by Cross Linked Polyethylene has gained widespread popularity owing to its superior properties such as excellent tensile strength, temperature stability, and UV resistance. Used primarily in pressure pipes, barriers, and coatings, Cross Linked Polyethylene provides superior chemical and corrosion resistance which makes it an ideal material for infrastructure and oil & gas applications.
The global Cross Linked Polyethylene Market is estimated to be valued at US$ 6590.3 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing investments in infrastructure development and oil & gas exploration activities have accelerated the demand for Cross Linked Polyethylene over the recent years. It is widely used in pressure pipes for transportation of oil, gas, and water owing to its excellent mechanical properties. Moreover, Cross Linked Polyethylene coatings provide long-lasting corrosion protection to pipelines and infrastructures exposed to harsh environmental conditions. Driven by the ongoing infrastructure projects and expansion of oil & gas industry across major economies, the adoption of Cross Linked Polyethylene is expected to witness steady growth over the forecast period.
SWOT Analysis
Strength: Cross linked polyethylene has high tensile strength and resilience which makes it suitable for applications requiring durability. It also has good resistance to chemicals and weathering.
Weakness: Cross linked polyethylene has lower stress crack resistance and impact strength compared to linear low density polyethylene. Its manufacturing process requires more energy.
Opportunity: Growing demand for cross linked polyethylene from industries like plumbing, water supply, sewage systems, and insulation provides opportunities for market growth.demand from high growth end use industries in developing nations.
Threats: Stringent environmental regulations regarding plastic production and disposal pose threats. Volatility in raw material prices also impacts the market.
Key Takeaways
The global cross linked polyethylene market is expected to witness high growth. Global Cross Linked Polyethylene Market Size is estimated to be valued at US$ 6590.3 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2031.
Asia Pacific holds the largest share of the market and is expected to remain the fastest growing region over the forecast period. Growth in end use industries such as plumbing, electrical and electronics drives demand in the region. China dominates Asia Pacific and is a major manufacturing hub for cross linked polyethylene. Rising infrastructure development, rapid urbanization and growth in manufacturing sector boost demand. Policy support for growth of end use industries also contributes to market expansion.
Key players operating in the cross linked polyethylene market are BASF SE, Celanese Corporation, Daicel Corporation (Polyplastics Co. Ltd), DuPont de Nemours Inc., Ensinger, Korea Engineering Plastics Co. Ltd, Mitsubishi Chemical Corporation, Westlake Plastics Company, and Yuntianhua Group Co. Ltd. Key players focus on new product development and capacity expansion strategies to strengthen market share.
