According to the latest report by IMARC Group, titled “High Density Polyethylene (HDPE) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global high density polyethylene market size reached a value of US$ 68 Billion in 2019. High density polyethylene (HDPE) is a type of thermoplastic, which is manufactured by catalytic polymerization of ethylene. It is flexible, recyclable, lightweight, sustainable, weatherproof, and resistant to corrosion and tuberculation. As a result, it is employed in the manufacturing of chemical drums, toys, kitchenware, heavy-duty damp proof membranes, cable insulation and carrier bags. Other than this, it is also utilized in the packaging of various food products as it prevents leaking and aids in preserving product freshness.
Some of the key players being Chevron E I Du Pont De Nemours And Co Preferred Shares Ser. 4.50 NYSE: (CTA-B), Phillips Chemical Company, Dynalab Corp.,Exxon Mobil Corporation NYSE: (XOM), LyondellBasell Industries N.V. (LYB), INEOS Olefins and Polymers USA, INEOS Olefins and Polymers Europe, Saudi Basic Industries Corporation (SABIC), SINOPEC Beijing Yanshan Company, PetroChina Company Ltd., Braskem, Reliance Industries Ltd., Formosa Plastics Corporation, Daelim Industrial Co. Ltd., Prime Polymer Co. Ltd. and Mitsui Chemicals Inc.
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The increasing application of HDPE in numerous industries, such as pharmaceutical and personal care for packaging purposes, represents one of the primary factors driving the market growth. Apart from this, as HDPE has high barrier capacity and chemical stability, it is also used in the electronics industry across the globe. This, in confluence with the increasing expenditure on infrastructure in both the developed as well as developing countries, is further catalyzing the demand for HDPE. Furthermore, leading manufacturers operating in the industry are introducing improved production processes, such as coal to olefins (CTO) and methanol to olefins (MTO), to reduce their production costs, which is creating a positive outlook for the market. Looking Forward, By IMARC group, the market value is further projected to reach US$ 84 Billion by 2025, exhibiting a CAGR of 3.6% during 2020-2025.
Market Breakup by Feedstock:
- Naphtha
- Natural Gas
- Others
- Gas Phase Process
- Slurry Process
- Solution Process
- Blow Molding
- Film and Sheet
- Injection Molding
- Pipes and Extrusion
- Others
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