High Density Polyethylene (HDPE) Market Market Size to Hit USD 88 Billion by 2024: Analysis of Key Players, Trends, Drivers

High Density Polyethylene market size will cross USD 88 billion till 2024 according to a new research report.

High density polyethylene (HDPE) is majorly used for packaging in pharmaceutical, food & beverages and cosmetics industries. It has improved mechanical properties and higher strength to density ratio than low density polyethylene. It is used to pack food items such as ready-to-mix, ready-to-cook food. Increasing packed food items market due to ease-of-consumption and its handiness will boost product market.

High density polyethylene to produce products such as pipes, plumbing and electrical boxes, and telephone ducts. These products are deployed at construction sites in residential, commercial and industrial projects. Infrastructural development in emerging economies such as urban and hydropower transportation, roads & highways, commercial building, shopping malls, shall give a positive outlook for high density polyethylene market.

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The product?s ability to control the path of light and achieve negative refractive index has been used by the University of Central Florida (UCF) to create the first successful large-area invisibility cloak in 2014. Military and aerospace industries are on a look out for these types of cloaks and this may provide an incredible opportunity for High Density Polyethylene (HDPE) market in future.

Technical challenges pertaining to development of practical metamaterial products is a major challenge for manufacturers. A product based on these materials can only be successful if it is smaller and more closely packed than the target radiation wavelength. This requires manufactures to invest on technologies that can dynamically change the properties of such materials. Hence, it may take a few years before prototype products based on these materials are fully commercialized for large scale applications and this may hinder the High Density Polyethylene (HDPE) market growth slightly in the forecast timeframe. 

High Density Polyethylene (HDPE) market product segmentation has five categories including radio & microwave, photonic, terahertz, acoustic, and others. Terahertz segment will likely generate revenue above USD 500 million by 2024. This segment will grow at a healthy rate in the forecast years owing to the product usage in security applications and medical imaging. Acoustic segment is anticipated to gain by a CAGR above 20% till 2024. Product demand for applications in audio systems, soundproofing coatings, thermal insulators, heat exchangers, vibration dampers, sonar technologies, etc. will drive the growth of this segment in the forecast timeframe.

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Acoustic devices, imaging, communication & radar, and solar are the four major applications in the High Density Polyethylene (HDPE) market. Acoustic devices application segment is anticipated to gain by a CAGR above 20% in the forecast years. The segments growth will be augmented by their use in sonar avoidance, architectural acoustics, stealth technology, acoustic hyper lenses, etc. Imaging application segment market share is anticipated to cross one fifth of the total market and it will likely grow by CAGR above 21%. The segments growth will be driven due to its advantages over other materials in medical and industrial imaging.

Europe High Density Polyethylene (HDPE) market size will likely exceed USD 600 million by the end of 2024. The regional market will be augmented by increased funding by the European Commission on development and research on High Density Polyethylene (HDPE), mostly in solar and optics applications. Latin America metamaterials market will experience gains due to growing information & technology and telecommunications sector. The region will likely generate revenue above USD 30 million by the end of 2024.

High Density Polyethylene (HDPE) market is dominated by American companies like Echodyne, Metamagnetics Inc., Kymeta Corporation, and Evolv Technologies. Other key manufacturers include Alight Technologies, Applied EM Inc., Colossal Storage Corporation, Fractal Antenna Systems, Fianium, Inframat Corporation, Medical Wireless Sensing Ltd., Luminus Devices Inc, Nanosteel Company, Sandvik Materials Technology, and Opalux.

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