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.
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.
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.
Asia Pacific Dominates High-Density Polyethylene Market in Terms of Usage
On the basis of geography, Asia Pacific dominates the market owing to increase in large population of agrarian and increase in sale of consumer goods sales are few factor significantly attributing to the growth of the global high-density polyethylene market. Furthermore, Asia Pacific is expected to account for 46.9% of the overall market for high-density polyethylene by 2023 end. The Asia Pacific market is further followed by North America and Europe.
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Comparatively, North America and Europe are more matured than the Asia Pacific on the basis of usage of high-density polyethylene. Also, descent increase in consumption of plastics due to growing demand of consumer goods in rigid packaging industry. The high-density polyethylene is approved by the organizations like FDA, U.S. and this led the consumer to prefer more over the other existing polymers across the globe.