The high-density polyethylene market consists of the sales of the high-density polyethylene and its connected services utilized in pipes systems, toys, and plastic containers. The High-density polyethylene is a plastic polymer with bendable properties. PE-HD has great density, and is resistant to influence and chemicals, hence it is broadly utilized in healthcare and laboratory environments. PE-HD is also utilized in heave-duty damp proof sheaths, flexible bags, and films.
According to the report analysis, ‘High-Density Polyethylene Global Market Report 2020’ states that in the high-density polyethylene global market there are several companies which presently operating more effectively for leading the highest market growth and registering the handsome value of market share around the globe during the inflowing years while implementing the profitable strategies, decreasing the linked prices, advancing the applications of such, studying and analyzing the strategies and policies of the government, spreading the awareness related to such, improving the specifications of the production technologies, employing the young work force, and delivering the better consumer satisfaction includes Asahi Kasei Corp., Braskem S.A., Chevron Phillips Chemical Co., Dow Chemical Co., Exxon Mobil Corp., Formosa Plastics Corp., LyondellBasell industries NV , Borealis AG, PetroChina Company Limited, Abu Dhabi Polymers Company Ltd and several others.
The worldwide high-density polyethylene market was worth USD 106.29 billion during 2019. It is projected to grow at a compound annual growth rate (CAGR) of 8% and reach USD 148.53 billion by 2023.The high-density polyethylene market has been geographically classified into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia-Pacific high-density polyethylene market was the greatest in 2019. It is predicted to grow at a compound annual growth rate (CAGR) of 3.6%.
The exclusive set of properties of PE-HD (high-density polyethylene) such as lightweight, impact resistance, flexibility, and capability to resist low temperatures serves as the most imperative drivers for the market. Such properties have augmented requirement for PE-HD in end-user industries likewise manufacturing, energy, geothermal, marine, mining, landfill, HVAC, gas, oil, mining and agricultural industry. The HDPE pipe is environmentally maintainable owing to it is non-toxic, corrosion and chemical resistant, has a long lifetime. According to Pipeline & Gas Journal in 2016, great number of oil and gas corporate are exploring plastic pipe as a substitute for pipeline transportation to decrease the operative expenses as they are corrosion-resistant, stretchy, and lightweight.
Corporate included in high-density polyethylene (PE-HD) market are underwriting the heavily to augment sustainability of PE-HD. Corporate are putting efforts to utilize raw materials that are environmentally safe, and simultaneously manage the quality and security standards of their products. Following the trend, during 2017, SCG Chemicals proposed the usage of lightweight EL-LeneTM HDPE H568JA for carbonated soft drink bottle caps. The EL-LeneTM HDPE H568JA is an insoluble, decomposable high-density polyethylene (PE-HD) grade that consumes the lower raw material and energy for introduction. The product has been certified by European Union (EU) Food Contact Commission and US Food and Drug Administration (USFDA) as well.
Throughout 2020, CPChem Co. LP (CPChem), a joint venture of Chevron Corp. and Phillips obtainable to purchase Nova Chemicals for USD 15 billion. The deal would enable CPChem Co. LP group to augment its ethylene reach creating it third principal polyethylene producer in North America and enlarge its market reach. Nova Chemicals, headquartered in Canada, is a plastics and chemical corporate.
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Ankur Gupta, Head Marketing & Communications