Global High Density Polyethylene (HDPE) Resins Market Size, Share, Growth Analysis, By Product Type(Adhesive Type HDPE Resin, Coating Type HDPE Resin), By Application(Film, Sheet), By End-User(Packaging, Agriculture) - Industry Forecast 2024-2031

Global High Density Polyethylene (HDPE) Resins Market size was valued at USD 65.6 billion in 2019 and is poised to grow from USD 68.7 billion in 2023 to USD 102.8 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

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. 'SABIC', 'LyondellBasell Industries N.V.', 'Reliance Industries Limited', 'Dow Inc.', 'ExxonMobil Corporation', 'Borealis AG', 'Total Petrochemicals & Refining USA, Inc.', 'Chevron Phillips Chemical Company', 'INEOS Group AG', 'Formosa Plastics Corporation', 'Braskem S.A.', 'Mitsui Chemicals, Inc.', 'Lotte Chemical Corporation', 'SINOPEC', 'PetroChina Company Limited', 'Thai Oil Public Company Limited', 'Saudi Basic Industries Corporation (SABIC)', 'Abu Dhabi Polymers Company Ltd. (Borouge)', 'China Petroleum & Chemical Corporation (Sinopec)', 'Westlake Chemical Corporation'

Rising demand from the packaging and automotive industries: The market for high-density polyethylene resins is experiencing an increase in demand from both sectors. This is due to the hardness, chemical resistance, and heat resistance of HDPE resins.

To secure the items in the warehouse and logistics, HDPE is often utilised in films. Given the rising population's increased use of packaging films, it is anticipated that HDPE resin's thin-film applications would increase over the coming years. Food packaging will be in greater demand as a result of the requirement for high-quality, multilayer barriers to increase product shelf life and reduce food waste. High-density polyethylene pipe demand is anticipated to increase as a result of the booming construction sector, particularly in China and the US.

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.