Linear low density polyethylene (LLDPE) market will grow at a moderate rate in the forecast period. The growth being attributed to vigorous increase in automotive, retail packaging, consumer goods and agriculture industries. In Europe, the market will register CAGR above 5% by 2024, due to technological advancements coupled with rapid industrialization.
Global packaging market is probable to surpass USD 1 trillion in forecast period, being driven by the paper & board sector. Revolution in processed food and beverage goods packaging designs will open brighter growth prospects for the product in near future.
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Growing application prospects of LLDPE will propel the market at a substantial rate. For instance, it is likely to witness significant demand as a substitute for few polyethylene grades such as HDPE and LDPE, due to better chemical and physical properties of the product. The polymer is widely used in mining, canal lining, packaging industry, geomembrane liners and hazardous waste liners and thus has brighter demand aspects in near future.
Owing to the wide range of applications such as moisture resistance in the concrete structure, soil erosion prevention in agriculture, etc. LLDPE films likely to contribute to 70% of the application revenue share by 2024. The product is popularly used in food packaging. By 2024, the global food packaging market is estimated to surpass USD 310 billion which presents brighter growth aspects for the market in the forecast period. LLDPE films are used for sacks and bags manufacturing as well, due to their mechanical properties.
Rotomolded LLDPE is likely to have revenues over USD 6.9 billion in 2024. The growth is attributed to its benefits of being simpler and affordable compared to injection molding or blow molding. Its applications in water treatment, packaging, agriculture, automotive construction and furniture industries will propel the market in coming years.
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Asia Pacific is estimated to be the largest share observer for LLDPE market in 2024. Robust industrialization in the region due to thriving textiles, oil & natural gas, automobiles, manufacturing and electronics industries in the regional economies will encourage the construction spending and will boost market growth. Rapidly expanding Indian e-commerce and organized retailing will also contribute to the market growth. Malaysia and Thailand are strengthening the packaging industry which will consequently increase the regional product consumption.
North America will have a share over USD 7.5 billion by 2024. The regional market is led by U.S., having an established web of pharmaceutical companies. These will need LLDPE films for medical packaging. The construction spending in U.S. is predicted to grow over 6% CAGR by 2024 particularly due to its infrastructural development.
Europe has been a prevalent automobile market globally with major OEM and other automotive suppliers based in Sweden, Germany etc. The region is likely to observe rise in meat packaging, telecommunication, automobile, and electronics industries in the coming years.
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Key market players are Reliance Industries, LyondeBassells Industries N.V., The Dow Chemical Company, Nova Chemicals Corporation, Saudi Basic Industries Corporation (SABIC), China Petroleum & Chemical Corporation (Sinopec Corporation), INEOS Group AG, CNPC, Exxon Mobil Corporation, Borealis AG, Sasol Limited, Mitsui and Westlake, Mitsubishi Chemicals, Chevron Phillips Chemical Company LLC, and Braskem S.A.
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