The global polyethylene market is expected to surpass USD 1,83,724.4 million valuation during the forecast period (2018-2025) with a decent CAGR of 5.82%. Market Research Future (MRFR) in its report includes segmental details, competitive analysis, expert inputs, and industry drivers of the polyethylene market.
The polyethylene (PE) market is gaining grounds across verticals owing to it receiving support from industrialization, which has metamorphosed life into a fast-paced one. Urbanization is quickly becoming the spell to move forward which has squarely impacted innovation and allows it in tandem to grow. The packaging industry has been interminably linked with this kind of life. Polyethylene (PE), also known as polythene, has evolved as a spindle here. Among factors, alongside packaging, the construction sector is also boosting the polyethylene market significantly. It has also pervaded the manufacturing process of pipes, barrier films, curing material, protective sheeting, and others. In packaging, food & beverage, personal & home care, and pharmaceutical sectors are providing thrust to the polyethylene market. The material is gaining leverage owing to its superior performance, cost-effectiveness, resistance to moisture & chemicals and durability.
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However, the polyethylene market can plummet due to bans imposed by governments to curb plastic use. Plastic bags are either banned or heavily taxed in many nations which can deter the market growth during the forecast period. Hence, the global market is looking ahead to bio-polyethylene, a component derived from renewable feedstocks which can steer the polyethylene market clear of any long-time damage.
The global polyethylene market can be segmented by type, technology, and end-users.
By type, the polyethylene market can be segmented into low-density polyethylene (LDPE), medium-density polyethylene (MDPE), and high-density polyethylene (HDPE). LDPE with USD 64,567.3 million in 2018 is leading the segment and can go up to USD 97,157.2 million with the fastest CAGR of 6.01% during the review period.
Technology-wise, the polyethylene market includes films & sheets extrusion, pipe extrusion, injection molding, blow molding, and others. Films & sheets extrusion segment has a valuation of USD 68,059.4 million in 2018, which can cross USD 1,06,049.4 million by 2025 with the fastest CAGR of 6.54% during the forecast period.
Based on end-user, the polyethylene market includes packaging, construction, automotive, electrical & electronics, household applications, others. Packaging segment’s worth in 2018 is USD 73,347 million which with the fastest 6.12% CAGR can surpass the estimated USD 1,11,148.3 million valuation by 2025.
Region-specific analysis of the polyethylene market spans across North America, Latin America, Asia Pacific (APAC), Europe, and Middle East & Africa (MEA).
The APAC region is leading the market with a worth of USD 56,216.8 million and which can go up to USD 85,957.3 million with the fastest CAGR of 6.25% during the forecast period. Emerging economies in the region such as India, China, Indonesia, and others are witnessing industrial upheaval which is giving a tailwind to the regional polyethylene market. Urbanization is also seeing rapid growth which is proving to be beneficial for the regional market.
Europe has the second biggest market, and it can scale valuation of USD 36,490.5 million by 2025 with a CAGR of 5.53%. It is followed by North America which can mount a valuation of USD 34,551.2 million with a 5.72% CAGR during the forecast period.
Players in the polyethylene market report that have significant impacts are Formosa Plastics Corporation (Taiwan), China Petrochemical Corporation (China), Petronas Chemicals Group Berhad (Malaysia), Exxon Mobil Corporation (the U.S.), Mitsui Chemicals Inc. (Japan), LyondellBasell Industries NV (the Netherlands), SABIC (Saudi Arabia), Sumitomo Chemical Co. Ltd (Japan), DowDuPont (the U.S.), Sasol Ltd. (South Africa), INEOS Group Holdings SA (the U.K.), Chevron Phillips Chemical Company (the U.S.), and others.
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Expansion moves and establishment of new setups to expedite the production process are primary strategies of these players. In August 2018, ExxonMobil announced an investment of USD 1.9 billion to expand their current facility in Texas to meet the demand. In the same year, LyondellBasell declared that they bought A. Schulman, Inc. a notable name in the supply of high-performance plastic compounds, composites, and powders.