HDPE Market Estimated to Exceed US$ 81.8 Billion Globally By 2024: IMARC Group
As per the recent report by IMARC Group, titled “High Density Polyethylene (HDPE) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global high-density polyethylene market reached a value of US$ 65.4 Billion in 2018. High density polyethylene (HDPE) refers to one of the most durable and versatile thermoplastics which is manufactured by applying intense heat to petroleum under controlled conditions. The high tensile strength and light weight of HDPE adds to its immense popularity making it ideal for manufacturing various kinds of containers and materials. Additionally, HDPE can withstand environmental stresses such as high-temperature treatment and does not create any harmful emissions during its manufacturing or application. Some of the other advantages of HDPE include longer lifespan, moderate price point, resistance to corrosion, chemicals, climate changes, and ease of handling, installing and transportation.
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Market Trends:
As a result of growing environmental concerns, consumers are increasingly being cautious about the products they purchase and thus, are shifting towards eco-friendly options like HDPE products. In the packaging industry, HDPE finds application in the production of plastic bags, containers, bottles, and caps and closures which are further used in the food and beverage sector. Along with this, HDPE films are employed for packing food on account of their low odor and excellent chemical resistance. A rise in the demand for packaged food due to hectic lifestyles and inflating disposable incomes of the consumers has provided a thrust to the growth of the market across the globe. In the non-food industry, HDPE is used in the manufacturing of containers for soaps, shampoos, detergents, conditioners, bleaches and creams so as to protect the product from spilling as well as various environmental factors. Looking forward, the market is projected to reach a value of US$ 81.8 Billion by 2024, expanding at a CAGR of 3.8% during 2019-2024.
HDPE Market Structure:
• The high density polyethylene market has been bifurcated on the basis of feedstock into naphtha and natural gas. Amongst these, naphtha accounts for a dominant share in the global market.
• On the basis of application, the market has been divided into blow molding, film and sheet, injection molding, pipe and extrusion, and others. Presently, blow molding remains the largest segment, accounting for the majority of the market share.
• Based on manufacturing process, gas phase process is the leading segment in the high density polyethylene market. Other major manufacturing processes include slurry process and solution process.
• Region-wise, the market has been segregated as Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Currently, Asia Pacific is the leading market, accounting for the majority of the total share due to rising population in the region.
• The competitive landscape of the market has also been examined with some of the key players being Chevron Phillips Chemical Company, Dynalab Corp., The Dow Chemical Company, Exxon Mobil Corporation, LyondellBasell Industries N.V., INEOS Olefins and Polymers USA, INEOS Olefins and Polymers Europe, Saudi Basic Industries Corporation (SABIC), SINOPEC Beijing Yanshan Company, PetroChina Company Ltd., Braskem, Reliance Industries Ltd., Formosa Plastics Corporation, Daelim Industrial Co. Ltd., Prime Polymer Co. Ltd. and Mitsui Chemicals Inc.
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