High Density Polyethylene Market to cross a massive revenue of USD 88 billion by 2024, heavy demand from the packaging sector to accelerate the industry growth
The rapid development of the electronics, construction, and packaging sectors will lead to an upward curve in Global High Density Polyethylene Market. Growing inclination of pharmaceutical companies and hospitals toward using high density polyethylene for medicine bottles and other forms of medicinal packaging will lead increased product demand. In addition, this polymer is used extensively across the F&B sector to pack edible foodstuff, owing to its improved mechanical properties and temperature toughness. The urban trend of preferring packaged (ready-to-mix and ready-to-eat) meals will provide ample growth prospects for high density polyethylene industry to progress in the food & beverage sector.
Europe High Density Polyethylene Market size, by end-user, 2013-2024 (USD Million)
Experimentally manufactured using thermoplastic processing methods somewhere around the mid-1930s, high density polyethylene found its first commercial application in high frequency radar cables to be used in wars, thus setting the wheels in motion for ample growth of high density polyethylene market. In the decades that followed, the product found immense potential and is now available in a host of grades. With a multitude of benefits such as low cost, temperature resistance, chemical sustenance, moisture protection, and opacity to its credit, this polymer finds widespread utilization in major professional domains, thereby mobilizing the global industry trends. According to Global Market Insights, Inc., “High Density Polyethylene Market size, worth USD 60 billion in 2015, is poised to cross a revenue of USD 88 billion by 2024.”
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Leading manufacturers strive to produce a wide range of product grades to meet the growing demand. Efforts are being undertaken to specially design HDPE grades for customized applications such as telecom ducts, bags, sacks, and high pressure pipes. Notable companies involved in the manufacture of various grades in HDPE market include (Borouge) Abu Dhabi Polymers Company Ltd., PetroChina Company Limited., The Dow Chemical Company, Borealis AG, Braskem S.A., Honam Petrochemical Corporation, Formosa Plastics Corp., Chevron Phillips Chemical Co., and Exxon Mobil Corp.
Film & sheet form possesses properties such as flexibility, rigidity, clarity, affordability, and chemical inertness. Film & sheet contributed to more than 20% of the overall high density polyethylene industry share in 2015, and is projected to grow at a rate of 4.5% over 2016-2024.
Blow molded form of HDPE is endowed with favorable properties such as stiffness resistance, impact strength, cracking resistance, and temperature tolerance. It is principally used to manufacture water tanks, dustbins, fuel tanks, ducts, and plastic bottles. Blow molded form accounted for more than 25% of the total high density polyethylene market in 2015, and will grow significantly over the coming years.
In the process of injection molding, plastic is first melted and then injected into a mold under high pressure. This form of HDPE is used to produce electronic components such as cell phones and contributed to more than 15% of the overall market share. HDPE is a key raw material of injection molded plastic market due to its high resistance properties.
Europe high density polyethylene industry covered more than 20% of the global revenue in 2015 and will record a CAGR of 3% over 2016-2024, driven by the huge expansion of the infrastructural sector in countries such as Spain Germany, and Italy.
Rapid growth in the cosmetic and construction sectors and the huge demand from packaged F&B market will drive APAC HDPE industry, which accounted for more than 40% of the global share in 2015. The escalating infrastructural developments and rising construction spending in China and India will also fuel APAC HDPE market.
High density polyethylene market from packaging applications was worth more than USD 16 billion in 2015. With prominent utilization in the cosmetics, pharmaceutical, and F&B sectors, this application segment is set to accrue substantial profits over 2016-2024, especially across Latin America and the U.S.
High density polyethylene industry is slated to observe remarkable gains from numerous sectors, given the widespread scope of these products. For instance, HDPE pipes are highly affordable in terms of material and installation, owing to which they are used for water supply and irrigation in agriculture. HDPE is also used to produce electrical boxes and telephone ducts. The rapid expansion of the construction, transportation, automotive, and packaging sectors will stimulate the industry trends in the years to come.
Author Name :Saipriya Iyer