Global Polyethylene market estimated to cross US$215 Billion by 2024

02-Aug-19

The global polyethylene market at US$163 bln in 2017 is witnessing tremendous growth and revenues are expected to reach US$215 bln by 2025, as per Zion Market Research. Demand for high density polyethylene is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Extensive product applications in automotive, wires, and plumping is anticipated to chart a profitable roadmap for polyethylene market in the years ahead. Apart from this, favorable features such as easy processing, recyclability, low manufacturing costs, and easy feedstock availability are projected to impel the growth of polyethylene market over the coming years. In addition, massive funding of infrastructural activities and diversification in consumer goods market are some of the key growth factors of polyethylene market. However, escalating demand for eco-friendly plastics, strict government legislations pertaining to use of petrochemical products, extensive funding of plastic recycling units and oscillating fossil fuel costs are anticipated to inhibit polyethylene market growth in the years ahead. Nevertheless, immense use of polyethylene in food wraps, bottles, bags, and containers is anticipated to create profitable avenues for the polyethylene market in the next few years. This, in turn, is projected to normalize the impact of hindrances on the polyethylene market, reports the study.

Regionally, North America has been leading the worldwide polyethylene market and is anticipated to continue on the dominant position in the years to come, states the polyethylene market study. Rise in the funding of commercial construction activities along with rapid expansion of consumer electronics sector is the main factor behind the dominance of the North America polyethylene market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional polyethylene market.

Dow Du Pont Inc., Exxon Mobil Corporation, SABIC, Lyondell Basell Industries Holdings, and SINOPEC are some of the key vendors of polyethylene across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the polyethylene market study. In a major event that can boost the expansion of polyethylene business, in August 2018, Berry Global Group—a global manufacturer & marketer of plastic packaging items—has purchased Laddawn, a blown polyethylene bags and films manufacturing company, for an undisclosed amount.

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