High density polyethylene is used in a number of industries such as building and construction, packaging, agriculture, and automotive, and the commercial high density polyethylene products available today include pipes and extrusion, injection molding, blow molding, rotomolding, and films and sheets.
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High density polyethylene finds extensive usage in flexible packaging applications such as packaging for milk and industrial and household chemicals, as well as rigid packaging applications such as containers, bins, and bottles. High density polyethylene is also used as cereal box liners and as carry bags in grocery and retail purchases. This growing usage of high density polyethylene is likely to boost the value of the global market from US$56.13 bn in 2014 to US$84.7 bn by 2023. If these values hold true, the worldwide market for high density polyethylene is forecast to develop at a 4.50% CAGR from 2015 to 2023, states Transparency Market Research.
Key Trends in Asia Pacific High Density Polyethylene Market
Asia Pacific accounted for a share of more than 40.0% in 2014, emerging as the largest market for high density polyethylene. This region is also projected to become the fastest developing market by 2023 in terms of both consumption and production. Here are a few major factors driving the APAC high density polyethylene market.
Since leading producers are involved in upstream activities, the global market for high density polyethylene exhibits a greater degree of backward integration. This offers players within the market a clear competitive advantage in the form of a steady supply of raw materials. The most prominent players making the most of this advantage are SINOPEC Beijing Yanshan Company, Reliance Industries Ltd., PetroChina Company Ltd., Prime Polymer Co. Ltd., The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), Braskem, Daelim Industrial Co. Ltd., INEOS Olefins and Polymers Europe, Exxon Mobil Corporation, Formosa Plastics Corporation, Dynalab Corp., Chevron Phillips Chemical Company, Mitsui Chemicals Inc., and LyondellBasell Industries N.V.
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In recent times, however, there have been several challenges pertaining to the volatility of raw material prices and supply limitations, and these are likely to hamper the progress of market players within the high density polyethylene market.