Cross-Linked Polyethylene Market Future Challenges and Industry Growth Outlook 2024
Category: #headlines  By Partha Ray  Date: 2019-08-06
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Cross-Linked Polyethylene Market Future Challenges and Industry Growth Outlook 2024

Owing to a varied range of domestic, industrial and healthcare applications, the cross-linked polyethylene market has grown considerably over the past few years with products that provide improved performance and durability. Properties like better temperature strength, chemical resistance and the ability to resist slow development of cracks make cross-linked polyethylene materials ideal for public and portable water service lines, commercial plumbing distribution, auto components and light packaging. 

Need for highly reliable and corrosion resistant quality pipes for fire sprinkler systems has further given an up thrust to the cross-linked polyethylene industry. Making these products suitable for large scale residential or commercial projects have benefits such as low cost, flexibility, lightweight and ease of transport, all of which have influenced the shifting consumer trend towards the cross-linked polyethylene market.

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The UN estimates that by 2050, the total world population could reach 9.8 billion, with countries like China, India, Japan and Indonesia being the dominant contributors within the Asia-Pacific (APAC) region. Due to rapid urban and industrial development resulting from massive government spending in several emerging economies of the region, the cross-linked polyethylene market is slated to witness remarkable consumption rates. 

According to data released by Indonesia’s Public Works and Housing Ministry, a total of 805,169 housing units were constructed in 2016 and further 499,702 by June 2017, as part of an ongoing scheme to provide sufficient residential facilities in the country. In 2017, the Indonesian government apparently targeted construction of 700,000 houses for low-income groups and 300,000 for those with a higher income. Reports indicate that Indonesia is looking to gather more funds to complete the ambitious five-year national development plan, which is half way through.

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An upcoming growth avenue for the cross-linked polyethylene market, medical surgeries for joint replacements have garnered momentum to offer a healthier and pain free living for osteoarthritis patients. Knee and hip replacement arthroplasty involves replacing a dysfunctional joint with a prosthesis, which can now be made from cross-linked polyethylene. 

Recently, a broad study conducted on over 240,000 hip osteoarthritis patients revealed that hip implants containing cross-linked polyethylene lower the need for a revision surgery significantly. The reduced long-term wear of implants with cross-linked polyethylene bearing surface are making them more suitable for younger patients as compared to conventional polyethylene implants, since they have a longer life and tend to be more active.

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Subsequently, the APAC cross-linked polyethylene industry is expected to be promulgated extensively from medical applications, besides the prominent demand from infrastructure development activities. The DOW Chemical company, ExxonMobil, Arkema Group, Silon S.R.O, Hanwha Chemical, Vinacom Co Ltd and Borealis AG are some key global market contenders. With incredible predictions regarding population growth and utility requirements, the global cross-linked polyethylene market is anticipated to achieve a CAGR of 6% from 2018 to 2024.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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