The global high density polyethylene market has been enjoying a surge in its valuation over the past few years. The increasing demand for high density polyethylene from the packaging, agriculture, automotive, and construction industries has given a significant impetus to this market in recent times. However, the instability in raw material prices is expected to hamper the market growth in the coming years.
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According to a research report published by Transparency Market Research (TMR), in 2014, the global market for high density polyethylene reached US$56.1 bn in terms of value and 39,254.6 kilo tons in terms of volume. It is likely to report a CAGR of 4.50% during the period from 2015 to 2023 and reach a value of US$84.7 bn by the end of 2023.
Blow Molding Segment to Retain Leadership in Global High Density Polyethylene Market
Blow molding, film and sheet, pipe and extrusion, injection molding, and rotomolding are the major products available in the global high density polyethylene market. The blow molding segment was leading the global market in 2014 with a demand share of more than 25%.
The demand for blow molded high density polyethylene products is likely to rise substantially in the forthcoming years owing to the increasing application of blow molded products in the packaging industry.
Asia Pacific to Maintain Dominance in Global High Density Polyethylene Market
The worldwide market for high density polyethylene is spread across Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Currently, Asia Pacific boasts leadership in the market. In 2014, it accounted for a share of more than 40% in the overall market and was closely followed by North America and Europe.
Analysts expect the Asia Pacific high density polyethylene market to register the fastest growth over the coming years in terms of both production and consumption. The rapid rise in industrial as well as agricultural activities in this region is the key driving force behind this remarkable growth of the high density polyethylene market in Asia Pacific.
The extensive economic development of this region has attracted a number of major market players, who are planning to set up new capacities in Asia Pacific. This factor is also expected to boost the Asia Pacific high density polyethylene market significantly in the near future.
High Density Polyethylene Market in Middle East and Africa to Expand at 4% CAGR between 2015 and 2023
The demand for high density polyethylene products was the highest from the Middle East and Africa in 2014. The regional market is projected to report a CAGR of 4.0% during the period from 2015 to 2023 in terms of market volume.
The global high density polyethylene market is showing great potential for future growth. The rising investment in bio-based high density polyethylene products is expected to present new opportunities for market players.
The Dow Chemical Co., INEOS Olefins and Polymers, Chevron Phillips Chemical Co., Exxon Mobil Corp., Mitsui Chemicals Inc., Braskem, Daelim Industrial Co. Ltd., Prime Polymer Co. Ltd., PetroChina Co. Ltd., SINOPEC Beijing Yanshan Co., and Saudi Basic Industries Corp. are some of the key companies operating in the global high density polyethylene market.