Polyethylene Market Overview:
According to the International Trade Centre (ITC), the trade value of polymers of ethylene or polyethylene in its primary form was estimated to be $85.30 billion in 2018, and it witnessed year on year growth of 11%. This increase is attributed to the diverse applications of polyethylene in a gamut of industries including packaging, consumer goods, and others. The polyethylene market, whose size was evaluated to be $174 billion in 2018, is poised to observe growth at a steady CAGR of 3.9% during the forecast period 2019-2025.
The APAC region had the greatest share of the polyethylene market with 43%, in 2018. This is majorly attributable to the fact that in 2018, China and Malaysia observed year on year growth in polyethylene imports at rates of 22% and 33% respectively. Despite the problem of plastic (including polyethylene) waste in Indonesia, the country imported $1.8m worth of polyethylene in 2018 which was a 24% increase in imports as compared to 2017, according to ITC. Growth in imports to China is because of consistent demand from the country’s booming consumer electronics industry. On the other hand, Malaysia and Indonesia packaging industry were found to favor the polyethylene marketplace, and that has contributed to APAC’s dominance in the polyethylene market.
Even though import of polyethylene has witnessed a decline, the Indian polyethylene market is projected to observe growth, with demand estimated to catapult at a rate of 129% through to 2023, which will translate to 8.2 million metric tons by the end of 2023, according to Plastivision India. India will make a significant contribution to the APAC polyethylene market revenue during the forecast period.
Polyethylene Market Outlook:
Polyethylene or polythene is the most common plastic which is used as polyethylene foam, polyethylene sheet, and polyethylene fabric across industries. Polyethylene in cosmetics is also a significant application segment in the polyethylene market.
The key application of polythene is in the packaging industry, which is projected to grow at a CAGR of 4.6% through to 2025. This can be attributed to the increasing application of polythene in the flexible packaging industry. According to the Flexible Packaging Association (FPA), the industry is poised to grow at a CAGR of 11% through to 2021 due to properties such as being affordable and lightweight, coupled with growth in the packaged foods segment. Subsequently, the polyethylene market is expected to gain traction from growth of the flexible packaging industry.
Polyethylene Market Growth Drivers:
· The Demand Influx from the Construction Industry –
Construction industry is a major consumer of polyethylene which is used in the form of sheets, plates, films, foils, and strips that offer plastic protection to floors. These polyethylene products observed trade worth $16.23 billion in 2018, according to ITC. Furthermore, polyethylene is also used in pipes and fittings which form an integral part of construction activities. The construction industry is poised to witness growth in the future in order to fulfill the sustainable development goals set by the United Nations (UN). The industry already had a significant GDP of 25.39% in 2016, according to the World Bank. As the GDP will increase in the future due to the increasing construction activities and infrastructure development, the polyethylene market will observe an augmented traction from the construction industry.
· The Consumer Goods Sector Creating Opportunities in the Polyethylene Market –
Consumer goods such as bowls, buckets, water bottles, drums, dustbins and plumbing pipes, are a few polyethylene products utilized on a daily basis. Increased sales of consumer goods offer opportunities to vendors in the polyethylene market.
Polyethylene Market Trends –
· In August 2018, LyondellBasell completed acquisition of A. Schulman, Inc., a global supplier of high-performance plastic compounds including polyethylene. The acquisition will help LyondellBasell to increase their share in the plastic and polyethylene market and capitalize on the increasing demand from the packaging industry.
Polyethylene Market Key Players Perspective –
The major players in the polyethylene market are DowDuPont, Inc., BASF SE, SABIC, BP plc, INEOS, Sinopec, Formosa Plastics Corporation, LyondellBasell Industries N.V., Chevron Phillips Chemical, Hanwha Group, Mitsui Chemicals, Inc., Repsol S.A., and Total S.A.
Polyethylene Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the polyethylene market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The polyethylene market research report also analyses the application of polyethylene in various sectors such as packaging, building & construction, and consumer goods.
Polyethylene Market Report: Industry Coverage
The polyethylene market report identified the current trends, opportunities, and challenges in the industry along with a detailed depiction of strategies by the existing market players.
The report also provides facts, figures, and statistics about different types of polyethylene and their use in various industries.
For more Chemicals and Materials related reports - Please Click Here
Comments
Post a Comment