A new report published by the Transparency Market Research (TMR) states that the highly competitive landscape of the global market for high-density polyethylene demonstrate fragmented structure, due to presence of large number of participants at the global and regional level across the globe. The top three players such as SABIC, Chevron Phillips Chemical Company and LyondellBasell Industries jointly account for 16.3% of the overall market. The strong chain of the operators functioning for high-density polyethylene demonstrate high usage of this product likely to boost demand in near future. Furthermore, the regional and local players are strengthening their market to gain foothold in this market, this will significantly drive the demand in near future. However, the new entrants entering into the market is very low, due to high investment required for the establishing new plants and there is very less provision for raw materials.
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As per TMR, the global market for high-density polyethylene is expected to touch a valuation of to US$84.79 bn by 2023 end, rising from US$62.8 bn in 2016.This market is expected to expand at a 4.6% CAGR from the period between 2015 till 2023.
Packaging Industry Likely to Boost Demand for Global High-Density Polyethylene Market
About 30% of the several material utilized for packaging is high-density polyethylene. The demand for product is high, this is one of the important factor positively supporting growth of the global high-density polyethylene market. Also, increasing demand for food and beverages as well as consumer goods is likely to boost the packing industries. Owing to increased prevalence of aesthetics in packaging commerce is another factor attributing to the growth of this market. Furthermore, increasing demand from agriculture industry for film and pipe is one of the important factor propelling the growth in this market.
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The rising usage of the high-density polyethylene in production of UV protected sheets and tarpaulins is another factor efficiently driving the demand of this market in near future. Nevertheless, the increasing sale of the consumer goods forcing the manufacturing giants to increase their production. This is another factor propelling the demand for the high-density polyethylene market in near future.