The global high-density polyethylene (HDPE) resins market is expected to gain impetus from their increasing usage in the food packaging industry worldwide. They are capable of providing longer shelf lives to food products, as well as reduce spoilage. This information is given by Fortune Business Insights™The study further mentions that the HDPE resins market size was USD 52,389 Million in 2019. It is projected to reach USD 68,297 Million by 2027, exhibiting a CAGR of 4.96% during the forecast period.
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This Report Answers the Following Questions:
- What are the market drivers, hindrances, and dynamics?
- Which region is set to dominate the market in the near future?
- How will the key players generate more sales amid the COVID-19 pandemic?
- Which segment is expected to remain in the leading position in the coming years?
Drivers & Restraints-
Increasing Usage of HDPE Resins in Manufacturing Sheets and Films will Boost Growth
High-density polyethylene resins are used to manufacture sheets and films worldwide. These are further utilized to produce industrial liners, refuse sacks, wrappings, and carrier bags. Also, the increasing penetration of the Internet, food delivery services, and online shopping platforms in the developing economies across the globe would affect the high-density polyethylene resins market growth in the near future. However, the availability of substitutes, such as polyethylene terephthalate (PET) may hamper growth.
Segment-
Packaging Segment to Grow Rapidly Fueled by Usage in Plastic Bottles & Tubing
Based on end-use industry, the market is fragmented into automotive, building & construction, agriculture, packaging, and others. Out of these, the packaging segment held 47.30% HDPE resins market share in 2019 attributable to the increasing usage of the material for manufacturing corrosion-resistant tubing, plastic lumber, and plastic bottles. HDPE resins also have numerous beneficial properties, such as outstanding chemical resistance, compressive strength, and low temperature.
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Regional Analysis-
High Demand for Packaging from Various Sectors to Favor Growth in North America
Geographically, North America procured USD 8,853.88 million in 2019 in terms of revenue on account of the presence of major consumer industries in the region. Also, the increasing demand for packaging from various sectors, such as chemicals, food and beverages, and healthcare are expected to aid growth. Asia Pacific, on the other hand, is set to be the fastest growing region in the coming years in terms of production and consumption. Majority of the HDPE resins manufacturers are based in this region. Europe would exhibit a steady growth backed by the increasing competition between manufacturers.
Competitive Landscape-
Key Players Focus on Constructing Novel Plants to Surge Production Capacity
The global market includes several large, medium, and small companies that are increasingly investing in developing advanced plants to surge production capacity. This way, they will not only be able to fulfill the rising demand, but also strengthen their positions. Below are two latest industry developments:
- June 2019: Qatar Petroleum and Chevron Phillips Chemical Company LLC entered into an agreement to jointly develop a new plant in the Gulf Coast region, U.S. The new petrochemical plant would include two 1,000 KTA high-density polyethylene units and a 2,000 KTA ethylene cracker.
- April 2019: PetroChina is set to use LyondellBasell’s Hostalen ‘Advanced Cascade Process’ technology to produce 1,100,000 metric tons of HDPE resins per year. The new unit will be able to fulfill the demand from its consumers.
Fortune Business Insights™ lists out the names of all the renowned HDPE resins manufacturers present in the global market. They are as follows:
- Total S.A. (France)
- Dow Inc. (U.S.)
- ExxonMobil Corporation (U.S.)
- 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 (U.S.)
- PetroChina Company Limited (China)
- Indian Oil Corporation Ltd (India)
- Reliance Industries Limited (India)
- Formosa Plastics Corporation (Taiwan)
- Others
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