The research study covers the present scenario and growth prospects of the global polyethylene market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Some of the market drivers are the increasing demand for polyethylene products in countries, such as India, increasing global plastic recycling activities and the use of packaging material. However, the market faces challenges associated with volatility in prices of raw materials, coupled with product commoditization, regulatory framework governing the consumption of plastic bags, increasing disparity between demand and supply, and environmental impact pertaining to the consumption of polyethylene.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global polyethylene market:
- Growing sectoral demand for use of polyethylene products
- Increasing global plastic recycling activities
- Increasing use of packaging material
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Growing sectoral demand for use of polyethylene products
The global polyethylene market is driven by the increasing demand for plastic, which translates into growth opportunities for the market. Countries in Asia, such as India and China, witness the highest demand for plastics globally. India has witnessed rapidly increasing demand for plastic for electronic products. In India, the demand for electronics grows at an estimated rate of 17% annually.
Kshama Upadhyay, a lead plastics, polymers, and elastomers research analyst at Technavio, says, “Factors that have increased the market penetration of electronic products are a rapidly growing customer base and advances in technology. This further translates into the increasing demand for plastics and polyethylene in Asian countries. These countries have also witnessed robust industrial development, coupled with huge investments in the field of irrigation, power, water and sanitation management, building and construction, retail, transport, and other sectors.”
Increasing global plastic recycling activities
Plastic recycling refers to the process that involves the recovery of waste or scrap plastic and the reprocessing of materials. The polyethylene market is driven by global efforts to decrease the extent of plastic that is otherwise wasted. The recycling of plastics includes sorting plastic into different polymers, followed by the chipping and melting process. Soft plastics, including polyethylene bags and films, are also recycled.
“The recycling of plastics helps conserve natural resources and energy. The process helps reduce the extent of use of natural resources, such as water and petroleum, required to manufacture polyethylene bags and other products. Therefore, increasing plastic recycling activities drive the global polyethylene market as manufacturers of polyethylene benefit from reduced costs of production and are subject to fewer government restrictions,” adds Kshama.
Increasing use of packaging material
The considerable surge experienced by the plastic packaging industry drives the global polyethylene industry. The global demand for packaging is especially high in the food and beverage industry. Food and beverages necessitate packaging for retail, catering, and food distribution. Food and beverages are therefore required to be protected by packing them in sachets, containers, pouches, and plastic bags that act as the major outlets for polyethylene.
The market has also witnessed the increasing inclination of consumers toward easy-to-open and transparent packaging that facilitates the preservation and protection of food from oxygen and water vapor. Additionally, advances in pharmaceutical packaging have necessitated the application of polyethylene and have played an important role in driving demand for polyethylene.
- China Petrochemical
- Exxon Mobil
- LyondellBasell Industries Holdings
- Sumitomo Chemical
- The Dow Chemical Company
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