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HDPE Market 2024 Key Players The Dow Chemical Company, Honam Petrochemical Corporation, PetroChina Company Limited, Borealis AG, and Abu Dhabi Polymers Company Ltd.
High Density Polyethylene (HDPE) Market
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High density polyethylene market is projected to reach over USD 80 billion by 2024 according to this new research report. The packaging industry has experienced a drastic change over the past few years. The increased demand for packaged goods has escalated the demand for high density polyethylene (HDPE). With the increased disposable income of the people, consumption of products such as packaged foods, personal care products, pharmaceuticals, etc. has considerably increased over the past few years. This will lead to an escalating demand for the product.
The construction segment has been growing rapidly due to the growth in global infrastructure sector. The strong economic condition of the countries will give a boost to the construction sector, which in turn will accelerate the product market. The use of HDPE for plastic pipes in buildings will accelerate the product market. The construction projects in developed and developing regions of the world will ramp up the market growth.
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The automotive sector has enjoyed several benefits of the product during the manufacturing process. The product has contributed to reduce the fuel consumption in vehicles which is one of the key aspects that consumers look for. This will give an impetus to the high density polyethylene market. The level of pollutant emission is also reduced with the use of HDPE, which will drive the product market. The high demand for films and pipes in the agriculture sector will likely augment the product market.
Ethylene is used in the production of HDPE, which is a petroleum-based product. The oscillating price of raw material such as crude oil will adversely affect the product market.
The end-use industries served by the product are automotive, packaging, agriculture and construction. The packaging industry held the dominant market share in 2015 with a value exceeding USD 16 billion, which is expected to grow at a robust pace. The product can be found in various forms such as pipe & extruded, injection molded, blow molded and film & sheet.
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The product market in Asia Pacific is expected to register high sales by 2024, owing to the increased consumption of the product in consumer goods. Development in countries like China and India will fuel the market growth. The trend of rigid packaging of consumer goods will propel the product market in North America and Europe.
The key companies present in the product industry are Honam Petrochemical Corporation, Borealis AG, The Dow Chemical Company, PetroChina Company Limited, Abu Dhabi Polymers Company Ltd., Formosa Plastics Corp., LyondellBasell industries NV, Exxon Mobil Corp., Braskem S.A. and Chevron Phillips Chemical Co.
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