The polyethylene market is expected to grow by almost $40 billion through 2024.
A report of the latest market research conducted by Technavio shows 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.
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 percent during 2019-2024. The growth in the non-food-contact packaging segment for recycled plastics is expected to be approximately 6 percent 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.
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.
Some of the key topics covered in the report include:
- Market Drivers
- Market Challenges
- Market Trends
- Vendor Landscape
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