What is the global market size of Polyethylene (PE) Market?

Global Polyethylene (PE) Market size was valued at USD 102.49 billion in 2021 and is poised to grow from USD 106.69 billion in 2022 to USD 153.18 billion by 2030, growing at a CAGR of 4.1% in the forecast period (2023-2030).

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 Insights

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).

Plastics have a number of benefits, including low cost, water resistance, and ease of manufacture, which have led to a wide range of applications in sectors including construction and automotive. An additional aspect boosting market revenue development is the rising demand for plastic packaging solutions to safeguard diverse products. The building industry also records a significant demand for polyethylene. In building and infrastructure applications, polyethylene's high tensile strength and stiffness are generating a consistent demand.

The most widely used plastic in the world is polyethylene, which is used in everything from detergent bottles to car fuel tanks to transparent food wrapping and shopping bags. Additionally, it can be cut, spun into synthetic fibers, or altered to mimic rubber's elastic qualities. The demand for safe packaging solutions is driven by high moisture resistance properties that protect food and drinks from internal as well as exterior surroundings. Market revenue growth is anticipated to be further fueled by manufacturers' increased focus on finding efficient packaging materials and solutions to lower quality loss and the danger of food contamination.

US Polyethylene (PE) Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Polyethylene (PE) Market Report Snapshots

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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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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

Global Polyethylene (PE) Market Insights

Global Polyethylene (PE) Market Report Snapshots

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