Rising demand for lightweight vehicles owing to stringent emission policies is a major factor driving market revenue growth
North America High Density Polyethylene (HDPE) Market Size – USD 74.51 Billion in 2021, Market Growth – at a CAGR of 4.6%, Market Trends – Rising demand from the packaging industry
The global North America High Density Polyethylene (HDPE) Market size is expected to reach USD 111.85 Billion in 2030 and register a steady revenue CAGR of 4.6% over the forecast period, according to the latest report by Reports and Data. Rising demand for lightweight vehicles because of stringent emission policies is a major factor driving market revenue growth. HDPE is used to manufacture automotive parts such as bumpers, interior linings, seats, trims, storage inner compartments, batteries, and different kinds of tanks.
In addition, rising demand for HDPE in the packaging industry is expected to drive revenue growth of the market. HDPE is used in packaging of Food Beverages (FB) due to its moisture and corrosive resistive properties, which makes them appropriate for packaging applications. Moreover, growth of the food beverage industry across the globe coupled with rising penetration of on-the-go food products, particularly, in developing countries is expected to drive market revenue growth during the forecast period.
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Top Lading Players: Ineos, LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, Dow Inc., PetroChina Company Ltd., Braskem, Farmosa Plastics Corporation, Reliance Industries Limited, Borealis AG, and Chevron Phillips Chemical Company LLC.
Some Key Highlights from the Report:
- In August 2021, Braskem, a petrochemical company headquartered in Sao Paulo launched a new polyethylene resin in the packaging sector. Through this launch, the company will fulfill the demand of chemical and agrochemical markets, which traditionally are very demanding in terms of quality. Properties, such as rigidity, resistance to impact, and environmental stress cracking, are key features that deliver enhanced product safety for the packaging sector.
- The Food and Beverage (FB) segment is expected to register a steadily fast revenue growth rate during the forecast period. This can be attributed to HDPE’s increasing usage in production of various products, such as food storage containers, bags, and bottle caps, as it does not leach into container’s contents. In addition, HDPE is recyclable, which makes it an ideal choice for these disposable products.
- The building construction sector accounted for a significant revenue share in 2021. Increasing use of HDPE in various construction materials, such as sheets and films for windows, flooring, roofing, covering building materials, and seal-off rooms, is expected to rise demand for HDPE from the building construction sector and drive market revenue growth.
- The Europe market is expected to register a steadily fast revenue growth rate during the forecast period owing to high demand for HDPE for film and injection molding products. Moreover, rising demand for convenient and durable packaging solutions is expected to drive revenue growth of the market.
Segments covered in the report:
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Blow Molding
- Pipe Extrusion
- Injection Molding
Application Outlook (Revenue, USD Billion; 2019–2030)
- Caps Closures
- Sheet Films
- Pipes Tubes
- Wire cables
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Building Construction
- Food Beverages (FB)
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- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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