As per the report, “High density polyethylene market is projected to surpass a revenue of USD 88 billion by 2024”.
Changing lifestyle choices coupled with shifting consumer preferences toward packaged foods will propel high density polyethylene market over the coming seven years. Rapid urbanization and ever-growing infrastructural developments across the emerging economies such as India and will also influence the industry size noticeably.
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The prominent end-users of HDPE industry include the packaging, automotive, agriculture, and building & construction sectors. Driven by excellent features of HDPE pipes such as affordable installation, low material cost, and enhanced performance, high density polyethylene market in the agriculture sector will generate considerable revenue over the coming years. These pipes are mainly used for drainage, irrigation, and water supply for the farm. The rise in the construction expenditure across the globe and the increasing usage of HDPE based products such as pipes, electrical boxes, plumbing, and telephone ducts in construction activities will boost the industry share noticeably.
Based on the form of molding, high density polyethylene market is mainly divided into injection molded, blow molded, film & sheet, and pipe & extruded. Film & sheet market will exhibit an annual growth rate of 4.5% over the coming years of 2016 to 2024, flue kits owing to product advantages such as affordability and chemical inertness.
Blow molded high density polyethylene industry accounted for 25% of the overall revenue share in 2015 and will generate considerable demand over the coming timeframe. The attributing factor towards the market growth is its resistive nature towards the cracking and stiffness along with its ability to sustain high temperatures.
Geographically, the highlights of high density polyethylene market are mentioned below
Europe HDPE industry covered over 20% of the regional revenue in 2015, and is predicted to register an annual growth rate of around 3% over the period of 2016 to 2024, owing to the growing adoption of blow molding technology across the region. Asia Pacific high density polyethylene market accounted for more than 40% of the global industry share in 2015. Economically emerging countries across the APAC such as and India will generate significant revenue over the coming seven years, due to increasing expenditure on infrastructure development programs.
The noteworthy players in high density polyethylene (HDPE) market are Honam Petrochemical Corporation, The Dow Chemical Company, Abu Dhabi Polymers Company Ltd, Borealis AG, Petro Company Limited, Braskem S.A., LyondellBasell industries NV, Chevron Phillips Chemical Co., Exxon Mobil Corp., and Formosa Plastics Corp.
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