Product ID: SQSG15E2040
Report ID: SQSG15E2040 | Region: Global | Published Date: November, 2022 | Pages: 253 | Tables: 102 | Figures: 76
Global High Density Polyethylene (HDPE) Resins Market size was valued at USD 65.6 billion in 2021 and is poised to grow from USD 68.7 billion in 2022 to USD 102.8 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).
The demand for high density polyethylene (HDPE) is expected to rise due to its properties such as resistance to moisture, longer shelf life, reduced spoilage, and tensile strength. The market will likely advance due to technological upgrades in the near future. Robotic automation and artificial intelligence will shape the future of the market.
They find extensive application in wrapping, refuse sacks, carrier bags, and industrial liners. Online shopping platforms and food delivery services will further boost its demand in the coming years.
The market is however, facing hindrance due to fluctuating prices of crude oil. This imbalance leads to collapse of plastic prices in the market. Increasing tension due to trade war will further hinder prices and demand for the market.
US High Density Polyethylene (HDPE) Resins Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global high density polyethylene (HDPE) resins market is segmented based on product type, application, end user and region. Based on product type High Density Polyethylene (HDPE) Resins Market is categorized into: adhesive type hdpe resin, coating type HDPE resin. Based on Application High Density Polyethylene (HDPE) Resins Market is classified into: film and sheet, injection molding, blow molding, pipe and profile, wire and cables, others. Based on End user, High Density Polyethylene (HDPE) Resins Market is sub-segmented into packaging, agriculture, building and construction, personal care, household, industrial containers and bottles, automotive, others. Based on region High Density Polyethylene (HDPE) Resins Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
High Density Polyethylene (HDPE) Resins Market Analysis by Application
The global high-density polyethylene (HDPE) resins market has been divided based on application into pipes and tubes, rigid items, sheets and films, and other applications. Due to the huge and steadily growing number of ongoing projects using HDPE pipes and tubes in the medium- to large-scale market, the pipes and tubes sector within the segmentation is predicted to develop with the greatest CAGR during the projection period 2022-2028. New multi-layer HDPE pipes are also being used in various new construction projects and water control initiatives. This might be a new potential for the market because it would lower the cost of pricey bedding materials while also offering improved durability and dependability, which will greatly boost market expansion over the course of the projection period.
High Density Polyethylene (HDPE) Resins Market Analysis by End User
The global high-density polyethylene (HDPE) resins market is divided into end-use sectors based on packaging, transportation, electrical and electronics, building and construction, agricultural, industry and machinery, and other end-use industries. The packaging sector has the highest revenue among the segments and dominates the High-Density Polyethylene (HDPE) market. Pharmaceuticals, food, and beverage packaging are all commonly made with HDPE. During the forecast period of 2022–2028, the market is expected to develop due to the flourishing global food and beverage industry as well as the rising demand for HDPE in cosmetic packaging.
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With a revenue share of more than 37%, the Asia Pacific region was the largest regional market in 2021. Over the course of the prediction, the region is anticipated to maintain its supremacy. This is due to rising product demand from numerous end-use sectors, including electrical & electronics, automotive, packaging, and construction. Due to growing consumer expenditure on grooming items including skincare creams and lotions, the personal care business in the Asia Pacific has experienced tremendous expansion. Growing disposable income and increasing awareness of beauty products made with natural components are expected to fuel demand for cosmetics in this region and increase product consumption over the forecast period.
During the projection period, Europe is anticipated to be the second-largest market for high-density polyethylene HDPE resins. Market expansion in this region is anticipated to be fueled by the rising demand from the packaging sector.
During the projection period, North America is anticipated to be the third-largest market for high-density polyethylene HDPE resins.
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High Density Polyethylene (HDPE) Resins Market Driver
Conscious Consumption of Plastic to Boost Demand for HDPE Resins in Global Market
High Density Polyethylene (HDPE) Resins Market Restraint
Fluctuating Crude Oil Prices to Hinder Market Growth
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By making investments in R&D, incorporating cutting-edge technology into their products, and releasing updated items for the market, the players continue to dominate the market. Different tactics are used, such as entering into agreements, mergers, and collaborations.The major players in the High Density Polyethylene (HDPE) Resins market include Total S.A. (France), Dow Inc. (US), ExxonMobil Corporation (US), INEOS Group Holdings S.A. (UK), SABIC (Saudi Arabia), LG Chem (South Korea), LyondellBasell Industries N.V. (The Netherlands), Eni SpA (Italy), Braskem (Brazil), Chevron Phillips Chemical Company LLC (US), PetroChina Company Limited (China), Indian Oil Corporation Ltd (India), Reliance Industries Limited (India), Formosa Plastics Corporation (Taiwan). To gain a competitive edge and solidify their market positions, these industries are exploring a range of inorganic growth strategies.
Top Players in the Global High Density Polyethylene Resins Market
High Density Polyethylene (HDPE) Resins Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by application, the pipes and tubes segment of the high density polyethylene (HDPE) resins market has the largest revenue share in the year 2021. Region-wise, the Asia Pacific region accounted highest market share with more than 37% of market value in the year 2021. The market for high density polyethylene (HDPE) resins is anticipated to increase as a result of the strong demand from the food and beverage industry. Accordingly, it is anticipated that over the forecast period of 2022 to 2028, the easy accessibility of inexpensive raw materials and the high demand for multiple-use plastics due to tighter regulations on single-use plastic will also act as major factors favouring the growth of the high density polyethylene (HDPE) resins market.
|Market size value in 2021||USD 65.6 billion|
|Market size value in 2030||USD 68.7 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global High Density Polyethylene (HDPE) Resins Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global High Density Polyethylene (HDPE) Resins Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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