Linear Low Density Polyethylene Market is projected to grow at a moderate rate and the growth is extensively attributed to robust increase in retail packaging, automotive, agriculture and other consumer goods.
Sellbyville, DE -- (SBWIRE) -- 01/21/2019 -- The qualitative research study conducted by Global Market Insights, Inc. titled "Linear Low Density Polyethylene (LLDPE) Market" provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Linear Low Density Polyethylene (LLDPE) Market.
Linear Low Density Polyethylene (LLDPE) Market size will cross USD 60 billion by 2024. LLDPE market is projected to grow at a moderate rate and the growth is extensively attributed to robust increase in retail packaging, automotive, agriculture and other consumer goods. Global packaging industry is set to cross USD 1 trillion by 2024, with its major usage in paper & board sector. Innovation in processed food and beverages products packaging designs is taking place as leading brands such as Cadburry, Nestle etc. are setting a global benchmark for different package formats.
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LLDPE demand as a substitute for other polyethylene grades such as LDPE and HDPE is increasing, owing to better physical and chemical properties of the product. The polymer is extensively used in canal lining, hazardous waste liners, mining, packaging industry, and geomembrane liners. Increasing application avenues of the product is set to accelerate its market at a substantial pace.
LLDPE is also used in manufacturing bags and sacks due to growing demand for rigid posture and excellent finish in final products. It is also increasingly used for other applications such as injection molding, a plastic component manufacturing process. This process is used to produce bottle caps, automotive dashboards, pocket combs, and wire spools. Growing injection molding adoption in the manufacturing industry coupled with rising applications of this technology augments linear low density polyethylene market.
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North America is a pioneer in packed food & beverage products and its market for LLDPE films will be over USD 7.5 billion by 2024. U.S. has an established base of pharmaceutical companies and require these films for medical packaging. Construction spending in U.S. is forecast to grow at a CAGR of over 6% by 2024 owing to its infrastructural development. North America will witness CAGR of approximately 5% between 2016 to 2024.
Europe is witnessing an upsurge in automobile, meat packaging, electronics, and telecommunication industries. The region is recognized as one of the largest automobile market globally with major OEM's and other automotive suppliers having base in Germany, Sweden etc. In Russia, 1.25 lakh new cars were registered in September 2016. These industries adopted rotomolding technology to manufacture their required components in which linear low density polyethylene is consumed widely. Rapid industrialization coupled with technological advancements have increased consumption of the product. Europe will register above 5% CAGR in linear low density polyethylene market.by 2024.
Films likely to contribute to 70% of the application revenue share by 2024. LLDPE films are used in a wide range of applications such as food packaging, moisture resistance in the concrete structure, and prevention of soil erosion in agriculture. Global food packaging industry is projected to cross USD 310 billion by 2024. These films are also used for bags and sacks manufacturing due to its mechanical properties.
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Rotomolded LLDPE will record over USD 6.9 billion market revenue in 2024. This technology is being adopted extensively due to its benefits of being affordable and simpler than blow molding or injection molding. It is used in packaging, water treatment, automotive, agriculture, furniture, and construction industries.
Key manufacturers in linear low density polyethylene market are Exxon Mobil Corporation, Mitsui and Westlake, Chevron Phillips Chemical Company LLC, INEOS Group AG, The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), Borealis AG, Mitsubishi Chemicals, LyondeBassells Industries N.V., Nova Chemicals Corporation, and Braskem S.A.
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