In terms of volume, the market was is expected to grow at CAGR of 4.21% during the forecast period.
— The global high-density polyethylene market stood at USD 45,849.4 Mn in 2017 and is anticipated to grow exponentially. Market Research Future (MRFR) has thoroughly studied the trends and patterns in the global high-density polyethylene (HDPE)market over the forecast period of 2018-2023. As per MRFR's analysis, by value, the market is estimated to capture a CAGR of 5.91% over the forecast period. By volume, the market is likely to strike a CAGR of 4.21% over the forecast period.
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High density polyethylene finds applications across an array of end use cases and largely follows the global economic activities. They are mostly used in plastics owing to their versatile nature and advantages such as ease of processing and recycling. High density polyethylene sourced from shale gas, coal and the emergence of bio-based materials is likely to pave the way for future market expansion. Green initiatives which majorly support the use of environmentally friendly materials has been key to the market growth. Expansion of spending capabilities has resulted in increased demand for food & beverages, which, in turn, is likely to propel the demand for high-density polyethylene for packaging purposes.
Additionally, the market experiences heightened demand from other industries such as healthcare, personal care products, home care, and e-commerce industries. Properties such as high chemical resistance, flexibility, durability, low density, and others make them ideally suited for application in the construction industry. Heightened constructional activities across the globe is likely to inflate the demand for high density polyethylene.
High density polyethylene is suited for automotive applications which require durability, and weather resistance and is inducing additional demand within the market. Other factors substantiating the growth of the market include continuous advancement in processing and polymerization catalyst technology of high-density polyethylene. On the other hand, plastics are being increasingly banned due to environmental concerns which is among major applications of high-density polyethylene.
The global high-density polyethylene market has been segmented based on product type and end use industry.
By product type, the global high-density polyethylene market has been segmented into injection molded HDPE, blow molded HDPE, colored HDPE, HDPE pipes, HDPE films, and others.
By end-use industry, the global polyethylene market has been segmented into packaging, building & construction, electrical & electronics, automotive & transportation, consumer goods, healthcare, industrial machinery, and others.
By region, the global high-density polyethylene market has been segmented into North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
APAC is well-positioned to dominate the global high-density polyethylene market on account of expanding end use industries. Economic upturn in the region has paved the way for the expansion of key end use industries such as automotive and construction, and food ^& beverage. Rise in disposable income and growing sophistication of the consumers in the region has led to increased spending in car ownership, real estate, and lifestyle, which has generated high demand for high density polyethylene.
North America is a prominent market for high density po9lyethylene. HDPE is being progressively sourced from shale gas due to which the US market is showcasing significant progress.
Europe too is a significant market driven by stringent lightweight automobile regulations in the region. Moreover, resurgence of construction industry in the region is expected to augment the growth of the market.
The Latin America market is expected to showcase substantial growth over the forecast period due to the progress made in the automotive and packaging industry in the region. fast-track industrialization and booming construction industry is expected to favor the growth of the MEA market.
Chevron Phillips Chemical Company (US), LyondellBasell Industries Holdings B.V. (The Netherlands), INEOS Group Holdings SA (UK), Exxon Mobil Corporation (US), China Petrochemical Corporation (China), Petronas Chemicals Group Berhad (Malaysia), Reliance Industries Limited. (India), DowDuPont (US), Mitsui Chemicals Inc. (Japan), and SABIC (Saudi Arabia) are the notable players in the global high-density polyethylene market.
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