Linear Low-Density Polyethylene Market worth over $60 billion by 2024
Published Date: April 7, 2017 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Linear Low-Density Polyethylene (LLDPE) Market size will cross USD 60 billion by 2024. Increasing demand in retail packaging, automotive, agriculture and other consumer goods sector will drive the market during forecast timeframe.
Global packaging industry is set to cross $1 trillion by 2024, with its major usage in paper & board sector. Innovation in processed food and beverages products packaging designs is taking place as leading brands such as Cadbury, Nestle, etc., are setting a global benchmark for different package formats.
LLDPE demand as a substitute for other polyethylene grades such as LDPE and HDPE is increasing, owing to better physical and chemical properties of the product. The polymer is extensively used in canal lining, hazardous waste liners, mining, packaging industry, and geomembrane liners. Increasing application avenues of the product is set to accelerate the linear low-density polyethylene market at a substantial pace.
LLDPE is also used in manufacturing bags and sacks due to growing demand for rigid posture and excellent finish in final products. It is also increasingly used for other applications such as injection molding, a plastic component manufacturing process. This process is used to produce bottle caps, automotive dashboards, pocket combs, and wire spools. Growing injection molding adoption in the manufacturing industry coupled with rising applications of this technology augments linear low-density polyethylene market.
Browse key industry insights spread across 110 pages with 85 market data tables & 11 charts & figures from the report, “Linear Low Density Polyethylene (LLDPE) Market Size by Application (Films, Injection Molding, Rotomolding), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Asia Pacific may account for over 40% of the market revenue in 2024. Rapid industrialization in the region due to flourishing automobiles, textiles, oil & natural gas, electronics, and manufacturing industries in emerging economies is giving a boost to construction spending and will propel the linear low-density polyethylene market. Organized retailing and rapidly expanding e-commerce in India, Thailand and Malaysia are strengthening the packaging sector which in turn will increase consumption of the product.
North America is a pioneer in packed food & beverage products and its market for LLDPE films will be over USD 7.5 billion by 2024. U.S. has an established base of pharmaceutical companies and require these films for medical packaging. Construction spending in U.S. is forecast to grow at a CAGR of over 6% through 2024 owing to its infrastructural development. North America will witness CAGR of approximately 5% between 2016 to 2024.
Europe is witnessing an upsurge in automobile, meat packaging, electronics, and telecommunication industries. The region is recognized as one of the largest automobile sectors globally with major OEM’s and other automotive suppliers having base in Germany, Sweden etc. In Russia, 1.25 lakh new cars were registered in September 2016.
These industries adopted rotomolding technology to manufacture their required components in which linear low-density polyethylene is consumed widely. Rapid industrialization coupled with technological advancements have increased consumption of the product. Europe will register above 5% CAGR in linear low-density polyethylene market through 2024.
Films likely to contribute to 70% of the application revenue share by 2024. LLDPE films are used in a wide range of applications such as food packaging, moisture resistance in the concrete structure, and prevention of soil erosion in agriculture. Global food packaging industry is projected to cross USD 310 billion by 2024. These films are also used for bags and sacks manufacturing due to their mechanical properties.
Rotomolded LLDPE will record over USD 6.9 billion market revenue in 2024. This technology is being adopted extensively due to its benefits of being affordable and simpler than blow molding or injection molding. It is used in packaging, water treatment, automotive, agriculture, furniture, and construction industries.
Key manufacturers in linear low-density polyethylene industry are Exxon Mobil Corporation, Mitsui and Westlake, Chevron Phillips Chemical Company LLC, INEOS Group AG, The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), Borealis AG, Mitsubishi Chemicals, LyondeBassells Industries N.V., Nova Chemicals Corporation, and Braskem S.A.
Explore More on Related Topics: