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The High-Density Polyethylene (HDPE) Market size is estimated to grow at a CAGR of 5.49% between 2023 and 2028. The market size is forecast to increase by USD 22.66 billion. The accelerated growth of the market is due to various factors including increasing demand for polyethylene products from various industries, expansion of manufacturing capacities by the vendors and increase in consumption of packaging material.
The research report high-density polyethylene (HDPE) market offers industry forecasts and segmentation based on end-user including packaging, construction, consumer goods, agriculture, and others. It also segments the market by retail channel, which comprises direct sales and indirect sales. Geographically, the report covers North America, Europe, APAC, South America, and the Middle East and Africa. The market size, historical data (2018-2022), and future forecasts are presented in terms of value (USD billion) for all these mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for polyethylene products from various industries is notably driving market growth. One of the major drivers of the high-density polyethylene (HDPE) market is the increasing demand for high-density polyethylene products from various industries such as consumer electronics, construction, and automotive. The increasing demand for plastic is likely to have a considerable impact on the global high-density polyethylene market. Globally, China and India exhibit the highest demand for plastics. In India, plastics are extensively used in electronic products. Factors that help increase the high-density polyethylene (HDPE) market penetration of electronic products are better purchasing power, high penetration of electronic products, and rapid advances in technology.
Moreover, the rising residential and non-residential construction spending is projected to increase the consumption of high-density polyethylene that is used in telephone ducts, pipes and plumbing, and electrical boxes. The upcoming construction projects, such as commercial buildings and residential projects, will further increase the consumption of high-density polyethylene which has positive impact on high-density polyethylene market growth. Thus, the rising demand for high-density polyethylene from these industries is expected to drive the growth of the market during the forecast period.
An increase in the use of bio-based high-density polyethylene products is an emerging trend shaping the market growth. People in many countries are raising environmental and sustainability concerns with high-density polyethylene manufacturers. Many consumer product manufacturers prefer using eco-friendly packaging materials, such as bio-based high-density polyethylene, as they provide an opportunity to promote environmental sustainability. The increased environmental concerns and the need to reduce pollution have led to more emphasis on the sustainability of the environment. In packaging, high-density polyethylene derived from renewable resources is being emphasized.
In addition, these factors are expected to encourage the packaging vendors to research and develop new materials or incorporate new eco-friendly designs that encourage minimal use of non-biodegradable materials in packaging. Therefore, they prefer to use recyclable and biodegradable packaging materials, including bio-based high-density polyethylene. Thus, an increase in the use of bio-based high-density polyethylene products will positively impact the market in focus during the forecast period.
Fluctuating crude oil prices are a significant challenge hindering market growth. The oil and gas industry is one of the principal suppliers of petrochemicals for manufacturing high-density polyethylene. Fluctuations in crude oil prices have a severe effect on the prices of high-density polyethylene. Rising crude oil prices have led to an increase in the price of high-density polyethylene, which has compelled end-user industries, especially the automotive, consumer goods, and medical industries, to switch to environmentally friendly resins. This has become one of the major factors limiting the growth of the global high-density polyethylene market. Therefore, fluctuating crude oil prices would directly impact the raw material cost of high-density polyethylene.
The recent rise in crude oil prices on account of decreased supplies and the rising demand for US shale gas has led to a decline in the demand for the raw materials used for manufacturing high-density polyethylene which restricts high-density polyethylene (HDPE) market expansion. Therefore, fluctuating crude oil prices would hamper the growth of the global high-density polyethylene market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global High-Density Polyethylene Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Asahi Kasei Corp. - The company offers high-density polyethylene such as Suntech, Creolex, and others.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The packaging segment is estimated to witness significant growth during the forecast period. High-density polyethylene packaging is widely used in industries such as foods, beverages, pharmaceuticals, and consumer goods. Its properties, such as stiffness, moldability, and chemical resistance, make it suitable for use in manufacturing several types of packaging, including bottles, containers, cartons, and bags.
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The packaging segment was the largest and was valued at USD 32.65 billion in 2018. An increase in the adoption of high-density polyethylene as a packaging material for food and beverage and consumer goods packaging is driving the segment growth. High-density polyethylene bottles are mostly recyclable, and hence, they are widely preferred for packaging. The growing consumption of packaged beverages such as milk, juices, and other beverages is a major factor for driving the growth of the high-density polyethylene segment and the market during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the largest consumer of high-density polyethylene in 2023. High-density polyethylene is used in end-user industries such as construction and consumer goods. Countries such as China, South Korea, India, and Japan are the leading consumers of high-density polyethylene in the region. In China and India, the increasing number of residential construction activities is propelling the demand for construction materials. In the construction industry, high-density polyethylene is used to manufacture lightweight structures, storage tanks, and door and window frames and panels.
In addition, the growing requirement for commercial infrastructure, industrial buildings, and the expansion of road and railway networks in developing countries such as India and China will drive the high-density polyethylene market demand. Therefore, the increasing demand for high-density polyethylene across APAC is likely to drive the growth of the high-density polyethylene market in the region during the forecast period.
In early 2020, the outbreak of COVID-19 hindered the demand for high-density polyethylene from end-user industries such as automotive, consumer, and manufacturing industries. Lockdowns were lifted following the advent of mass vaccination drives in 2021. This led to the reopening of factories and manufacturing units and the resumption of construction activities along with HDPE market recovery which were shut down due to the pandemic. Thus, with the opening of manufacturing units and construction projects, demand for high-density polyethylene surged in 2021. Furthermore, the increasing HDPE market demand from various end-users, such as the packaging industry and consumer goods, will propel the growth of the regional market during the forecast period
The high-density polyethylene market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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High-Density Polyethylene Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.49% |
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Market Growth 2024-2028 |
USD 22.66 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.87 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, India, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Asahi Kasei Corp., Borealis AG, Chevron Phillips Chemical Co. LLC, Dow Chemical Co., Exxon Mobil Corp., Formosa Plastics Group, Indian Oil Corp. Ltd., INEOS Group Holdings SA, INOAC Corp., ISCO Industries, LG Corp., Lotte Corp., LyondellBasell Industries N.V., Novonor, Orbia Advance Corp. S.A.B. de C.V., Saudi Arabian Oil Co., Thermo Tec, TotalEnergies SE, Zotefoams plc, and TPL Plastech Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Retail Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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