What are the major factors driving High Density Polyethylene Market size until 2024?

Global Market Insights, Inc., estimates that the high density polyethylene market may exceed USD 80 billion by 2024. Increasing application across automotive, agriculture, construction and packaging industries is expected to impel the demand for high density polyethylene (HDPE) over the coming years, consequently offering a decent boost its market outlook. Rising trend and requirement for rigid packaging solutions in regions like Europe and North America, especially for consumer goods, could fuel the demand for HDPE.

Generally, high density polyethylene is made of ethylene, which is a petroleum-based product. HDPE is available in several forms including injection molded, film & sheet, pipe & extruded and blow molded. Given to its crucial application in notebook covers, HDPE market from the film & sheets segment is estimated to grow at a rate of over 4.5% over the forecast period. Plastic bottles are also made from HDPE, and their demand is likely to rise in expansive beverage industry.

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Companies operating in the high density polyethylene market are developing new, advanced products and solutions that cater to requirement for high-quality goods. For instance, in 2019, SIGMA Corporation announced the launch of its new, customizable HDPE oil/water separator manufactured in the U.S. and made using high quality, black high-density polyethylene recycled resin. With such developments,

How is the packaging industry contributing towards high density polyethylene market growth?

Growing demand for packaged foods is increasing the demand for high density polyethylene. Rising disposable income of people along with rising consumption of packaged foods, pharmaceuticals and personal care products is expected to propel the overall industry. The packaging industry accounted for a dominant market share of more than USD 16 billion in 2015 and is likely to grow steadily over the coming years.

How is the construction sector driving high density polyethylene market expansion?

The construction segment is witnessing rapid expansion owing to the rising global infrastructure sector and strong economic condition of countries. Construction projects in developing and developed regions is anticipated to drive product demand across the world, as is the usage of HDPE for plastic pipes in buildings.

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How is HDPE helping the automotive sector?
The automotive industry benefits largely from HDPE during the manufacturing process. Adoption of HDPE helps in reducing the fuel consumption in vehicles, which is an important factor that customers check before purchasing newer vehicles.
High density polyethylene also decreases the level of pollutant emission, which is likely to boost segmental growth. In 2019, producer of plastics resins and chemicals, Formosa Plastics Corporation, announced the continuing construction efforts of its expansion units at different locations in the U.S.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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