Linear Low Density Polyethylene Market - 6% Growth Forecast from 2016 to 2024
OCEAN VIEW, Del., Nov. 8, 2017 /PRNewswire-iReach/ -- Linear Low Density Polyethylene (LLDPE) Market is slated to record a remarkable growth rate over the coming years as the product finds extensive utilization across various end use sectors such as automotive, agriculture, and packaging. Of late, the trend of packaged and ready-to-eat meals has been gaining renewed attention, subject to the increasingly hectic lifestyles. The growing innovations in food packaging techniques thus, will contribute to the growth of LLDPE market. As per a report by Global Market Insights, Inc., "Worldwide linear low density polyethylene (LLDPE) market having had a revenue of USD 37 billion in 2015, will register an annual growth rate of more than 6% over the period of 2016 to 2024."
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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.
Asia Pacific accounted for over 40% of the market revenue in 2024. Rapid industrialization in the region due to flourishing automobiles, textiles, oil & natural gas, electronics, and manufacturing industries in emerging economies is giving a boost to construction spending and will propel linear low density polyethylene market. Organized retailing and rapidly expanding e-commerce in India, Thailand and Malaysia are strengthening the packaging sector which in turn will increase consumption of the product.
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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.
Browse key industry insights spread across 110 pages with 85 market data tables & 11 charts & figures from the report, "Linear Low Density Polyethylene (LLDPE) Market Size by Application (Films, Injection Molding, Rotomolding), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/linear-low-density-polyethylene-LLDPE-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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