Polyethylene, often known as polythene, is the most common type of plastic on the planet. This is also a commonly used polymer that is chemically produced from ethylene. Polyethylene is utilized in a number of items, including plastic containers, plastic films, and plastic bags, since it can be easily remolded after being melted into liquid.
In 2021, the global polyethylene market was valued at US$139.95 billion, and is probable to reach US$186.16 billion by 2027. Also, global polyethylene market by demand reached 109.32 million tonnes in 2021 and is anticipated to reach 140.01 million tonnes by 2027.
Growth and expansion of industries like electrical & electronics, packaged food & beverages and automotive in most of the nations is likely to impact global polyethylene market.
Upsurge in disposable income and increasing single-person households would impact demand for polyethylene in the coming years. The polyethylene market is projected to grow at a CAGR of 4.87%, during the forecast period of 2022-2027. In 2021, the global polyethylene market by production stood at 108.69 million tonnes and is forecasted to grow to 134.84 million tonnes by 2027.
Market Segmentation Analysis:
- By Product Density: The report splits the global polyethylene market into three different product density: High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE) and Linear Low Density Polyethylene (LLDPE). The High Density Polyethylene (HDPE) segment held approximately 43% of the share of the polyethylene market in 2021. The HDPE market experienced growth in the historical years, due to several factors such as expanding end-use industry, growing demand for polyethylene and rise in technological advancements in production of HDPE.
- By Application: The report divides the global polyethylene market into five applications: Packaging, Construction, Household, Agriculture and Others. Packaging segment held the maximum share of 60% in the global polyethylene market. The growing food and beverages industry and growing concern towards the environment is primarily boosting the demand for polyethylene packaging.
- By Region: According to this report, the global polyethylene market can be divided into four major regions: Asia Pacific (China, Japan, India, South Korea and Rest of Asia Pacific), North America (The US, Canada and Mexico), Europe (Germany, UK, France, Spain, Italy and Rest of Europe), and Rest of the World. The Asia Pacific polyethylene market enjoyed the market share of 51% in 2021, primarily owing to inexpensive and affordable quality of polyethylene to most producers who use polyethylene as a raw material for other plastic products.
Impact Analysis of COVID-19 and Way Forward:
The outbreak of the COVID-19 pandemic increased polyethylene use. The quick development in demand for online sales channels in numerous industries such as food and beverages, consumer goods, and pharmaceuticals has greatly boosted polyethylene packaging use. Polyethylene’s versatility, strength, low cost, and light weight made it a popular packaging material, particularly for food and beverage products.
Furthermore, the fast rise of online food delivery services has greatly increased demand for polyethylene packaging. Polyethylene has negative environmental effects, yet its use is predicted to increase significantly due to its widespread use in numerous industries throughout the world.
Market Dynamics
Growth Drivers
- Upsurge in E-Commerce Sales
- Escalating Single-Person Households
- Upsurge in Demand for Plastic Bags & Sacks
- Increase in Demand for Packaged Food
- Rapid Urbanization
- Surge in Disposable Income
- Surging Application of Polyethylene in Agriculture
Challenges
- Fluctuating Crude Oil Prices
- Degrading Impact on Environment
Market Trends
- Rising Cultivation of Cannabis (Hemp & Marijuana)
- Increasing Demand for Plastic Films
Companies Mentioned
- LyondellBasell Industries
- SABIC
- Repsol Group
- ExxonMobil Corporation
- INEOS Group Holdings S.A.
- MOL Group
- The Dow Chemical Company
- Borealis AG
- Reliance Industries Limited
- Braskem S.A
- LG Corporation (LG Chem Ltd.)
- Borouge
- Formosa Plastics Corp
- Chevron Phillips Chemical Co.
- China Petrochemical Corporation (SINOPEC)
For more information about this report visit https://www.researchandmarkets.com/r/hsbad3
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