The worldwide PE Resins Market is currently estimated to be worth US$ 143,622.2 million in 2023, and it is anticipated to surge to a substantial US$ 198,712.3 million by 2033. This market is poised for steady growth, projected to maintain a CAGR of 3.3% from 2023 to 2033.
An increase in the role of packaging for material handling has been witnessed over the recent years which results in shelf-life improvement and safety influencing the demand for plastic in the global market. Approximately 40% of the plastic demand across the globe is generated from the packaging sector. PE polymers such as LDPE, LLDPE, and HDPE are extensively used for the packaging of food and beverages. Strong demand for consumer goods and the homecare industry in India, ASEAN Countries, and China is positively impacting the PE resin market across the APAC region.
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Key Takeaways
- Some of the distinctive advantages based on the usage of plastic are anticipated to reduce the carbon footprints of manufacturers by restricting the consumption of energy throughout the production process and the ability to protect goods & food, thereby reducing breakage and waste.
- Apart from the application and physical properties of plastic, it also has a strong influence across the global economy since it is callable of creating a multiplier effect in the regional economy thus boosting the demand for PE resins market.
- The global PE resins market comprises a very large and complex supply chain network and in order to ensure the safety and surety of goods, plastic packaging is playing a key role. To efficiently secure and palletize goods during transport manufacturers are relying on LLDPE shrink and stretch films for over-wrapping and stacking of goods.
- Massive trade in the region is generating the demand for LLDPE film and therefore boosting the growth within the plastic resin market. Apart from exports, the utilization of plastic films for packaging fresh and processed food is expected to positively impact the demand for the PE resins market.
- PE resins of film grade are known to be more in demand owing to the rapidly increasing traction of flexible packaging throughout the North American market. North America is anticipated to account for 4th of the world’s flexible packaging market, thus, creating immense opportunity for the PE resins market.
- In order to fulfill the ever-increasing demand for PE polymers, local and multinational resin manufacturers are strengthening their supply chain capabilities and thereby driving the polyethylene resin market in the region. About 41% market share of global PE resin demand is from Asia-Pacific.
Key Players:
- Lyondell Basell Industries NV
- LG Chem Ltd.
- Formosa Plastics Corporation
- The Dow Chemical Company
- Saudi Arabia Basic Industries Corporation
- Ineos Group Limited
- Chevron Phillips Chemical Co. LLC
- Saudi International Petrochemical Company – Sipchem
- LANXESS Corporation
- Braskem S.A.
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Competitive Landscape:
Prominent manufacturers in the PE resins market are committed to the research and development of the product and are consistently offering innovative pallet stretch wrapping solutions targeted towards specific end-use. Key market players in the PE resins market are aiming at product launches and massive expansions with other manufacturers.
More Insights into the PE Resins Market:
The U.S. is expected to dominate the global PE resins market and is expected to attain a market valuation of around USD 25.7 Billion by the end of 2022. The U.S. is expected to capture the single-largest market share for the PE resins market globally. According to the reports of the United States Department of Agriculture, food industries in 2020, it accounts for almost USD 1.7 Trillion. Packaging and consumer goods will witness subsequent growth in the region and lead the U.S. end-use segment by 2031.
Segmentation:
By Resin Type:
- HDPE
- LDPE
- LLDPE
By End Use:
- Packaging
- Flexible Packaging
- Rigid Packaging
- Consumer Goods
- Automotive & Transport
- Building & Construction
- Textiles
- Agriculture & Horticulture
- Electricals & Electronics
By Region:
- North America
- Asia Pacific
- Western Europe
- Eastern Europe
- Latin America
- The Middle East and Africa (MEA)
- Japan
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