Polyethylene Market Trends

Growth Drivers

• Dynamic Properties and Growing Use of High-Density Polyethylene (HDPE) - High-Density Polyethylene is a low-cost thermoplastic with a uniform structure and no or little branching. It is produced at low temperatures (70-300°C) and pressures (10-80 bar) and is derived from either natural gas modification (a methane, ethane, propane mix) or catalytic cracking of crude oil into gasoline. It has a very good resistance to dilute acids, alcohol, and alkalis. For instance, HDPE is the perfect material for a variety of applications across industries owing to its excellent combination of features. High-density polyethylene is used for a variety of purposes, including the manufacturing of consumer items, fibers, textiles, wiring, and cables.
• Worldwide Escalation in Food and Beverage Industry – The food and beverage industry's global revenue is anticipated to increase from USD 507 billion in 2022 to USD 857 billion by 2025.
• Upsurge in Production of Sports Goods - Between 2015 and 2020, the worth of sporting goods production in the EU increased by more than 7% per year.
• Growth in Textile Industry – For instance, the global textile industry is currently valued at around USD 1.4 trillion and is estimated to grow at a rate of 4 - 5% per year for the next few years.
• Growth in Chemical Industry - In 2021, the total global revenue of the chemical industry reached its highest level in the previous 15 years, bringing the total to approximately USD 4.70 trillion.

Challenges

• Rising Environmental Concerns
• Stringent Government Regulations Over Plastic Use
• Availability of its Substitutes such as polyethylene terephthalate and propylene
• The increasing use of other substitutes such as polyethylene terephthalate and propylene is estimated to negatively impact the market growth. The properties of these plastics are similar to PE such as impact resistance, chemical resistance, flexibility, and low cost which are hindering the market growth.