Cross-linked polyethylene Market, By Product Type, Application, and Geography - Insights, Opportunity Analysis, and Industry Forecast, 2022 - 2028
Polyethylene are low cost commodity plastics with thermoplastic nature. Cross-linked polyethylene (PEX) is a type of polyethylene containing cross-linked bonds. These crosslinking bonds which are present in the polymer structure converts the thermoplastic to a thermoset material. Generally, cross-linked polyethylene is abbreviated as PEX for piping & tubing application, and XLPE for wires & cables application.
Cross linked polyethylene are segmented into three product types namely high density polyethylene (HDPE), low density polyethylene (LDPE), and others (includes linear low density polyethylene (LLDPE), ethylene vinyl acetate copolymer (EVA), and polyolefin elastomer (POE)). These types of crosslinked polyethylene are used in various applications such as plumbing, wires & cables, automotive, and others (includes mining, chemical industry, dental, and solar). HDPE crosslinked polyethylene (PEX) are used mainly in plumbing application, whereas all LDPE crosslinked polyethylene (XLPE) are used mainly in wires & cables. The HDPE crosslinked polyethylene (PEX) was the largest segment in the global cross linked polyethylene market in 2021 and the trend is expected to remain the same during the forecast period. This is due to the growing population, which in turn is leading to the growth in residential & commercial construction activities in the developing regions such as Asia-Pacific, Latin America, and Africa. Owing to this, the demand for plumbing applications is increasing rapidly due to the need of tubing, and piping to transport heated water as well as cold water in the residential & commercial construction. Moreover, due to high flexibility, corrosion & thermal resistance, and low cost as compared to conventional metallic pipes, the global cross linked polyethylene market is growing at a CAGR of 6.6% during 2017 - 2028, according to Coherent Market Insights.
Crosslinked polyethylene have wide applications in wires & cables as well. For instance, the cross linked polyethylene is been used as a perfect insulator for the wires and cables due to its high resistant property from temperature and chemicals to prevent sparking, shocking, and fire. The increasing construction activities around the world are leading to the increasing demand for electrical cables & wires which in turn is propelling the growth of crosslinked polyethylene globally.
The increasing preference of auto manufacturers towards the use of crosslinked polyethylene due to the considerable cost reductions, light weight, excellent performance, and other benefits offered by these products fuels the growth of cross linked polyethylene market. Moreover, favorable government regulation is expected to boost the global cross linked polyethylene. For instance, in August 16, 2010, the California Building Standards Commission certified the Final Environmental Impact report and approved the use of PEX tubing or cross linked polyethylene.
Asia Pacific followed by North America and Europe is expected to dominate the market in 2021 and the trend is expected to remain the same during 2017 - 2028. Continuous infrastructure development in China and India, includes sanitation, sewage and water distribution systems. This in turn, is projected to position Asia-Pacific as the largest and fastest-growing region in the global cross linked polyethylene market. Moreover, Latin America is expected to experience a CAGR of 6.7% in terms of volume, during the forecast period, due to growing plumbing activities in industrial and residential establishments.
This report segments the global crosslinked polyethylene market on the basis of product type and application. On the basis of product type, the market is segmented as HDPE, LDPE, and others (includes mining, chemical industry, dental, and solar). On the basis of application, the global cross linked polyethylene market is segmented as plumbing, wires & cables, automotive and others (includes mining, chemical industry, dental, and solar). Moreover, plumbing is the largest application segment, accounting for over 45% share of the global crosslinked polyethylene market in 2021, while, automotive is projected the fastest growing application segment and expected to grow at a CAGR of 7.1% in terms of revenue during the forecasted period.
Key features of the study:
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