Future Market Insights (FMI) recently published a revised market research report on the low density polyethylene (LDPE) that analyzes the low density polyethylene market and provides critical insights for the forecast period of 2019-2029. The global low density polyethylene market is likely to be valued at ~US$ 38,183.7 Mn in 2019 and is projected to increase at a CAGR of ~5% during the projected period of 2019-2029.
As per the key findings of the report, the global low density polyethylene market is expected to witness considerable growth in the coming years due to the steady increase in the adoption of low density polyethylene in various automotive applications such as electrical components, upholstery, liquid reservoirs, etc.
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Besides, stringent government regulations regarding reducing vehicular emissions are forcing manufacturers to shift towards lightweight plastics for various applications. With the automotive industry expanding at a high growth rate, more demand for low density polyethylene is expected in the future.
High Demand for LDPE from Construction and Retail Industries
High usage of low density polyethylene is seen in the construction industry. With new construction projects coming up everywhere, the market demand for basic household products is also expected to rise. Most of these products are made by processing low density polyethylene (LDPE) through injection and extrusion moulding, e.g., pipes, trays, general purpose containers, toys and various bathroom, and kitchen products. Moreover, in the retail industry, more focus is on the packaging of products
In 2014, total global retail sales were valued at ~US$ 20 Trn, which are expected to reach ~US$ 30.0 Trn – US$ 30.5 Trn by 2020 at a CAGR of ~ 6%. Low density polyethylene finds application in packaging and protective packaging of innumerable products sold in retail outlets. This, in turn, adds value to the global low density polyethylene market. Also, due to the rise in e-commerce, more people are buying products online. In 2014, the global e-commerce retail market was valued at ~US$ 1.5 Trn, which is expected to reach US$ 2.9-3.0 Trn by 2020.
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In online business, safe delivery of commodities to customers is a critical concern for sellers. More attention is given on packaging of products bought through e-commerce or online sources, as compared to products sold through other channels. This factor is further driving the demand for low density polyethylene worldwide.
Manufacturers Focus on Improved Quality of LDPE Grade and Lowered Production Costs
The global low density polyethylene market is considered to be a significantly consolidated one.The report highlights some of the prominent market players, who have established themselves as leaders in the global low density polyethylene LDPE market. Such market participants are focusing on expansion of business through mergers, acquisitions, and joint ventures. A few examples of key players in theglobal low density polyethylene market are LyondellBasell Industries N.V, The Dow Chemical Company, ExxonMobil Corporation, Saudi Basic Industries Corporation (SABIC), Qatar Petrochemical Company Q.S.C, BASF-YPC Company Limited, LG Chem Ltd., DuPont de Nemours, Inc., Braskem S.A., and Formosa Plastics Corporation, among others.
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Global low density polyethylene manufacturers are focusing on improvements in low density polyethylene manufacturing technologies according to market requirements, in terms of quality of product grades, lower production costs, and environmental impact of the product.