A new report by Reports and Data has predicted that the Linear Low-Density Polyethylene (LLDPE) market will reach USD 85.95 billion by 2028. LLDPE is a type of polyethylene with short branches and is produced through the copolymerization of ethylene with higher alpha-olefins. The two main methods used for its production are gas-phase polymerization and solution polymerization. LLDPE is used in various applications, such as injection molding, films, and roto-molding, and is popular in industries such as construction, packaging, marine, agriculture, automotive, housewares, and toys.
North America is the second-largest market, accounting for a share of 21.3% in 2018. The growth of the pharmaceutical and food beverage sectors, along with well-established automotive bases, will further propel the LLDPE market in this region. The report estimates that the LLDPE market will reach USD 78.72 billion by 2026, growing at a CAGR of 5.0% during the forecast period.
Films are the largest application segment, accounting for 26.7% of the market in 2018. The gas phase process segment is expected to witness the highest CAGR of 5.3% during the forecast period, and the buildings construction end user segment is anticipated to witness the highest CAGR of 5.7%.
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Europe is the dominant automobile market globally, with significant OEM and other automotive suppliers based in Germany and Sweden, among others. The region is projected to see growth in the telecommunication, meat packaging, electronics, and automobile industries in the coming years, with an expected CAGR of 5.5% during the forecast period.
The Asia Pacific region is expected to have the highest CAGR of 5.8% during the forecast period, due to accelerated industrialization in developing economies, such as electronics, automobiles, oil natural gas, textiles, and production industries, giving a boost to construction spending. Organized retailing and quickly growing e-commerce in Thailand, India, and Malaysia are extending the packaging sectors, which will further drive consumption of the product.
Various players are developing strategies to establish themselves in the market. For example, Braskem has developed green PE from ethanol sugarcane, which is a renewable raw material. This green PE captures and fixes carbon dioxide from the atmosphere during its creation, thereby reducing GHG emissions.
The key players in the LLDPE market include The Dow Chemical Company, Mitsui and Westlake, Exxon Mobil Corporation, INEOS Group AG, Chevron Phillips Chemical Company LLC, Saudi Basic Industries Corporation (SABIC), Borealis AG, Mitsubishi Chemicals, Nova Chemicals Corporation, LyondeBassells Industries N.V., and Braskem S.A.
Linear Low-Density Polyethylene (LLDPE) Market: Drive factors
The Linear Low-Density Polyethylene (LLDPE) Market is expected to witness significant growth in the coming years due to various driving factors. The market is likely to expand due to the growing demand for LLDPE in applications such as injection molding, films, and roto-molding, among others. Additionally, the increasing utilization of LLDPE in end-user industries such as construction, packaging, marine, agriculture, automotive, housewares, and toys is expected to drive the market trends.
Moreover, the rise in telecommunication, meat packaging, electronics and automobile industries in Europe and Asia Pacific regions is anticipated to drive the market. The growing demand for organized retailing and quickly growing e-commerce in countries such as Thailand, India, and Malaysia is extending the packaging sector, which is likely to boost consumption of the product further.
Furthermore, various key players in the industry are developing sustainable strategies, such as the production of green PE from ethanol sugarcane, a renewable raw material, which catches and fixes carbon dioxide from the atmosphere during its creation, thereby decreasing the discharge of GHG. This is expected to further propel the market growth.
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