Europe linear low density polyethylene (LLDPE) market to collect heavy revenue by 2024, high product demand from rotomolding applications to positively impact the regional growth
Linear Low Density Polyethylene (LLDPE) Market is slated to record a remarkable growth rate over the coming years as the product finds extensive utilization across various end use sectors such as automotive, agriculture, and packaging. Of late, the trend of packaged and ready-to-eat meals has been gaining renewed attention, subject to the increasingly hectic lifestyles. The growing innovations in food packaging techniques thus, will contribute to the growth of LLDPE market. As per a report by Global Market Insights, Inc., “Worldwide linear low density polyethylene (LLDPE) market having had a revenue of USD 37 billion in 2015, will register an annual growth rate of more than 6% over the period of 2016 to 2024.”
Europe Linear Low Density Polyethylene Market Size, By Application, 2013-2024 (USD Million)
Asia Pacific covered about 45% share of linear low density polyethylene market in 2015 and will generate significant revenue over the years ahead. Increased spending on infrastructure development mainly across India and China will contribute to the industry growth. As per reliable estimates, in 2015, the total expenditure on construction activities across China and India was USD 1.75 trillion and USD 420 billion respectively. In addition, changing trends toward the consumption of packaged food across this region will fuel the product demand notably.
LLDPE products are utilized in films that find applications in concrete, subject to the property of moisture resistance, which will impel its usage across the construction sector. Films also help reduce soil erosion and provide protection against UV rays, which in turn will boost the usage of this product for agricultural purposes. Subject to the fact that films are heavily utilized across lucrative end-use sectors, this application segment is expected to cover more than 70% of linear low density polyethylene market by 2024.
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North America linear low density polyethylene industry will record an annual growth rate of 5% over the coming seven years. Emerging pharmaceutical and food & beverage sectors across this region will contribute to the growth of this market. Moreover, the rising living standards and a well-established automotive base in the region will favor the food & beverage sector and automotive sectors, which will impel LLDPE market trends.
Europe LLDPE market will exhibit a CAGR of more than 5% over the period of 2016 to 2024. The growth can be attributed to growing technological advancements across the various sectors such as automobiles, electronics, and telecommunication along with growing industrialization across this region. Germany, Italy, and Spain will be the prominent revenue contributors. Germany is the hub of automakers across the world, with most of the automotive biggies having established their business base in the region. Injection molded LLDPE products offer benefits such as better finishing capability, low labor cost, high productive efficiency, and less scrap losses, owing to which they are used to manufacture wire spools and automotive dashboards for the automotive sector. This will expedite linear low density polyethylene market from injection molding applications, which in turn will augment Germany market share subject to the presence of a large number of automakers in the nation.
Rotomolding is another lucrative application segment of linear low density polyethylene industry that collected a revenue of USD 4.4 billion in 2015, and will surpass a revenue generation of USD 6.9 billion by 2024. Owing to the economic benefits, this technique is extensively used across various sectors such as automotive, packaging, agriculture, furniture, and construction, which in turn, will augment the linear low density polyethylene industry growth.
The noteworthy players in Linear low density polyethylene market are Reliance Industries, Nova Chemicals Corporation, SABIC, Exxon Mobil Corporation, LyondellBasell Industries N.V., Sasol Limited, Borealis AG, Braskem S.A., INEOS Group AG, and The Dow Chemical Company.
Author Name :Sunil Hebbalkar