High-Density Polyethylene (HDPE) Resins Market to Cross USD 68,300 Billion by 2028, at a CAGR of 5.45% from 2022 – 2028, owing to Rising Purchases from Online Shopping Platforms
With several domestic and international players operating in the high-density polyethylene (HDPE) resins market, the report helps market participants and investors understand the market position of leading players in terms of growth goals, product offerings, financial standing, and regional presence. SkyQuest provides clients with high-quality data and industry expertise to help them achieve their business objectives.
Westford USA , Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region is the leading revenue contributor in the high-density polyethylene (HDPE) resins market, driven by its extensive use in producing protective packaging films. As demand for packaging continues to rise, the usage of HDPE in thin-film applications is expected to grow significantly. Furthermore, the food packaging sector is also anticipated to see an increase in demand for HDPE as more focus is placed on extending the shelf life of edible products. Both flexible and rigid packaging utilize HDPE resins due to their ability to withstand high temperatures and various solvents and their high strength and opacity. In addition, increasing awareness against single-use plastics is expected to boost the already thriving HDPE resins market further, providing numerous benefits for manufacturers.
As per the market research conducted by SkyQuest, the packaging industry is experiencing a rapid growth rate, with a yearly increase of 23-26% from 2019 to 2022. This growth has transformed developing regions into a hub for the packaging industry, providing ample opportunities for market players. Furthermore, high-density polyethylene is a widely used material in the packaging sector, being employed in both flexible and rigid packaging solutions, thereby presenting lucrative prospects for market participants.
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Tables - 102
Figures - 70
High-density polyethylene (HDPE) resins are high-density polyethylene plastic commonly used to produce items such as milk jugs, detergent bottles, and garbage bags. Its durable properties, including its resistance to high temperatures and solvents, make it a versatile raw material for various industries, including plastic bottles, pipes, ropes, disposable suits, chairs, toys, and more.
Prominent Players in High-Density Polyethylene (HDPE) Resins Market
Total S.A. (France)
ExxonMobil Corporation (U.S.)
Dow Inc. (U.S.)
SABIC (Saudi Arabia)
INEOS Group Holdings S.A. (UK)
LyondellBasell Industries N.V. (The Netherlands)
LG Chem (South Korea)
ExxonMobil Corporation (US)
Eni SpA (Italy)
PetroChina Company Limited (China)
Chevron Phillips Chemical Company LLC (U.S.)
Reliance Industries Limited (India)
Indian Oil Corporation Ltd (India)
Formosa Plastics Corporation (Taiwan)
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Pipes and Tubes Segment Emerged as the Major Revenue Contributor due to Increasing Application in Water Control Projects
The use of HDPE pipes and tubes has seen an increase in the medium- to large-scale market, leading to predictions that this sector will experience the greatest CAGR growth during the forecast period of 2022-2028. In addition, the implementation of multi-layer HDPE pipes in various construction and water control projects has the potential to reduce costs and improve durability, which will likely drive market expansion.
The Asia Pacific region has been established as the leader in the high-density polyethylene (HDPE) resins market, with a high revenue share, and is predicted to continue its dominance in the coming years. The demand for HDPE products from industries such as construction, automotive, packaging, and electrical & electronics, as well as the growing personal care sector with increasing consumer spending, are driving the growth in this region.
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Packaging Segment Set to Dominate the HDPE Market Thanks to Increasing Consumer Preference for Online Food Delivery Services
The high-density polyethylene (HDPE) resins market is dominated by the packaging sector, which is estimated to generate the highest revenue among all the segments. Pharmaceutical, food, and beverage packaging are commonly produced using HDPE. SkyQuest's analysis shows that the UK's packaging manufacturing sector generates yearly sales of around 11 billion GBP (15.13 billion USD). This industry provides jobs to over 85,000 individuals, making up 3% of the nation's manufacturing workforce. It plays a crucial role in supporting the country's economy and is vital to the packaging supply chain. Therefore, it is expected to drive high-density polyethylene (HDPE) demand.
During the forecast period of 2022-2028, Europe is predicted to be the second-largest market for HDPE resins, driven by the growing demand from the packaging sector. However, North America is expected to be the third-largest market due to increased international players investing in the region.
A recent research report on the high-density polyethylene (HDPE) resins market provides valuable insights for those interested in this industry. The study offers a comprehensive examination of the driving forces behind market growth, the current state of the market, and the competitive landscape. The report also delves into regional dynamics and provides an in-depth analysis of key players in the market.
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Key Developments in High-Density Polyethylene (HDPE) Resins Market
Envision Plastics and LyondellBasell have formed a strategic partnership to deliver top-notch circular sustainability solutions to their customers. As a leading provider of mechanically recycled HDPE PCR products in North America, Envision will join forces with LyondellBasell, a renowned chemical industry giant, to bring unique and innovative products to the market. Their collaboration aims to support the packaging sector in fulfilling its sustainability objectives.
NOVA Chemicals has launched a cutting-edge HDPE resin technology that can be used to produce recyclable all-polyethylene packaging. This new technology, known as SURPASS HPs153-A, is a highly specialized HDPE resin that creates 100% high-density MDO films. The new resin's broad orientation window demonstrates exceptional stability during production, making it suitable for large-scale commercial inline MDO blown film equipment.
LyondellBasell has announced that Levima Green (Shandong) Advanced Materials will adopt its Lupotech T high-pressure polyethylene technology for a new vinyl acetate copolymer line. The 200 KTA EVA line will be located in Zaozhuang City, Shandong Province, P.R. of China. It will be powered by the Lupotech T process technology, known for its cost-effective investment options for customers worldwide.
Green Dot Bioplastics, a renowned developer and supplier of bioplastic materials for sustainable end-uses, has enhanced its Terratek BD line with nine new compostable grades. These new grades are designed for single-use and packaging applications and aim to meet the rising sustainability demands of consumers and brand owners. Green Dot Bioplastics is dedicated to providing faster biodegradability in ambient conditions and is continuously expanding its offerings to support this goal.
Key Questions Answered in High-Density Polyethylene (HDPE) Resins Market Report
What is the expected market size and growth rate during the forecast period?
What are the major trends and developments observed in the global market?
Which regions have been contributing significantly to the market revenue in recent years?
Which market segments are expected to witness substantial growth in the future?
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