High Density Polyethylene Market to observe high growth by 2023
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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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