The global PE resins market is forecast to expand at 3.3% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 1,43,622.2 million in 2023.
The soaring demand for PE resins from the construction and automotive industries is expected to foster overall market growth. Heightened discretionary income is fueling the demand for individual automobiles, thus augmenting the demand for PE resins.
Packaging solutions are increasingly exhibiting demand from the food and beverage, pharmaceutical, e-commerce, and consumer goods industries. The utilization of PE resins for diverse packaging solutions is projected to boost market growth. Another factor that has bolstered the use of plastics is changing consumer lifestyles and hectic work schedules.
A surge in globalization has also increased the export and import activities, thus boosting PE resins consumption. Additionally, modifying consumer purchasing behavior and surging proclivity toward online shopping is fueling the packaging sector’s growth. Further, many end-use industries, like electrical and electronics, and pharmaceuticals, have established online website portals to sell their products.
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Food and beverage manufacturers opt for flexible packaging, primarily for the packaging of convenience foods like ready-to-eat meals, and frozen meals. Further, the building and construction segment of the market is influenced by rapid urbanization, increasing infrastructure expansion activities, and renovation of old structures. PE resins are deployed in the building and construction products spanning pipes, roofing, and fittings.
The soaring integration of engineering plastics in automobiles is also propelling the market growth. Plastics are now increasingly used in vehicles to replace their metal parts or components to reduce their overall weight.
The market growth may be obstructed by the oscillating crude oil prices that influence resin prices.
Top Highlights from the FMI’s Analysis of the PE Resins Market:
- The United States PE resins industry is expected to acquire a 16.4% market share in the estimated time.
- The German PE resins industry is predicted to account for a 4.3% market share in 2023.
- In Japan, the PE resins industry is estimated to contribute 5.1% in 2023.
- The India market is anticipated to register a 4.3% CAGR over the forecast period.
- The China market is projected to expand at 3.9% CAGR in the predicted period.
- The United Kingdom is expected to expand at 2.8% CAGR over the assessment period.
- Based on resin type, the LDPE segment is expected to obtain a value share of 42.2% by 2023.
- Based on the end-use category, the packaging segment is projected to attain 35.5% by the year 2023.
Innovation Watch: Key Developments in the Market
- DuPont signed a contract to divest its mobility and materials category to Celanese in February 2022. This agreement within the advanced solutions and performance resins business lines holds US$ 3.5 billion in net sales. With this development, the company aims to create an impressive portfolio and cater to different markets like automotive, consumer, and industrial markets.
- BASF introduced RegXcellence, which is a new service for the regulatory purposes of plastic additives in February 2022. This service delivers digital solutions in tandem with advisory support to boost innovation opportunities.
- NOVA Chemicals Corporation, in February 2021, created a sequence of customizable film designs made of post-consumer resin. These film structures incorporated with post-consumer low-density polyethylene can be modified to serve the demands of film applications.
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PE Resins Market by Category
By Resin Type:
- HDPE
- LDPE
- LLDPE
By End Use:
- Packaging
- Flexible Packaging
- Rigid Packaging
- Consumer Goods
- Automotive & Transport
- Building & Construction
- Textiles
- Agriculture & Horticulture
- Electricals & Electronics
By Region:
- North America
- Asia Pacific
- Western Europe
- Eastern Europe
- Latin America
- The Middle East and Africa (MEA)
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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