The global HDPE market was valued at USD 45,849.4 million in 2017 and is expected to grow at a CAGR of 5.91% during the forecast period. In terms of volume, the market was is expected to grow at CAGR of 4.21% during the forecast period. Some of the major demand drivers identified in the global HDPE market includes the growth in construction industry along with the increasing adoption of plastic materials in the construction industry.
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Furthermore, the bolstering demand for automotive plastics with the lightweight materials trend pertaining in the automotive industry is expected to drive the demand for HDPE in the automotive and transportation sector. Additionally, increasing use of HDPE products in an array of packaging applications is expected to offer bolstering opportunities for HDPE manufacturers during the forecast period.
Capacity expansions for HDPE is one of the major trends observed in the global HDPE market, for instance, Formosa and LyondellBasell; significant shareholders in the global HDPE market has expanded their capacity in 2018.
Market Segmentation
The global high-density polyethylene (HDPE) market has been segmented by product type, end-use industry, and region. Based on product type, the market has been segmented into blow molded HDPE, injection molded HDPE, HDPE pipes, HDPE sheets, HDPE films, and colored HDPE and others. Blow molded HDPE segment accounted for the largest share of the global HDPE market in 2017 and is expected to register a healthy CAGR during the review period. This market growth can be attributed to the increasing use in packaging applications due to their superior properties such as flexibility, transparency, and high chemical resistance among others. HDPE films segment is expected to be the fastest growing segment of the global HDPE market on account of increasing use in packaging applications.
Based on end-use industry, the market has been segregated into packaging, automotive and transportation, building and construction, electrical and electronics, healthcare, industrial machinery, consumer goods and others. Packaging accounted for the largest share of the global HDPE market in 2017. The growth of the segment can be attributed to the widespread use of packaging in the food & beverage, healthcare, cosmetics & personal care, home care, and e-commerce industries. Automotive and building & construction is expected to register substantial growth rates during the forecast period with increasing adoption of lightweight material in the latter industries.
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Regional Analysis
Based on region, the HDPE market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the largest share of the HDPE market on account of the growing end-use industries in the region, especially the packaging, construction, automotive and electrical & electronics. Furthermore, a fast growing FMCG market in the region with the increasing disposable income of the consumers is expected to drive the demand.
North America & Europe are prominent markets for HDPE due to the increasing demand for automotive plastics. Also, a reviving construction industry in the US is expected to drive the demand.
The markets in Latin America and the Middle East & Africa are likely to register fastest growth rates during the review period as a result of the growing end-use industries coupled with expanding construction and packaging industries in the regions.
Competitive Analysis
Some of the key players in the global HDPE market are Reliance Industries Limited. (India), Exxon Mobil Corporation (US), DowDuPont (US), LyondellBasell Industries Holdings B.V. (The Netherlands), INEOS Group Holdings SA (UK), SABIC (Saudi Arabia), Petronas Chemicals Group Berhad (Malaysia), China Petrochemical Corporation (China), Mitsui Chemicals Inc. (Japan), and Chevron Phillips Chemical Company (US).
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