Low-Density Polyethylene (LDPE) Market Forecasts to 2030 - Production of Bio-Derived Polyethylene is Being Widely Adopted by Industry Players
DUBLIN, Feb. 24, 2020 /PRNewswire/ -- The "Low-Density Polyethylene Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider low-density polyethylene market, and compares it with other markets.
The global low-density polyethylene manufacturing market was worth $51.9 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8.6% and reach $72.29 billion by 2023.
The rising demand of LDPE in packaging industry is expected to boost the growth of LDPE market. LDPE is being increasingly used for food packaging and non-food items packaging. Use of LDPE in packaging decreases cost of packaging. According the American Plastics Council (APC), LDPE accounts for 65.5 percent of the total plastic film used in packaging of food items whereas it accounts for 54.9 percent of the total plastic film used in packaging of non-food items. The increase in demand of packaging accelerates the demand for LDPE used as a packaging material.
The rising popularity of Linear Low-Density Polyethylene (LLDPE) is expected to restrict the growth of the low-density polyethylene (LDPE) market. According to an article by Plastivision, by 2023 the demand for LDPE for kitchen appliances is expected to reach 1.2 million metric tons only, whereas the demand for LLDPE for making of industrial containers is expected to reach 3 million metric tons. Thus, the market for LDPE is negatively impacted owing to the high tensile strength and more flexibility offered by LLDPE as compared to LDPE.
The production of bio-derived polyethylene is being widely adopted by the companies in the low-density polyethylene market as a substitute to chemically synthesized polyethylene. Low-density polyethylene, like other plastics, is chemically synthesized and release harmful toxins in the environment when burned and is difficult to decompose thus harming the environment. Companies involved in LDPE market are investing towards finding sustainable options to chemical plastics called as bioplastics.
These bio-plastics mimic the robustness and durability of conventional plastics such as LDPE and degrade in open air. For instance, Braskem a Brazilian petrochemical company headquartered in So Paulo, launched its "I'm greenTM Polyethylene" under its campaign "I'm greenTM ". I'm greenTM Polyethylene is a bio-derived polyethylene produced from sugarcane and is 100percent renewable. In 2019, the company added more products to its "I'm greenTM" including post-Consumer-Recycled (PCR) resins, a mixed bio-based plastic, and other PCR solutions.
In 2019, ProMach,a packaging machinery company headquartered in Covington, Kentucky, acquired Grip-Pak for undisclosed amount. Through the acquisition, ProMach aims to expand its product line by utilizing LDPE handle solutions. Grip-Pak, is a U.S based provider 100% recyclable, photodegradable and FDA-compliant low-density polyethylene (LDPE) ring carriers made in the United States.
The low-density polyethylene market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. In 2018, Asia-Pacific was the largest region in the low-density polyethylene market. Major players in the market are Formosa Plastics Corporation, Dow Chemical Company, BASF, Chevron Phillips Chemical Company, DuPont de Nemours, LG Chem, ExxonMobil Corporation, Reliance Industries, and LyondellBasell Industries.
Key Topics Covered
1. Executive Summary
2. Low-Density Polyethylene Market Characteristics
3. Low-Density Polyethylene Market Size And Growth
3.1. Global Low-Density Polyethylene Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Low-Density Polyethylene Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Low-Density Polyethylene Market Segmentation
4.1. Global Low-Density Polyethylene Market, Segmentation By End Use Industry , Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Agriculture
- Electrical and Electronics
- Packaging
- Construction
- Others
5. Low-Density Polyethylene Market Regional And Country Analysis
5.1. Global Low-Density Polyethylene Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Low-Density Polyethylene Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Mentioned
- BASF SE
- Chevron Phillips Chemical Company
- Dow Chemical Company
- DuPont de Nemours
- ExxonMobil Corporation
- Formosa Plastics Corporation
- LG Chem
- LyondellBasell Industries
- Reliance Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/elq5zw
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