LONDON–(BUSINESS WIRE)–#Plastics—Technavio
analysts forecast the global
polyethylene market to grow at a CAGR of almost 4% during the
forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global polyethylene market for 2017-2021. Technavio
presents a detailed picture of the market by way of study, synthesis,
and summation of data from multiple sources.

Some of the market drivers are the increasing demand for polyethylene
products in countries, such as India, increasing global plastic
recycling activities and the use of packaging material. However, the
market faces challenges associated with volatility in prices of raw
materials, coupled with product commoditization, regulatory framework
governing the consumption of plastic bags, increasing disparity between
demand and supply, and environmental impact pertaining to the
consumption of polyethylene.

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Technavio analysts highlight the following three factors that are
contributing to the growth of the global polyethylene market:

• Growing sectoral demand for use of polyethylene products
• Increasing global plastic recycling activities
• Increasing use of packaging material

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Growing sectoral demand for use of polyethylene products

The global polyethylene
market is driven by the increasing demand for plastic, which
translates into growth opportunities for the market. Countries in Asia,
such as India and China, witness the highest demand for plastics
globally. India has witnessed rapidly increasing demand for plastic for
electronic products. In India, the demand for electronics grows at an
estimated rate of 17% annually.

Kshama Upadhyay, a lead plastics,
polymers, and elastomers research analyst at Technavio, says,
“Factors that have increased the market penetration of electronic
products are a rapidly growing customer base and advances in technology.
This further translates into the increasing demand for plastics and
polyethylene in Asian countries. These countries have also witnessed
robust industrial development, coupled with huge investments in the
field of irrigation, power, water and sanitation management, building
and construction, retail, transport, and other sectors.”

Increasing global plastic recycling activities

Plastic recycling refers to the process that involves the recovery of
waste or scrap plastic and the reprocessing of materials. The
polyethylene market is driven by global efforts to decrease the extent
of plastic that is otherwise wasted. The recycling of plastics includes
sorting plastic into different polymers, followed by the chipping and
melting process. Soft plastics, including polyethylene bags and films,
are also recycled.

“The recycling of plastics helps conserve natural resources and
energy. The process helps reduce the extent of use of natural resources,
such as water and petroleum, required to manufacture polyethylene bags
and other products. Therefore, increasing plastic recycling activities
drive the global polyethylene market as manufacturers of polyethylene
benefit from reduced costs of production and are subject to fewer
government restrictions,” adds Kshama.

Increasing use of packaging material

The considerable surge experienced by the plastic packaging industry
drives the global polyethylene industry. The global demand for packaging
is especially high in the food and beverage industry. Food and beverages
necessitate packaging for retail, catering, and food distribution. Food
and beverages are therefore required to be protected by packing them in
sachets, containers, pouches, and plastic bags that act as the major
outlets for polyethylene.

The market has also witnessed the increasing inclination of consumers
toward easy-to-open and transparent packaging that facilitates the
preservation and protection of food from oxygen and water vapor.
Additionally, advances in pharmaceutical packaging have necessitated the
application of polyethylene and have played an important role in driving
demand for polyethylene.

Top vendors:

• BASF
• China Petrochemical
• DuPont
• Exxon Mobil
• LyondellBasell Industries Holdings
• SABIC
• Sumitomo Chemical
• The Dow Chemical Company

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