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High Density Polyethylene Market to observe high growth by 2023

11-21-2017 07:06 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
High Density Polyethylene Market to observe high growth by 2023

The global high density polyethylene (HDPE) market is highly fragmented due to the presence of large number of regional and local producers. These regional and local players have a stronghold in local markets, making it difficult for global players to increase their market share. Transparency Market Research (TMR) has found that the three leading producers, namely INEOS Olefins and Polymers, LyondellBasell Industries, and Chevron Philips Chemical Company collectively accounted for 16.3% of the overall market in 2014.

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The aforementioned players have strong distribution chains in regions exhibiting high consumption of high density polyethylene market and demonstrate large plant capacities. It is expected that the degree of competition in this market will remain high even in the coming years, as regional and local players are trying to increase their footprint in the global high density polyethylene market. However, the threat of new companies entering into this market is expected to remain low, due to low provisions of raw materials required and high capital costs for building technologically advanced production plants.

In a report, Transparency Market Research has estimated that the global HDPE market value will reach up to US$84.79 bn by the end of 2023, which was valued at US$62.8 bn in 2016. The market is expected to expand at a CAGR of 4.2% for the forecast period 2015-2023.

The packaging industry holds a leading share in the overall market for high density polyethylene. It is expected that by the end of 2023, the packaging industry will contribute 31.1% to the total volume of the market. Regionally, Asia Pacific has dominance in the global market owing to a significant rise in consumer goods sales and presence of a large agrarian population. It is estimated that, by the end of 2023, Asia Pacific will account for 46.9% of the global market.

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Surging Demand from Packaging Industry to Boost Global High Density Polyethylene Market

Plastic packaging needs a large volume of the high density polyethylene as it is a core plastic in rigid packaging. Nearly 30% of the various materials used in packaging is high density polyethylene. This high demand is one of the key driver for the market. Furthermore, surge in consumption of consumer goods and food and beverages is expected bolster the packaging industry, further flourishing the HDPE market. Additionally, the rising significance of aesthetics in packaging industry is another factor helping the market to grow. They also find applications in the manufacturing of pipes. The soaring demand from the agriculture industry for pipes and films is therefore expected to assist the market growth. Additionally, the usage of HDPE in the manufacturing of UV protective tarpaulins and sheets is anticipated to increase the demand for high density polyethylene.

Fluctuating Costs of Raw Materials Could Hinder Market Growth

Fluctuating costs of raw materials used for manufacturing of high density polyethylene is a key concern for all the market players. For instance, large amount of ethylene is used for manufacturing of HDPE, due to overall scarcity of petroleum based byproducts, the market for ethylene is exhibiting fluctuating costs, reflecting its effects on the HDPE market. Furthermore, low thermal and mechanical properties and poor dimensional accuracy provided by HDPE could motivate manufacturers to opt for other alternatives such as polyethylene terephthalate. Nevertheless, major public health concern bodies have approved use of high density polyethylene for food packaging, which is expected to bolster the HDPE global market.

This information is taken from a report by Transparency Market Research, titled as “High Density Polyethylene Market (Product Type – Blow Molding, Pipe & Extrusion, Film & Sheet, Injection Molding, and Rotomolding; Application – Agriculture, Building and Construction, Automotive, Packaging, and Industrial) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”

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About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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