LONDON--(BUSINESS WIRE)--The polyethylene market is expected to grow by USD 39.96 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The polyethylene market is driven by global efforts to decrease plastic waste. Recycling 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 global market for recycled plastics is expected to grow at a CAGR of nearly 5% during 2019-2024. The growth in the non-food-contact packaging segment for recycled plastics is expected to be approximately 6% during the same period. Besides, recycling plastics helps conserve natural resources and energy. The process helps reduce the use of natural resources, such as water and petroleum, required to manufacture polyethylene bags and other products. This in turn, helps manufacturers save production costs. Therefore, the increase in plastic recycling activities will drive the global polyethylene market.
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As per Technavio, the new developments in application of polyethylene will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyethylene Market: New Developments in Application of Polyethylene
With the advent of new production techniques, the global polyethylene market has witnessed new developments in the type of polyethylene produced. An emerging trend in the market is the use of ultra-high molecular weight polyethylene (UHMWPE) in industrial applications, including bottling and automotive sectors. UHMWPE is also known as high-modulus polyethylene (HMPE). Another innovation in the global polyethylene market is the development of a new polyethylene named metallocene polyethylene (mPE). Along with the inherent film toughness, it can also be processed like LDPE. It was developed to eliminate the use of LDPE from film formulations, thereby significantly improving film properties without compromising on the efficiency of film production. Such developments are expected to drive the growth of the market during the forecast period.
“Factors such as the innovations and advances in the production of polyethylene, and the increasing adoption of novel technologies will have a significant impact on the growth of the polyethylene market value during the forecast period,” says a senior analyst at Technavio.
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Polyethylene Market: Segmentation Analysis
This market research report segments the polyethylene market by type (HDPE, LDPE, and LLDPE) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the polyethylene market in 2019, followed by North America, MEA, Europe, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as an increase in the number of middle-class consumers in Asia, rapid increase in population, and economic developments in countries, such as India and China.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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