According to the latest report by IMARC Group, titled "High Density Polyethylene (HDPE) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global high density polyethylene (HDPE) market size reached US$ 68 Billion in 2019. HDPE is a versatile thermoplastic polymer that is extracted by applying intense heat to petroleum under controlled conditions. It is characterized by a crystalline structure, high tensile strength and longer lifespan. The plastic polymer is considered to be an ideal material for packaging and manufacturing applications as it does not emit harmful emissions during its production or application. It has a high melting point, which makes HDPE suitable for use in high temperatures. When it reaches its melting point, the plastic polymer can be molded into a wide array of products, including toys, soda bottles, trash cans, food storage containers, corrosion-resistant piping, geomembranes, plastic lumber and traffic cones.
Global HDPE Market Trends:
The global market is primarily driven by the increasing utilization of HDPE in the packaging industry. There has been an increasing demand for HDPE for packaging personal care products and pharmaceuticals, which is providing a thrust to the market growth. It is also used for the manufacturing of food-grade containers and bottles, which are widely utilized for the packaging of foods and beverages. In line with this, the emerging trend of on-the-go foods and beverages, along with the growing popularity of online food delivery services, is projected to catalyze the market growth. Apart from this, owing to the low moisture absorption and corrosion resistance characteristics of the polymer, HDPE pipes are increasingly utilized in the construction industry across the globe for residential plumbing purposes. Other factors, such as an enhanced focus toward sustainable development and rapid industrialization and urbanization, are expected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 84 Billion by 2025, exhibiting a CAGR of 3.6% during 2020-2025.
- On the basis of the feedstock, the market has been divided into naphtha, natural gas and others.
- Based on the application, blow molding exhibits a clear dominance in the market. Some of the other segments include film and sheet, injection molding, pipe and extrusion, and others.
- On the basis of the manufacturing process, the market has been classified into gas phase, slurry and solution processes.
- On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. At present, Asia Pacific holds the leading position in the market, accounting for the majority of the total market share.
- The competitive landscape of the market has been studied with the detailed profiles of the key players operating in the market. Some of these key players include Chevron Phillips Chemical Company LLC, Dynalab Corp., The Dow Chemical Company, Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., INEOS AG, SABIC, SINOPEC Beijing Yanshan Company, PetroChina Company Ltd., Braskem, Reliance Industries Limited, Formosa Plastics Corporation, Daelim, Prime Polymer Co., Ltd. and Mitsui Chemicals, Inc.
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