The global PE resins market is expected to witness a stagnant CAGR of around 3.6% from 2022 to 2027. The global market is estimated to be valued at USD 152.3 Billion in 2022 and is expected to reach USD 181.5 Billion by 2027. According to the synopsis of the PE resins market, it has shown that the overall PE resins market is expected to increase at a year-on-year (YoY) growth of 3.4 % in 2021-2022. The PE resins market is anticipated to be led by the Asia Pacific which is projected to capture a significant market share of about 41% in 2022.
According to the analytical estimations for 2021-2022, the Indian PE resins market will surge at around 5.4% year on year basis. Across the whole of Asia Pacific, the total revenue of PE resins is forecast to reach USD 61.7 Billion in 2022. The PE resins market is anticipated to witness a remarkable 3.6% CAGR between the forecast years from 2022 and 2027 in contrast to the 3.1% shown during the historic years between 2012 and 2021. This phenomenal rise in growth is accounted for due to an increase in demand from packaging and consumer end-use. Owing to the rising technological advancements within the packaging industry have surged the manufacturer's preference for plastic on the backdrop of its capability for increasing the shelf life of the product and reducing losses.
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An increase in the role of packaging for material handling has been witnessed over the recent years which results in shelf-life improvement and safety influencing the demand for plastic in the global market. Approximately 40% of the plastic demand across the globe is generated from the packaging sector. PE polymers such as LDPE, LLDPE, and HDPE are extensively used for the packaging of food and beverages. Strong demand for consumer goods and the homecare industry in India, ASEAN Countries, and China is positively impacting the PE resin market across the APAC region.
Key Takeaways
- Some of the distinctive advantages based on the usage of plastic are anticipated to reduce the carbon footprints of manufacturers by restricting the consumption of energy throughout the production process and the ability to protect goods & food, thereby reducing breakage and waste.
- Apart from the application and physical properties of plastic, it also has a strong influence across the global economy since it is callable of creating a multiplier effect in the regional economy thus boosting the demand for PE resins market.
- The global PE resins market comprises a very large and complex supply chain network and in order to ensure the safety and surety of goods, plastic packaging is playing a key role. To efficiently secure and palletize goods during transport manufacturers are relying on LLDPE shrink and stretch films for over-wrapping and stacking of goods.
- Massive trade in the region is generating the demand for LLDPE film and therefore boosting the growth within the plastic resin market. Apart from exports, the utilization of plastic films for packaging fresh and processed food is expected to positively impact the demand for the PE resins market.
- PE resins of film grade are known to be more in demand owing to the rapidly increasing traction of flexible packaging throughout the North American market. North America is anticipated to account for 4th of the world's flexible packaging market, thus, creating immense opportunity for the PE resins market.
- In order to fulfill the ever-increasing demand for PE polymers, local and multinational resin manufacturers are strengthening their supply chain capabilities and thereby driving the polyethylene resin market in the region. About 41% market share of global PE resin demand is from Asia-Pacific.
Competitive Landscape
Prominent manufacturers in the PE resins market are committed to the research and development of the product and are consistently offering innovative pallet stretch wrapping solutions targeted towards specific end-use. Key market players in the PE resins market are aiming at product launches and massive expansions with other manufacturers.
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More Insights into the PE Resins Market
The U.S. is expected to dominate the global PE resins market and is expected to attain a market valuation of around USD 25.7 Billion by the end of 2022. The U.S. is expected to capture the single-largest market share for the PE resins market globally. According to the reports of the United States Department of Agriculture, food industries in 2020, it accounts for almost USD 1.7 Trillion. Packaging and consumer goods will witness subsequent growth in the region and lead the U.S. end-use segment by 2031.
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
- Middle East and Africa (MEA)
- Japan
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