Cross Linked Polyethylene Market Foreseen to Grow Exponentially over 2025
The Global Cross-linked Polyethylene Market was valued at US$ 5.32 billion in 2016, according to a new report published by Coherent Market Insights. Increasing construction activities to sustain the ever increasing population, especially in Asia Pacific and Latin America is surging demand for effective plumbing. PEX pipes are gaining traction over conventionally used copper pipes for plumbing. Moreover, these pipes offer various beneficial properties such as flexibility during installation in residential water distribution system; have played a vital role in holding water pressure at fixtures; as relatively inexpensive as compared to copper and PVC pipes; shows greater resistance to corrosion, and fire; and have shown great acceptability in pipe insulation. Owing to these factors, crosslinked polyethylene pipes are now replacing copper, and PVC pipes in the plumbing applications, which in turn is enhancing the growth of global cross-linked polyethylene market.
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The global crosslinked polyethylene market is segmented into various applications namely plumbing, wires & cables, automotive, and others (includes mining, chemical industry, and solar). Plumbing is the largest application segment due to growing residential & commercial construction activities. Automotive application is the fastest growing application due to the use of XLPE foams in the under-the-hood, interior and non-interior components of a vehicle. Use of XLPE has risen significantly in recent times in the automotive sector due to increasing inclination of automakers towards lightweighting. This to ensure regulatory adherence related to carbon emissions. Lightweight have superior fuel economy and better performance, which in turn is the major factor for making the automotive application as the fastest-growing application.
Crosslinked polyethylene are being extensively used in wires and cables due to its high insulating property that is highly resistant to heat, weather elements, and moisture. Furthermore, the rise in demand of cross-linked polyethylene in other end-use industries such as mining, solar, and chemical industries are fueling growth of the global cross-linked polyethylene market.
Key takeaways of the market:
Asia-Pacific is projected to be the largest region in global crosslinked polyethylene market. It accounted for around 50.3% share of overall cross-linked polyethylene market in 2016, in terms of revenue. The market in this region is expected to be primarily driven by rampant growth of major end-use industries in China, India, and ASEAN countries. The growing construction, electrical, and automotive sectors creates a highly conducive environment for market growth.
The market in Latin America, Middle East, and Africa is expected to register a significant growth rate over the forecast period. Rise in construction activities along with increasing automotive sales, are expected to create lucrative growth opportunities for the major players in this region.
The HDPE cross-linked polyethylene (PEX) was the dominant segment in the global cross linked polyethylene market in 2016 and the trend is expected to remain the same during the forecast period. This is due to the rapidly growing population in the region, which in turn is leading to growth of residential & commercial construction activities in the developing regions such as Asia-Pacific, Latin America, and Africa.
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Owing to this, the demand for plumbing applications is increasing rapidly. Also, the HDPE crosslinked polyethylene are suitable in many piping and tubing applications such as use of these pipes in potable cold and hot water distribution systems in both residential and commercial construction; in residential fire protection systems; in hydronic radiant heating and cooling, using warm or chilled fluids; in outdoor snow and ice melting; in outdoor turf conditioning; in ice surface piping; in natural gas distribution; in geothermal ground loop heat exchangers; in chilled water piping; and in specialized industrial and mining applications. Hence, making the HDPE cross-linked polyethylene as the largest product type segment in the global crosslinked polyethylene market.
ExxonMobil Chemical Company, LyondellBasell Industries, 3H Vinacom Co., Hanwha Chemicals, Arkema Group, AkzoNobel N.V., Falcone Specialities AG, Borealis AG, and PolyOne Corporation are some of the key players in global cross-linked polyethylene market.
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