May 22, 2024
Cross Linked Polyethylene Market

Cross Linked Polyethylene Market is Estimated to Witness High Growth Owing to Rising Applications in Piping Systems

The cross linked polyethylene market is used widely for its superior properties like crack resistance, high sealing ability, and long-term stability. It is used in applications such as plumbing pipes, electrical cable insulation, and coated fabrics.

The global cross linked polyethylene market is estimated to be valued at US$ 6590.3 Mn  in 2024 and is expected to exhibit a CAGR of 3.3%  over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Cross Linked Polyethylene Market Growth 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. These key players are involved in extensive research and development activities and expansion of production facilities to cater to the growing demand for cross linked polyethylene products.

The growing urbanization and industrialization has increased the need for improvement in infrastructure which provides opportunities for cross linked polyethylene pipes in various applications like plumbing, sewerage & drainage systems. Furthermore, increasing investments in oil & gas pipelines is also expected to drive the demand.

Significant expansion of transportation and logistics industry globally has been positively impacting the growth. Also, growing usage of cross linked polyethylene in high-temperature and corrosion-resistant piping and coating applications across regions like North America, Europe, and Asia Pacific will drive the global market during the forecast period.

Market drivers

Cross linked polyethylene pipes have high tensile strength, long-term stability, and crack resistance properties making it suitable for applications in high-pressure plumbing, drainage, and sewerage systems. The superior properties and increasing regulations regarding usage of durable and long-lasting piping materials are estimated to drive the demand for cross linked polyethylene over the forecast period.

PEST ANALYSIS
Political: Cross Linked Polyethylene market is influenced by various government regulations and policies regarding the use of plastics and recyclability. Any changes made to such regulations can impact the demand for this market.
Economic: Stable economic growth worldwide along with rising disposable incomes is driving demand from the construction and infrastructure development industries. Adoption across various end-use industries also depends on the overall economic conditions.
Social: Growing popularity of lightweight and durable materials across different applications is supporting market growth. CLPE is widely used as it provides enhanced safety and performance.
Technological: Developments in production technologies have improved efficiencies and reduced costs. Advanced CLPE grades with better mechanical and chemical resistance properties are gaining traction. Nanotechnology applications are also being researched to enhance film characteristics.

Geographical Regions with High Market Concentration
The Asia Pacific region dominates the global Cross Linked Polyethylene market in terms of value share. This is because of strong demand from the construction and infrastructure industries across major economies like China and India which are undergoing rapid urbanization.

Fastest Growing Regional Market
The North America CLPE market is expected to witness the highest CAGR during the forecast period. This growth can be attributed to rising polymer consumption in the US and Canada for pipe & tank applications as well as wires & cables. Stringent regulations regarding plastic recyclability are also driving material substitution with CLPE.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it