May 08, 2023 11:00 ET | Source: REPORTSINSIGHTS CONSULTING PVT LTD REPORTSINSIGHTS CONSULTING PVT LTD
New York, May 08, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the chlorinated polyethylene (PE-C) market is poised for strong expansion and is expected to reach USD 1,173.1 Million by 2030. The market, which was valued at USD 622.2 Million in 2022, is predicted to grow at a compound annual growth rate of 7.3% during the period 2023-2030. The report highlights the increasing deployment of chlorinated polyethylene (PE-C) in wire and cable jacketing, impact modifiers, and others, which is accelerating global market growth. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the chlorinated polyethylene (PE-C) market. High Efficiency Composite Stabilizer
As per the research SHOWA DENKO K.K., Hangzhou Keli Chemical Co., Ltd, and Shandong Novista Chemical Ltd., among others are major market players that comprise the latest market circumstances. These companies have strong manufacturing capabilities and a strong presence in the market through their diverse product portfolios and distribution networks. Furthermore, the chlorinated polyethylene (PE-C) market is expected to grow steadily due to the growth of industries, including automotive, construction, and others in key market regions such as Asia Pacific, North America, and Europe regions which are estimated to further spur the market size growth in the upcoming years. Additionally, the capacity expansion for the production of chlorinated polyethylene (PE-C) to meet the growing demand for materials in various end-use industries is anticipated to increase the competition in the market.
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Chlorinated polyethylene (PE-C) is utilized in the automotive industry to ensure superior strength of automotive components. The growth of the automotive industry is attributed due to factors such as the increasing spending power of people, the growth of the e-commerce sector, and others. As a result, the demand for impact modifiers, adhesives, and others. Thus, the growth of the automotive industry is accelerating the overall market growth.
For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the total production of automotive vehicles in the Asia Pacific was 46,768,800 units, and in 2022, it was 50,020,793 units, an increase of 7% over 2021. Hence, the demand for chlorinated polyethylene (PE-C) is rising at the global level, which, in turn, is spurring market growth.
Furthermore, the growth of the packaging industry will create a potential opportunity for market growth. For instance, according to the Association for Packaging and Processing, the food & beverage industry in the North American region is projected to increase by 4.5% from 2018 to 2028. Hence, the growth of the packaging industry will further boost the chlorinated polyethylene (PE-C) market growth in the upcoming years.
Nevertheless, the higher environmental concerns and stringent regulations associated with the utilization of chlorinated polyethylene (PE-C) are restraining the adoption of chlorinated polyethylene in various end-use industries. This factor is posing as a major roadblock for the global chlorinated polyethylene (PE-C) market size growth during the projected forecast period.
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Global Chlorinated polyethylene (PE-C) Market Segmentation Details:
Based on Type, the CPE 135A segment accounted for the highest market share in 2022. CPE 135A is equipped with various beneficial features such as enhanced impact resistance, enables uniform formability, and excellent impact resistance over a wide temperature range. As a result, CPE 135A is primarily utilized in a range of applications such as gaskets, high-performance industrial cables, air ducts, and others. Thus, the increasing deployment of CPE 135A in the above applications is augmenting segmental growth.
Based on Application, the impact modifier segment accounted for the highest market share in the year 2022. Chlorinated polyethylene (PE-C) has various performance benefits such as superior fire resistance, resistance to aging, and weathering protection properties, among others. Thus, the above features of chlorinated polyethylene (PE-C) ensure superior durability of impact resistance. The increasing deployment of impact resistance in various end-use industries such as automotive, chemicals, and others is driving the revenue growth of the global chlorinated polyethylene (PE-C) market.
Based on End-user, the automotive industry segment is anticipated to offer substantial shares in the global chlorinated polyethylene (PE-C) market. Chlorinated polyethylene (PE-C) is a vital material used in the automotive industry to ensure superior adhesion, the enhance service life of automobile products, and others in the interiors and exteriors of automotive vehicles. The increasing production activities associated with automobiles are driving the growth of the global chlorinated polyethylene (PE-C) market.
Based on region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The automotive industry is a major end-use for adhesives, hose, and others. The increased production of automobile particularly in countries such as China and India are driving the demand for chlorinated polyethylene (PE-C) for the production of adhesives, hose, and others.
For instance, as per the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total production of motor vehicles including cars and commercial vehicles in China is estimated to be 27,020,615 with a 3% growth from the previous year. Thus, the growing automotive industry is driving the demand for chlorinated polyethylene (PE-C), which, in turn, is benefiting the market growth.
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List of Major Global Chlorinated Polyethylene (PE-C) Market:
Global Chlorinated Polyethylene (PE-C) Market Segmentation:
Frequently Asked Questions in the Chlorinated Polyethylene (PE-C) Market Report
What was the market size of the chlorinated polyethylene (PE-C) industry in 2020?
What will be the potential market valuation for the chlorinated polyethylene (PE-C) industry by 2030?
What are the key factors driving the growth of the chlorinated polyethylene (PE-C) market, as well as the opportunities that may impact the market’s future development?
What is the dominating segment in the chlorinated polyethylene (PE-C) market by grade?
Based on current market trends and future predictions, which geographical region will have the fastest impact on the chlorinated polyethylene (PE-C) market's growth in the coming years?
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