New York, United States, Aug. 29, 2023 (GLOBE NEWSWIRE) — PolyethyleneDue to strict government regulations protecting the automotive industry, manufacturers have been forced to switch to electric and hybrid vehicles to reduce CO2 emissions. Due to its excellent impact resilience, low density, and solid durability, polyethylene is the material of choice for constructing electrical insulation and glass-reinforced automotive bodywork. Particularly for electric vehicles, the market has seen a significant increase in demand for lightweight parts and components. Global sales of electric vehicles in 2018 were over 3.29 million units. Polyethylene is, therefore, an O.E.M. cost-effective solution. Global demand for portable, exceptionally packaged food is increasing as customer preferences change. Due to its strength, adaptability, and sustainability, polyethylene has become increasingly popular in innovative packaging. As a moisture scavenger, antimicrobial, odor remover, and temperature controller, it is frequently used in producing films for food packaging (frozen, dry goods, etc.).Report ScopeAsia-Pacific now dominates the polyethylene market will keep doing so during the projection period. About 37% of the world’s polyethylene production was produced in Asia, with China holding about 16.2% of that proportion. Due to increased FDIs in the industrial sector, China, Vietnam, Indonesia, and Thailand are at the forefront of industrialization. Due to their economic liberalization and progress, nations like Myanmar, Cambodia, and the Philippines have good potential for market growth, which has increased the entrance of FDI into those nations. The plastics sector in Vietnam is expanding exponentially. The plastics industry is one of the fastest-growing sectors, with an average annual growth rate of 16–18%, according to the Vietnam Plastics Association (VPA). Vietnamese population increase is also supporting market expansion.
Government policies that support the plastic industry are propelling it in Indonesia. By 2030, Indonesia is anticipated to become the seventh-largest economy in the world. According to the Indonesian Packaging Association, food packaging makes up over 70% of all plastic consumption, further fueling market expansion.The major players in the market are Eni S.p.A., Lone Star Chemical, The Dow Chemical Co., BASF SE, Braskem, Chevron Phillips Chemical Co., Formosa Plastics, Huntsman, Ineos Olefins & Polymers, LyondellBasell, Reliance Industries, SABIC, L.G. ChemBy Grade
(GlobeNewsWire)