High-Performance Polyethylene Market Size Expected to Reach $2.6 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, "High-Performance Polyethylene Market by Application and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global high-performance polyethylene market size was valued at $1.1 billion in 2020, and is projected to reach $2.6 billion by 2030 growing at a CAGR of 9.1% from 2021 to 2030.

The increase in usage of high-performance polyethylene in several end use industries like construction, automobile, military & defense and others has increased the demand for high-performance polyethylene across the globe. In addition, according to Gulf Petrochemical & Chemical Association (GPCA), the global automotive industry is expected to remain stable, growing at 1.9% per year by 2025 with new innovative products in application materials like steel, aluminum, plastics, and glass. Demand for high-performance polyethylene in the automotive segment is expected to continue to grow at a rapid pace throughout the forecast period with the increase in preference for new polymer products in the automotive industry.

High-performance polyethylene possesses several beneficial properties such as high impact resistance, high abrasion resistant, high-energy absorption, low coefficient of friction, and others; hence, high-performance polyethylene is used in a vast diversity of applications, including concrete reinforcement, packaging, reinforcement of glass, protective coating, sports equipment, medical purposes, and others. Thus, rapid growth in above-mentioned application areas such as packaging, electronics, pharmaceutical, and other applications is expected to create growth opportunities for the high-performance polyethylene market throughout the forecast period.

High-performance polyethylene possesses low melting point and is very tough to recycle, which limit the market growth. Several government regulations and increased environmental awareness and health associated factors amongst the consumers, are expected to decline the demand for high-performance polyethylene throughout the forecast period.

The high-performance polyethylene market is segmented on the basis of application, end-use industry, and region. The applications covered in the study include protective coating, cables and ropes, concrete enforcement, sports equipment, medical equipment, and others. The end-use industry covered in the study include automobile, electrical & electronic, chemical, pharmaceutical, food & beverages, military & defense, textile industry, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia Pacific accounts for the largest share of the market, followed by North America and Europe.

The major companies profiled in this report include TEIJIN LIMITED, Dow Chemical Company, DSM, Celanese, LyondellBasell, Braskem, Asahi Kasei Corporation, Sabic, Mitsui Chemicals, Inc. and Artek, Inc.

Key players across the globe have plans to establish high-performance polyethylene production capacities to meet relative market share across the globe due to rapid increase in demand for high-performance polyethylene products across the globe. For instance, in September 2019, TEIJIN LIMITED inaugurated production operations high-performance polyethylene of the ASEAN plant and started technical center at Teijin Corporation Limited, Thailand. The company also owns its existing production plants in China and Japan. Through the three centers in Asia-Pacific, Teijin Corporation Limited aims to meet the demand for new resin compounds and high-performance polyethylene across the globe majorly in the Asia-Pacific region.

Impact Of Covid-19 On The Global High-performance Polyethylene Market

• Emergence of COVID-19 had a positive impact on the growth of the global high-performance polyethylene market for a short period.
• Increased demand for personal protective equipment (PPE), which are composed of plastics has played crucial role in protecting people during the COVID-19 pandemic.
• However, there is a growing concern over the unparalleled increase in single-use plastics (SUPs) including protective medical suits, gloves, hand sanitizer bottles, masks, food and polyethylene goods packages, and medical test kits since the coronavirus pandemic began. This is also depicted to provide positive impact toward the demand of high-performance polyethylene market.
• Thus, the abovementioned factors are expected to boost the global high-performance polyethylene market growth in current times.

Key findings of the study

• By region, the Asia-Pacific high-performance polyethylene market is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
• By application, the protective coating segment accounted for the largest high-performance polyethylene market share in 2020, as per high-performance polyethylene market analysis.
• By end-use industry, the food & beverage segment accounted for the largest high-performance polyethylene market share in 2020, as per high-performance polyethylene market analysis.