The LLDPE market has grown at a rapid growth rate in recent years due to various advancements in the consumer goods sector, which have increased the need for LLDPE in production as well as packaging of a wide range of consumer goods products. Key drivers and restraints affecting the global LLDPE market are profiled in the report to provide readers with a clear idea of the motivating factors of the LLDPE market. The global LLDPE market is expected to be dominated by the packaging and non-packaging films and coatings segment over the 2017-2022 forecast period, with Asia Pacific except Japan likely to be the leading regional contributor to the global LLDPE market.
According to Transparency Market Research, the global LLDPE market is expected to rise to $52.2 billion by the end of 2017, and further rise to $70.6 billion by the end of 2022. The LLDPE market is expected to exhibit a strong 6.2% CAGR over the 2017-2022 forecast period.
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The prime driver for the global LLDPE market is the rising need for flexible packaging in the global packaging sector. LLDPE offers physical characteristics that make it perfectly suited for use in the production of flexible packaging, such as light weight, resistance to chemical and environmental reactants, and malleability. The ability of LLDPE to be stretched into thin coatings and sheets is thus crucial for the global LLDPE market, as flexible packaging requires tensile materials that can be produced cheaply.
Growth in international and long-distance shipping of food products is thus likely to be a key driver for the global LLDPE market. Increasing access to fresh produce in urban sales channels such as supermarkets and hypermarkets is also likely to enable strong growth prospects for the global LLDPE market, as LLDPE is popularly used to package fresh fruits and vegetables. The excellent moisture resistance offered by LLDPE has made it crucial for the food and beverage industry and is likely to ensure steady growth of the global LLDPE market in the coming years.
The moisture resistance of LLDPE has also aided growth in its adoption in the agriculture sector. The highly tensile LLDPE is being widely used in agricultural sheets to improve moisture and nutrient retention of soils, making development of the agritech sector crucial for the global LLDPE market. Reducing soil erosion and increasing moisture retention is likely to be the focus of a large number of agritech solutions in the coming years due to the growing need to maximize agricultural output from existing resources, making the LLDPE market a likely beneficiary in the process.
The construction industry is also likely to be a vital contributor to the global LLDPE market. LLDPE sheets are used in the construction industry to safeguard concrete surfaces from exposure to water. Rampant urbanization in developing Asia Pacific except Japan economies is thus likely to be a crucial driver for the global LLDPE market, as Asia Pacific except Japan is likely to remain the leading contributor to the global LLDPE market over the coming years.