Global Polyethylene (PE) Market

Global Polyethylene (PE) Market Size, Share, Growth Analysis, By Type(High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE)), By End User(Packaging, Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG15E2065 | Region: Global | Published Date: February, 2024
Pages: 254 | Tables: 68 | Figures: 75

Global Polyethylene (PE) Market Dynamics

Polyethylene (PE) Market Driver

  • The rise in demand amongst various end user sectors for high strength plastic is boosting the market growth.
    • Several industries, including the automotive, electrical & electronics, food & beverage, and consumer goods, are seeing an increase in demand for PE. It is suitable for industrial usage, primarily for the packaging of electrical and automotive replacement components, owing to qualities like high stiffness. Manufacturers in the automobile sector are concentrating on lightening their vehicles to increase their efficiency. PE is used because it is lightweight, easy to produce, good for sealing, and has rigidity properties.
    • Due to the escalating demand for the creation of food and beverage packaging materials, the consumption of the product is expanding quickly in the food and beverage industry. Effective packaging is preferred by manufacturers to lower the risk of food contamination and quality degradation. Because of its ability to block moisture, polyethene shields food and beverages from both internal and exterior conditions. This asset is anticipated to increase demand for products made in this sector.

Polyethylene (PE) Market Restraint 

  • The market's expansion is threatened by the availability of PE replacement goods like polypropylene and polyethylene terephthalate (PET). The market expansion of these kinds of plastics is anticipated to be constrained by their similarity to PE in terms of impact resistance, chemical resistance, flexibility, moldability, and low cost. Additionally, the cost structure of the finished product would be impacted by the fluctuating raw material prices, which will hinder the market's expansion. An important market restraint would result from this.
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Global Polyethylene (PE) Market size was valued at USD 102.49 billion in 2019 and is poised to grow from USD 106.69 billion in 2023 to USD 153.18 billion by 2031, growing at a CAGR of 4.1% in the forecast period (2024-2031).

All across the world, there are significant producers of polyethene. One of the well-known businesses, LyondellBasell, is involved in the plastics, chemicals, and refining industries. It offers a huge selection of PE items. The company's use of the acquisition strategy has demonstrated its superiority across the globe. On the other side, ExxonMobil is growing across the globe via tactics like joint ventures and by offering a wide variety of polymer goods. 'Exxon Mobil Corporation', 'Dow Chemical Company', 'LyondellBasell Industries N.V.', 'SABIC (Saudi Basic Industries Corporation)', 'Formosa Plastics Corporation', 'Braskem', 'Chevron Phillips Chemical Company LLC', 'INEOS', 'Mitsubishi Chemical Corporation', 'NOVA Chemicals Corporation', 'Reliance Industries Limited', 'Sinopec Group', 'Total S.A.', 'Borealis AG', 'BASF SE', 'LG Chem Ltd.', 'China National Chemical Corporation (ChemChina)', 'Lotte Chemical Corporation', 'Versalis S.p.A.', 'Westlake Chemical Corporation'

The rise in demand amongst various end user sectors for high strength plastic is boosting the market growth. Several industries, including the automotive, electrical & electronics, food & beverage, and consumer goods, are seeing an increase in demand for PE. It is suitable for industrial usage, primarily for the packaging of electrical and automotive replacement components, owing to qualities like high stiffness. Manufacturers in the automobile sector are concentrating on lightening their vehicles to increase their efficiency. PE is used because it is lightweight, easy to produce, good for sealing, and has rigidity properties.

Owing to its attributes, including durability, ease of customisation, and moisture resistance, manufacturers favour PE for packaging applications. The fact that polythene is a cheap material makes it useful for packaging. This polymer is the perfect choice because of its simple recycling capabilities, chemical resilience, and capacity to shield the contained product from any outside disturbances. Due to the aforementioned features, it is demonstrating a rapidly growing demand from the food and beverage and consumer goods industries.

The region with the largest market share is Asia Pacific, which is expected to hold the position for the duration of the forecast. This is related to the fact that the region is home to major consumers like China and India. Reliance Industries Limited reports that the demand for PE increased by 4%. Growing demand from sectors like packaging and infrastructure & construction is what's fueling market expansion in this nation.

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