August 24, 2022 06:45 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 24, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global polyethylene market is expected to gain momentum from its increasing usage in a wide range of industries owing to various beneficial properties, such as high durability, easy customization, and resistance to moisture. The report further states that the polyethylene (PE) market size was USD 107.43 billion in 2019 is projected to reach USD 130.26 billion by 2027, exhibiting a CAGR of 3.4% during the forecast period.
In a new report, titled, “Polyethylene (PE) Market Size, Share & Industry Analysis, By Type (HDPE, LDPE, LLDPE), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2020-2027.”
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List of Key Market Players in Polyethylene (PE) Industry:
COVID-19: Reduced Demand from Various Industries to Hamper Growth
The emergence of the COVID-19 pandemic worldwide is taking a toll on the growth of the market as the demand for polyethylene is reducing from the consumer goods, electrical & electronics, and automotive industries. At the same time, the prices of crude oil are declining because of disruptions in supply chains. We are delivering in-depth reports to help you understand the current effects of the market. Our highly skilled analysts have used multiple research methodologies to provide authentic data.
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High Demand for Drippers & Nozzles at Irrigation Fields to Propel Growth
Polyethylene is nowadays being used extensively in the manufacturing of toys, sports goods, and fashion apparels. This is occurring because the material enables easy molding of products, provides flexibility & durability, and is capable of resisting physical stresses. The agriculture industry is also exhibiting high demand for the material because of the increasing demand for nozzles, micro tubes, emitting pipes, and drippers at irrigation fields.
These factors are set to boost the polyethylene market growth in the near future. However, the prices of raw materials are fluctuating constantly, which, in turn, would impact the cost structure of the final product negatively. This factor may obstruct growth.
Packaging Segment to Dominate: Demand from Food & Beverages Industry to Aid Growth
Based on the end-use industry, the automotive segment procured 5.3% in terms of polyethylene market share in 2019. The packaging segment, on the other hand, is expected to generate the largest share throughout the forthcoming years. This growth is attributable to the surging usage of polyethene in the manufacturing of numerous packaging solutions, especially in the food & beverages industry.
Rising Usage in Automotive Industry to Favor Growth in Europe
Geographically, in 2019, Asia Pacific held USD 49.40 billion in terms of revenue. It is anticipated to lead the market in the coming years fueled by the high demand for polyethylene from India and China. The material is utilized in the infrastructure & construction and packaging industries in these countries. In Europe, the U.S. is set to contribute to growth majorly because of the rising usage of the material in the automotive, as well as healthcare & pharmaceuticals industries.
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Key Players Focus on Launching Unique Products to Intensify Competition
The market consists of a large number of companies that are currently aiming to overtake their rivals in terms of revenue by introducing state-of-the-art polythene products. Some of the others are collaborating to develop such products.
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