High-Density Polyethylene (HDPE) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted April 22, 2021 by statzyreports

The Global High-Density Polyethylene (HDPE) Market was valued at around 45 million tons in 2020 and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The Global High-Density Polyethylene (HDPE) Market was valued at around 45 million tons in 2020 and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026). Due to the impact of COVID-19, growth rates for 2020 were severely affected. The construction industry is one of the major end-user industries of high-density polyethylene. Due to obstacles regarding contractual obligations, resource availability, deliverables, health and safety measures, and project delays or cancellations created by pandemic, the construction industry has been affected badly.

However, in the packaging industry, the impact of this pandemic has been mixed. The demand for industrial, luxury, and some B2B-transport packaging has witnessed a downfall. Whereas, the packaging for groceries, healthcare products, and e-commerce transportation were seen a significant increase in demand but the shutdown of industrial plants resulted in decreased production which in turn affected the consumption of high-density polyethylene.

- Over the medium term, the major factors driving the growth of market studied are the increasing use of plastic pipes as substituents and robust demand from the packaging industry.

- Moreover, growing construction activities in the Asia-Pacific region leads to the market growth over the forecast period.

- On the flip side, environmental problems caused by the production and degradation of HDPE is expected to restrict the market growth during the forecast period.

- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market Trends

Growing Demand from Pipes and Tubes Application

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- HDPE pipes and tubes are used in various industry sectors, such as agriculture, sewage, and manholes, marine, cold water supply, mining, fire loops, etc.

- HDPE pipes has several properties like high strength, high internal pressure to withstand external loads, resilience to endure surge and water hammer pressure. It also provides better performance in aggressive soils, low maintenance and operating costs, resistant to environmental stress cracking and earthquakes, lower installation costs and lightweight, impact resistance, and flexibility.

- The pipes and tubes are manufactured under the recognized standards, such as API, ASTM, AWWA, NSF, AGA, EPA, DNR, DOT, CSA, etc.

- There are a number of undergoing projects, which are using HDPE pipes and tubes, in the medium- to large-scale market.

- Moreover, the water control projects and several new construction projects are using new multi-layer HDPE pipes. This may be a new opportunity in the market, since it saves the cost of expensive bedding materials and delivers higher reliability and durability, thus majorly boosting the market during the forecast period.

- Owing to all these factors, the high-density polyethylene market in piping industry is likely to grow across the world during the forecast period.

China is Expected to Dominate the Demand in the Asia-Pacific Region

- China is the largest economy in the Asia-Pacific region, in terms of GDP. The growth in the country remains high but is gradually diminishing, as the population is aging, and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.

- 2016 was the first year of China13th Five Year Plan. It was an important year for the countryâ engineering, procurement, and construction (EPC) industries, as they ventured into new business models, domestically and internationally. The construction sector had slowed down after 2013, but it is still a major contributor to the GDP of China. Since 2017, China construction industry has been rapidly growing, due to the central governmentâ push for infrastructure investment, to sustain the economic growth.

- Despite the volatile growth in the real estate sector, the significant development of rail and road infrastructure by the Chinese government to withstand the expanding industrial and service sectors has resulted in significant growth of the Chinese construction industry in recent years. As the construction industry is dominated by state-owned enterprises, increased government spending is boosting the industry in the country.

- Chinaâ construction industry developed rapidly, due to the central government’s push for infrastructure investment, as a means to sustain economic growth. The country stands to be the world’s largest manufacturing economy, and owing to this, the country’s packaging requirement is huge.
- Moreover, the country witnessed rapid growth in the fast-moving consumer goods (FMCG) market. The growth of the FMCG market was majorly driven by the increased spending on premium and healthier products by the middle-class consumers in the country.
- Despite these factors, the lockdown in the country because of COVID-19 has dramatically hindered the building and construction, packaging, transportation, electrical and electronics industries, which are some of the major end-user industries for the high-density polyethylene (HDPE) market. However, with the recovering market situation in the post covid scenario, the growth of the high-density polyethylene (HDPE) market is expected to increase during the forecast timeframe.

Competitive Landscape

The high-density polyethylene market is consolidated in nature. Some of the major players in the market include Dow, Exxon Mobil Corporation, INEOS, SABIC, and LyondellBasell Industries Holdings B.V., among others.

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Tags covid19 impact , highdensity polyethylene hdpe market , highdensity polyethylene hdpe market analysis , highdensity polyethylene hdpe market forecast , highdensity polyethylene hdpe market share , highdensity polyethylene hdpe market size , highdensity polyethylene hdpe market trends
Last Updated April 22, 2021