The Global High-Density Polyethylene Market is expected to grow at a CAGR of around 5% in the forecast period of 2021-26, says MarkNtel Advisors in their research report. High-density polyethylene (HDPE) possesses excellent properties, such as moisture resistance, tensile strength, chemical resistance. These properties make it suitable for various end-user industries, including building & construction, electrical & electronics, etc.
For instance, storage boxes or drums made from HDPE can hold hazardous waste for a long time. Additionally, Food-grade HDPE storage boxes are safe enough to store edible & other consumable goods before they arrive at the market. Hence, owing to these properties, its demand is significantly increasing across the packaging industries of countries like India & China.
Moreover, the launch of new products like HE1355, a high-density polyethylene (HDPE) grade free of Azodicarbonamide (ADCA) launched globally & commercially by Borealis in 2019, also encourages the market growth. HE1355 is the world’s first chemically foamed, ADCA-free material proposed for the production of telecommunications cables.
Besides, the demand for HDPE in the automotive industry for fuel storage market growth is another crucial aspect projected to drive the market in the forecast years, further states the research report, "Global High-Density Polyethylene Market Analysis, 2021."
Packaging Industry to Acquire the Largest Share of Global High-Density Polyethylene Market
Based on the End-User, the Global High-Density Polyethylene Market segments into:
Among these segments, the Packaging industry dominated the market, and its dominance is also likely to be followed during 2021-26.
HDPE plastic is used commonly in many packaging products, such as milk & shampoo bottles, ice cream containers, freezer bags, etc. The surging demand for frozen food, increasing consumption of household goods, and mounting requirements for pharma products are the prime factors strongly contributing to the HDPE market growth across the packaging industry in both developed & emerging countries.
The COVID-19 pandemic resulted in stay-at-home orders across many countries to curb the virus spread, which, in turn, led to significant propulsion in digital engagement & online grocery shopping. In the US, online penetration in this segment has increased dramatically. Hence, an increase in online shopping highly encourages the use of packaging, which shall further boost the market growth in the coming years, reveals MarkNtel Advisors in their research report, "Global High-Density Polyethylene Market Analysis, 2021."
“Global High-Density Polyethylene Market Analysis, 2021” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
Asia-Pacific to Continue Dominating Global High-Density Polyethylene Market During 2021-26
According to the research report, the Global High-Density Polyethylene Market expands across:
Here, Asia-Pacific is projected to continue dominating the market and experience robust growth during 2021-26. It owes to the increasing application of HDPE in construction pipes due to its lower thermal deformation temperature. Additionally, HDPE's chemical resistance property further leads to its surging usage across chemical industries in China & India. However, both countries have banned using single-use plastic, which is the prime factor that might limit the demand for HDPE and, in turn, negatively impact the market growth during 2021-26.
Key Questions Answered in the Study