Linear Low Density Polyethylene (LLDPE) Market is winning an edge over other polyethylene derivatives such as LDPE and HDPE, due to its superior tensile strength that makes it suitable for a wide forum of application including domestic sector packaging, agriculture, and automotive industry. LLDPE is extensively used as films in food packaging industry where elongation and flexibility are the basic requirements. Global packaging industry is set to touch the trillion-dollar bench mark in terms of revenue by 2024, which is anticipated to have a linear influence on LLDPE market in the years ahead.
According to Global Market Insights Inc., “Linear low density polyethylene market held a revenue of USD 37 billion in 2015, and is projected to exceed USD 60 billion by 2024 with a lucrative annual growth rate of 6% over the period of 2016-2024.”
Europe has witnessed a major adoption of LLDPE in the rotomolding application as this technology is more cost-effective than injection molding. Europe is well-known as one of the largest automobile market with major OEMs forming their base in this region. Linear low density polyethylene market demand will boost in the coming seven years as there is a significant upsurge in meat packaging, automobile, and telecommunication industries. Europe LLDPE industry is set to record a CAGR of 5% over the period of 2016-2024, subject to extensive consumption of this product in various end-use.
North America LLDPE film market is projected to be over USD 7.5 billion by 2024, owing its strong base of food & beverage products and pharmaceutical companies. The demand for the product is also witnessing an upswing due to rising infrastructural development and growing construction spending in U.S. North America linear low density polyethylene industry is estimated to register a CAGR of 5% over the period of 2016-2024.
Major linear low density polyethylene industry participants include Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemicals, Nova Chemicals Corporation, Exxon Mobil Corporation, and Chevron Phillips Chemical Company LLC.
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- Linear low density polyethylene market size & forecast by product & application
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- North America linear low density polyethylene industry worth USD 7 billion in 2015, is set to establish its strong prominence, owing to the rise in infrastructural projects and high living standards of major population base. This region is also gaining high profit from the booming automobile industry with high demand from automotive biggies like General Motors.
- Increase in infrastructural activities in emerging countries is likely to contribute majorly to Asia Pacific LLDPE industry growth with China and India construction spending around USD 1.75 trillion and USD 420 billion respectively in 2015. Asia Pacific linear low density polyethylene market is thus witnessing a robust growth, having had over 45% of the overall industry share in 2015.
- Europe LLDPE industry is also expanding its base, being one of the largest automobile manufacturers with major suppliers from Germany and Sweden. Europe is growing at a fast pace in telecommunication, meat packaging, and electronics industries which in turn is driving the industry growth. Increasing adoption of rotomolding technology in these mentioned sectors coupled with rapid industrialization will set Europe to grow at an annual rate of 5% over the period of 2016-2024.
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