Expanded Polyethylene Market REPORT OVERVIEW
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The global expanded polyethylene market size was USD 2242.67 million in 2020 and is projected to touch USD 6128.77 by 2031, exhibiting a CAGR of 9.57% during the forecast period.
Expanded polyethylene (EPE) is harmless plastic, has no taste or odor, and is used in manufacturing. EPE is a thermoplastic resin and can be heated and refrigerated to form different figures and objects. It is resistant to water, oil, and other chemicals. It is a very common material for packaging goods as it is lightweight and stretchy. It can engross shock and offer good suppressing. Expanded polyethylene has a great weight to strength ratio and thermal resistance. Due to the high-temperature range, it can be heated and melted multiple times and restructured into new objects. According to its applications, EPE is considered a good insulating material and available in different densities.
Rising urbanization combined with an increasing trend of online shopping will support the expanded polyethylene market growth in the upcoming years. Furthermore, growing concern for developing cities leading to green constructions is driving the product demand. As the expanded polyethylene exhibits outstanding thermal insulation, they help reduce the energy consumption of constructions. Moreover, they own a higher damping ratio, useful in sound-proofing accommodations.
COVID-19 Impact: Halt on Constructions and Supply Chain Disruption to Impede Sales.
The pandemic had a substantial impact on the expanded polyethylene market. As COVID-19 enforced lockdowns in many nations, the strategic market policies favor the halt in construction and workers in their companies managed remotely wherever possible. Majority of the construction projects were paused for a definite time across various countries globally.
In the recent past, the global economy has become significantly more consistent. The adverse implication of different steps linked to the limitation of COVID-19 is observable from disruptions in the supply chain, reduced demand for imported products and services, and an upsurge in the unemployment rate. Risk aversion has increased in the financial market, with low-interest rates and severe declines in product prices. Consumers and businesses have also bargained significantly. With the growing number of countries imposing and extending lockdowns, economic events are deteriorating, thus impacting the global economy.
LATEST TRENDS
"Increasing Adoption in Packaging Industry to Bolster Market Progress"
EPE has a wide-ranging application due to its properties such as exceptional thermal insulation, resistance to moistness, strength, flexible automated features, and ease of conveyance. The growing packaging industry is the primary factor driving the development of the expanded polyethylene market. It is used in the packaging industry for corner pads, modified foam packaging cushions, packing covers, dust covers, and fragile item wrapping. It is similarly used to wrap electronics, machinery, and consumer durables. The packaging sector is increasing at a high rate, primarily driven by the increasing number of end-use industries containing medicinal, FMCG, food processing, and the rising packaging demand in developing economies such as India, China, and Brazil.
Expanded Polyethylene Market Segmentation
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- By Type Analysis
By type, the market is segmented into EPE foam coil, EPE foam sheet, and shape EPE foam
The EPE foam sheet segment is expected to lead the market share. It is flexible, absorbs shock, and provides good cushioning. It is highly resistant to chemicals, offers the best insulation against heat, and has low thermal conductivity. These factors are likely to influence the growth of the industry.
- By Application Analysis
Based on the application, the market is classified into protective packaging, industrial thermal insulation, automotive, building and construction, and others.
The building and construction segment is expected to lead the market share. It is due to the increasing usage of polyethylene in the building and construction sector for forging, pipe-in-pipe, doors, roof boards, slabs, and others. The demand for the product is expected to be driven by the growing population and demand for housing, which will further accelerate the construction activities, thus, aiding the industry growth.
DRIVING FACTORS
"Increasing Adoption in Infrastructural Development to Facilitate Industry Progress"
Significant productions of polyethylene comprise building & construction, shielding packaging, automobile, pharmaceutical, and sports. It is used in the building & construction industry for building, pipe-in-pipe, gates, roof panel, and slab applications. They have excellent thermal protection, moisture resistance, and sound and vibration immersion properties and are appropriate for use in the building & construction industry. Packaging is necessary for all kinds of materials for protection and padding.
The application ranges of polyethylene in the automotive industry include water shields, air conditioning ducts, headliners, mirror seals, door panels, seat liners, dashboard padding, and trunk liner. The automobile producers are constantly trying to reduce the vehicle's weight, which inclines to improve fuel consumption and performance, for which polyethylene is used.
"Escalating Improvement in Chemical Industry to Magnify Market Growth"
The continuous improvement of chemistry and polymer structural design has amplified the use of polyethylene, as they can meet sustainability requirements. There will be a steady reduction in the accessibility of resources, and CO2-based polymers may swap petroleum-based products because CO2 is inexpensive than petroleum-based resources. The chemical makeup of expanded polyethylene is similar to most plastics and is generally white, except a dye is added to it during the melting process. It is a closed-cell foam, which permits it to take up additional volume and is lightweight. It is exceptionally resistant to strong caustic chemicals like solvents, acids, and alkalis. This makes it appropriate for providing a barrier or shield for extra security while storing and controlling these chemicals.
RESTRAINING FACTORS
"High Costs to Impede Market Progress"
The features that define the cost construction of products are the price and accessibility of raw ingredients. Unpredictable raw material prices affect the manufacturing cost structure of the products. Oil prices have been highly unpredictable due to the growing demand, encounter, and foreign military involvement. Such fluctuating raw material prices act as a limitation in the market.
Expanded Polyethylene Market REGIONAL INSIGHTS
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"Infrastructure Development to Fuel Industry Development in Asia-Pacific"
Asia-Pacific is expected to dominate the expanded polyethylene market share due to the varied range of applications in the fast-growing regional sectors such as automotive, construction, and packaging. The whole manufacturing and sales of automobiles have been observing the growth of improving socio-economic dynamic forces of middle-class people in Asian countries such as China, Indonesia, and India. The improved packaging can be recognized by the rising purchasing power, increasing populations, and a change in preference to packaged consumer goods from the conventional markets, especially in the e-commerce and food segment.
KEY INDUSTRY PLAYERS
"Implementation of Strategies and Partnerships to Help Major Players Grow"
The market is highly fragmented, with various chemical companies in multiple markets. Companies adopt different strategies such as mergers and acquisitions, partnerships, product launches, and expansions. Accurate information is delivered to distinguish the business features to portray the competitive landscape for the global expanded polyethylene market. Leading market players operating in the global industry have been recognized and nominated.
List of Market Players Profiled
- Sealed Air (U.S.)
- Kaneka (Japan)
- Armacell (Germany)
- Sekisui Chemical (Japan)
- Sonoco (U.S.)
- Pregis (U.S.)
- Furukawa (Japan)
- Plymouth foam (U.S.)
- Wisconsin Foam Products (U.S.)
- Rectile (U.K.)
- Innovo Packaging (U.K.)
- Sing Home Polyfoam (Taiwan)
- Sansheng (China)
INDUSTRY DEVELOPMENT
- June 2019: Versalis (Eni), a chemical company, launched its new expandable polystyrene (EPS) Extir FL 3000 to avoid a plastic leak. The material provides a chance to increase sustainable goods in industrial packaging, protective helmets, food packaging, containers, and seats. It also reduces the hazard of plastic particles leaking into the environment.
REPORT COVERAGE
This report offers an analysis regarding the leading segments and latest market trends. To create the competitive landscape section, the most recent trends, company profiles, financial standing, and SWOT analysis of the major market players were used during the research. The key industry developments are that the emerging markets, which have been concentrating severely on infrastructure expansion, have witnessed significant demand growth for expanded polyethylene. It keeps track of the essential players' strategies and regional trends. It allows readers to learn about the critical methods that promote market growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2242.67 Million in 2020 |
Market Size Value By |
US$ 6128.77 Million by 2031 |
Growth Rate |
CAGR of 9.57% from 2020 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What was the value of the expanded polyethylene market during forecast period?
Based on our research, the expanded polyethylene market has touched USD 6128.77 million by 2031.
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What CAGR is the expanded polyethylene market projected to grow in the forecast period 2031?
The expanded polyethylene market is expected to grow at a CAGR of 9.57% during the forecast period 2031.
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Which are the driving factors of the expanded polyethylene market?
Increasing adoption in infrastructural development and escalating improvements in the chemical industry are the driving factors.
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Which are the top companies operating in the expanded polyethylene market?
Sealed Air, Kaneka, Armacell, Sekisui Chemical, Sonoco, Pregis, Furukawa, Plymouth foam, Wisconsin Foam Products, Rectile, Innovo Packaging, Sing Home Polyfoam, Sansheng are the top companies operating in the expanded polyethylene market.