(MENAFN- America News Hour) The global polyethylene market is segmented into application such as collectors, packaging, automotive, electrical and electronics and other application.
- Massive utilization and adoption of polythene in various end-use industries is one of the key growth drivers of global polyethylene market.
- Strict government legislation regarding the usage of polyethylene for packaging is expected to hinder the growth of polyethylene market.
- The high-density polyethylene segment by product density occupies the largest market of overall polyethylene market.
The global polyethylene market is segmented into application such as collectors, packaging, automotive, electrical and electronics and other application. Among these segments, packaging segment accounted for the biggest segment in overall polyethylene market and is expected to seize an outstanding CAGR by the end of 2024. Likely, adoption of polythene is predicted to increase owing to increasing consumer preference towards easy-to-open and transparent packaging that can preserve and protect the food item. This factor is projected to foster the growth of global packaging polyethylene market.
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Global polyethylene market is anticipated to post a CAGR of 4.2% during the forecast period i.e. 2017-2024. In terms of volume, global polyethylene market has crossed 160 Million tons in 2016. Additionally, massive utilization and adoption of polythene in various end-use industries such as electronics and automotive is one of the key growth drivers of global polyethylene market.
The high-density polyethylene segment by product density occupies the largest market of overall polyethylene market. In addition to this, the demand for high-density polyethylene is increasing due to its various properties such as strong, tough and durable. Thus, high-density polyethylene is highly used for making pipes which can be used for gravity and low pressure sewerage and drainage purposes such as waste water, sanitary sewer and storm sewerage for municipal or industrial use.
Moreover, HDPE pipes are lightweight, flexible, and come in long lengths, allowing for easier and convenient installation which is expected to foster the growth of global high-density polyethylene market.
Rising Demand for Packaging Material
Massive utilization of polyethylene by pharmaceutical industry for packaging is projected to boost the growth of polyethylene market in near future. Moreover, rising utilization of polyethylene in automotive sector for various uses such as power trains, under the hood and chassis and others is envisioned to bolster the market of polyethylene across the globe.
Wide Scale Application
Wide spectrum of application of polyethylene in various end use industries such as automotive, electronics, packaging and others is believed to be the dynamic factor behind the rapid growth of polyethylene market. Moreover, growing usage of polyethylene in the manufacturing of household electronics due to its properties such as polyethylene is poor conductor of heat and electricity.
On the contrary, strict government legislation regarding the usage of polyethylene for packaging is expected to hinder the growth of polyethylene market over the forecast period. Moreover, growing awareness towards environment pollution among the population is anticipated to dampen the market of polyethylene.
This report also provides the existing competitive scenario of some of the key players of the global polyethylene market which includes company profiling:-
- BASF Corporation
- Sumitomo Chemical
- The Dow Chemical Company
- Lone Star Chemical
- Global Polymer Industries Inc.
- SABIC
- Lyondell Basell
- Exxon Mobil Corporation
- Reliance Polymers and Haldia Petrochemicals
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Research Nester is a one-stop service provider, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives to make wise decisions for their future investment and expansion by providing them qualitative market insights and strategies while avoiding future uncertainties. We believe in honesty and sheer hard work that we trust is reflected in our work ethics. Our vision is not just limited to gain the trust of our clients but also to be equally respected by our employees and being appreciated by the competitors.
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