Polyethylene Market Size to Worth Around US$ 151.85 Bn by 2030
Precedence Research
6 min read
According to Precedence Research, the global polyethylene market size is projected to be worth around US$ 151.85 billion by 2030 from at US$ 111.8 billion in 2020, growing at a CAGR of 3.2% from 2021 to 2030.
Tokyo, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global polyethylene market is expected to grow due to the growing applications of the polyethylene across various end use verticals such as automotive, construction, agriculture, and consumer goods. The polyethylene market has witnessed a significant growth owing to the huge demand in the packaging industry. The light-weight, higher tensile strength, higher chemical resistance, higher temperature resistance, and low cost are the several important features of the polyethylene that makes it the most demanded material for the packaging across the globe.
The outbreak of the COVID-19 disease and the subsequent lockdown measures adopted by the government has significantly boosted the demand and adoption of the polyethylene products in the e-commerce industry. The online retailers significantly adopted the polyethylene products for the packaging of various consumer goods and food and beverages products that serves ease in transportation. Therefore, the rising demand for the polyethylene products in the e-commerce industry is expected to exponentially drive the market growth during the forecast period.
Report Scope of the Polyethylene Market
Report Highlights
Details
Market Size By 2030
USD 151.85 Billion
CAGR from 2021 to 2030
3.2
%
Fastest Growing Region
North America
Largest Revenue Holder
Asia Pacific
Base Year
2021
Companies Covered
The Dow Chemical Company, INEOS, Exxon Mobil Corporation, LyondellBasell Industries N.V., SABIC, Borealis AG, China Petrochemical Corporation, Mitsubishi Chemical Corporation, Chevron Phillips Chemical Co., SCG Chemical
Report Highlights
Based on the type, the HDPE segment dominated the market in 2020. This is attributed to the increased usage of the HDPE in the packaging industry owing to the low production cost, higher temperature resistance, and higher density and strength of the HDPE. The HDPE serves as a good protective structure that facilitates the packaging of goods and facilitates easy transit.
Based on the application, the construction is estimated to be the most opportunistic segment during the forecast period. The growing number of real estate projects in the developing nations and growing usage of the polyethylene for protecting the construction equipment and materials from moisture and water is expected to drive the growth of the market during the forecast period.
Asia Pacific region is the dominating and the fastest-growing market for polyethylene. The presence of huge consumer base for numerous industries and the rapid industrialization and rapid urbanization of the region is fueling the market growth. Moreover, the rapidly growing real estate sector is triggering the growth of the construction activities in the region. Therefore, the growing demand for the polyethylene in the construction industry in the various developing countries such as China and India is expected to foster the growth of the market. Moreover, the rising penetration of internet along with the growing adoption of the smartphones and other digital devices is fueling the growth of the e-commerce platforms in the region. The e-commerce industry is among the top consumer of the polyethylene as it serves as a protective packaging material that facilitates easy transportation of various products. Moreover, the rapidly growing demand for the healthcare and the pharmaceutical products is further driving the consumption of the polyethylene in the Asia Pacific region.
The growing demand for the bio-based polyethylene products
The globe is moving towards achieving sustainability by reducing carbon footprints. The growing initiatives of the various corporates and governments in different countries is significantly driving the demands for the bio-based polyethylene products. Moreover, the market players are shifting their focus on the development and manufacturing of bio-based polyethylene. For instance, in July 2020, Dow Chemicals and Thong Guan partnered to manufacture bio-based polyethylene products that targeted to serve the Asia Pacific region’s rapidly growing demand for the polyethylene. The bio-based polyethylene contains carbon elements that are renewable. Therefore, the bio-based polyethylene products are expected to gain rapid traction across the globe and will significantly contribute towards the market growth.
Restraints
Growing consciousness among the consumers regarding the negative effects of polyethylene on environment
The polyethylene is extremely harmful to the environment. Moreover, governments in various countries have banned the use of plastic bags. Polyethylene gets into the soil and deteriorate the soil quality and fertility by releasing toxic chemicals. Moreover, sometimes the animals accidentally eats the plastic wastes and die due to choking. Therefore, the growing awareness and consciousness among the consumers especially in the developed regions may hamper the growth of the polyethylene market during the forecast period.
Opportunities
Rising number of developmental strategies by the players
The polyethylene market is fragmented with the presence of numerous market players. The players are constantly engaged into a number of developmental strategies in order to exploit the market opportunities, gain competitive advantage, and gain market share. For instance, in May 2020, UPM Raflatac introduced its new line of Forest Film products, made from the post-consumer recycled plastics to be used in the packaging of products.
Challenges
Increasing health awareness and environmental protection activities across the globe
The plastic production across the globe was estimated at approximately 380 million tons in 2018. Plastics are the most generated wastes across the globe that significantly pollutes land and oceans. Most of the plastic bag wastes gets dumped into the ocean that kills around 100,000 marine animals every year. The government initiatives to protect the environment from plastic wastes are expected to be the major challenge for the market players in the upcoming years.
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