 "Global high density polyethylene market to reach $84 bn in 2023")
High density polyethylene (HDPE) market is expected to grow from $ 56.13 billion in 2014 to $ 84.79 billion in 2023, expanding at a CAGR of 4.5 percent between 2015 and 2023, according to a Transparency Market Research (TMR) report. In terms of volume, demand for high density polyethylene stood at 39,254.6 kilo tonnes in 2014.
High density polyethylene, one of the major polyethylene products consumed globally, is used in numerous applications in various end-user industries across the globe. The demand for HDPE is primarily driven by growth in plastic packaging, and agriculture films & pipes industries across the globe. Furthermore, growth in construction activities is estimated to fuel the high density polyethylene market globally. These factors are anticipated to boost the high density polyethylene market in the near future. Limitations pertaining to supply and volatility in prices of raw materials are anticipated to offer key challenges to market players.
Blow moulding was the dominant product segment of the HDPE market, accounting for over 25 percent of the global demand in 2014. Demand for blow moulded products is estimated to rise significantly in the next few years due to its increasing usage in packaging applications across the globe. “Usage of blow-moulded high density polyethylene in rigid packaging applications is anticipated to propel the global high density polyethylene market during the forecast period,” added the TMR report.
Asia Pacific has emerged as a key destination for HDPE producers due to economic development coupled with increasing disposable income in the region. This has encouraged various manufacturers to establish new capacities in the region. The Middle East & Africa is another key region where demand for high density polyethylene products was high in 2014. In terms of volume, the market for high density polyethylene in the Middle East & Africa is likely to expand at a CAGR of over 4 percent between 2015 and 2023.
High density polyethylene, one of the major polyethylene products consumed globally, is used in numerous applications in various end-user industries across the globe. The demand for HDPE is primarily driven by growth in plastic packaging, and agriculture films & pipes industries across the globe. Furthermore, growth in construction activities is estimated to fuel the high density polyethylene market globally. These factors are anticipated to boost the high density polyethylene market in the near future. Limitations pertaining to supply and volatility in prices of raw materials are anticipated to offer key challenges to market players.
Blow moulding was the dominant product segment of the HDPE market, accounting for over 25 percent of the global demand in 2014. Demand for blow moulded products is estimated to rise significantly in the next few years due to its increasing usage in packaging applications across the globe. “Usage of blow-moulded high density polyethylene in rigid packaging applications is anticipated to propel the global high density polyethylene market during the forecast period,” added the TMR report.
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Asia Pacific constituted more than 40% share of the global high density polyethylene market in 2014, followed by Europe and North America. It is likely to be the fastest-growing region in terms of production and consumption of high density polyethylene products. This can be attributed to increase in industrial and agricultural activities in Asia Pacific.
Asia Pacific has emerged as a key destination for HDPE producers due to economic development coupled with increasing disposable income in the region. This has encouraged various manufacturers to establish new capacities in the region. The Middle East & Africa is another key region where demand for high density polyethylene products was high in 2014. In terms of volume, the market for high density polyethylene in the Middle East & Africa is likely to expand at a CAGR of over 4 percent between 2015 and 2023.