A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Linear Low-Density Polyethylene (LLDPE) Market was worth USD 61.3 billion in 2021 and is projected to reach USD 85.7 billion by the year 2028, growing at a CAGR of 4.9% over the analysis period of 2022-2028. The expansion in the linear low-density polyethylene (LLDPE) market can be primarily attributed to burgeoning demand from numerous end-use industries including the automotive industry, electrical & electronics industry, houseware products industry among others which is driving the growth of the global linear low-density polyethylene market during the forecast period 2022-2028.
Burgeoning Demand by Various End-Use Industries Driving the Global LLDPE Market Growth
The surge in the demand from the food packaging industry due to its properties like flexibility, heat resistance, and ease to seal is one of the major factors driving the growth of the global LLDPE market during the forecast period 2022-2028. Moreover, the non-food packaging industry market is mainly driven by the escalating usage of thin films as they are quite cost-effective. In addition to this, the rising demand for non-food packaging films for irrigation purposes by the agricultural sector is anticipated to augment the demand for the product in profile extrusion. Furthermore, injection molding and rotomolding are being widely used for manufacturing housewares products like kitchen accessories, furniture parts, luggage. The amplifying usage of LLDPE in industrial applications like containers & tanks, aluminum rolling, decorative coatings, and dry-cleaning conveyor belts is likely to drive substantial demand for LLDPE during the forecast period 2022-2028.
Packaging Industry to Grow at A Higher Growth Rate During the Forecast Period
With the growing urbanization, industrialization, rising personal disposable income, changes in the lifestyles of people, there has been an augmentation in the expenditure on food and beverages, apparel, and pharmaceuticals throughout the world. The growing on-the-go food consumption culture, growing number of online food delivery platforms have played an efficient role in augmenting the demand for LLDPE in the packaging industry with LLDPE becoming the most commonly used material in the packaging industry. Several products are mass-produced using LLDPE, owing to the low cost, high clarity, heat seal-ability, softness, and better elongation. Moreover, LLDPE provides a high stretch rate needed for stretch films. Low-density polyethylene offers a low shrink temperature and is utilized to wrap bottles as well as canned goods. Such beneficial characteristics play a major role in augmenting the adoption rate of LLDPE across various end-use industries.
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Impact of COVID-19 On The Global Linear Low-Density Polyethylene (LLDPE) Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global Linear Low-Density Polyethylene (LLDPE) market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns thus vividly hampering the building and construction, transportation, packaging, electrical, and electronics industries, which are the most important end-user industries for the Linear Low-Density Polyethylene (LLDPE) market. Nevertheless, with the improving market circumstances in the post covid era, the growth of the Linear Low-Density Polyethylene (LLDPE) market is likely to recover during the forecast period.
The Asia-Pacific Region Is Expected to Grow with The Highest CAGR in The Global Linear Low-Density Polyethylene (LLDPE) Market.
In terms of regional analysis, the global Linear Low-Density Polyethylene (LLDPE) market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global linear low-density polyethylene (LLDPE) owing to the existence of a large packaging sector in the region. Moreover, the growing construction spending of the emerging also acts as a major factor driving the LLDPE market. China and India had witnessed huge construction spending in recent years which is likely to propel low-density polyethylene market revenue during the forecast period 2022-2028. North America occupies the second position in the regional segment. This can be attributed to the robust automobile industry of the region with automobile manufacturers such as “General Motors”. The Asia-Pacific and North America are followed by Europe.
Competitive Landscape
The global linear low-density polyethylene market is a fragmented market. The key players operating in the global linear low-density polyethylene (LLDPE) market are Dow Chemical Company, Mitsui and Westlake, Exxon Mobil Corporation, INEOS Group AG, Chevron Phillips Chemical Company LLC, Saudi Basic Industries Corporation (SABIC), Borealis AG, Mitsubishi Chemicals, Nova Chemicals Corporation, LyondellBasell Industries N.V., and Braskem S.A., SINOPEC Beijing Yanshan Company, PetroChina Company Ltd., Formosa Plastics Corporation, Daelim Industrial Co. Ltd, sPrime Polymer Co. Ltd., and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
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