The global PEX (crossed-linked polyethylene) market size is expected to make substantial gains in the forthcoming years owing to increasing demand for high-density polyethylene and low-density polyethylene, finds Fortune Business Insights™ in its report, titled “PEX (Crossed-Linked Polyethylene) market size, share & industry analysis, By Type (High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE)), By Process (Chemical, Physical), By Application (Plumbing, Wires & Cables, Automotive, Medical, Chemical) and regional forecast 2021-2028”.
PEX (crossed-linked polyethylene) is manufactured using two different methods – chemical process and physical process. There are several applications of polyethylene, which include plumbing, automotive, chemical, and others. Cross-linked polyethylene offers many benefits, such as corrosion resistance, low weight, and easy movability. Moreover, it is thermally stable, easy to install, can be used in cables and wires, and also offers high durability. Hence, due to all these beneficial properties of polyethylene, there is an increasing demand for PEX in the chemicals industry, which is driving the growth of this market.
However, the lack of availability of PEX has decreased its demand in several applications, which in turn is projected to restrain the growth of this market.
The COVID-19 pandemic has affected all the businesses and economies across the world. On account of lockdowns in several major economies in 2020 and the continuing of restrictions in 2021, operations across the automotive and chemicals industries have come to a halt. As a result, the crossed-linked polyethylene market growth has also gotten stymied as polyethylene is an essential raw material in many industries.
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Fortune Business Insights™ lists out a few of the renowned companies present in the pex (crossed-linked polyethylene) market. They are as follows:
- Dow Chemical Company
- Borealis AG
- PolyOne Corporation
- Industrial Blansol S.A.
- Hanwha Chemical Corporation
- HDC Hyundai EP
- UFP Technologies Inc.
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Increasing Usage of Polyethylene in Automotive Sector to Propel Market Growth
Crossed-linked polyethylene is temperature and abrasion-resistant and is also useful in extremely hot or cold conditions. Further, PEX is easy to install and flexible, and can hold intense pressure. Hence, it can be used in the production of tubes and pipes, which has led to an increase in the usage of polyethylene in the automotive sector and is responsible for fuelling the growth of this market. Furthermore, automakers are constantly seeking new materials to manufacture different components. PEX offers an efficient alternative to auto manufacturers to lower their production costs and price their vehicles more competitively.
Booming Industrial Growth to Boost the Asia Pacific Market
Asia Pacific region is projected to lead the crossed-linked polyethylene market share owing to the soaring demand for polyethylene by the rapidly growing industrial sector in the region. In addition, PEX is being adopted by the region’s thriving chemical industry for several applications, which bodes well for the market.
Europe is also anticipated to dominate in this market on account of the growth of the automotive sector, especially in countries such as Germany and England. North America is rapidly emerging as the most promising region for the polyethylene market due to increasing demand for this product in the medical industry.
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Wires & Cables
- North America (U.S. and Canada)
- Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (Japan, China, Taiwan, India, South Korea, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
On the basis of type, this market is classified into high-density polyethylene and low-density polyethylene. Based on process, the market is divided into chemical and physical. In terms of application, the market is categorized into plumbing, wires & cables, automotive, medical, and chemical. By geography, this market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Intensifying Competition between Key Players to Fuel Market Innovation
There has been an increase in the competition among companies in the automotive and chemicals sectors for the manufacturing and distribution of crossed-linked polyethylene. The growing intensity among these entities has contributed to a rise in the adoption of PEX across different regions. More importantly, this competition is creating novel innovation opportunities for market players, thereby enhancing the potential of this market.
- September 2020: Borealis and Borouge announced that the crosslinked polyethylene power cables co-developed by them using high-voltage direct current technology by Borealis will be used most of the corridor projects across Germany.
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