According to the new market research report “PEX (Crossed-Linked Polyethylene) Market by Type (HDPE, LDPE), Technology (PEXA, PEXB, PEXC), Application (Wires & Cables, Plumbing, Automotive), Region (APAC, Europe, North America, South America, Middle East & Africa) – Global Forecast to 2024″, The PEX market is projected to grow from USD 6.1 billion in 2019 to USD 8.3 billion by 2024, at a CAGR of 6.0% during the forecast period.
This growth is attributed to the growing demand in the automotive and power industries as well as expansion of the construction industry in the developing economies, globally. In addition, the solar industry is expected to be a factor in driving the PEX market, with producers continuously looking to replace the conventional materials.
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The PEX market size is projected to grow from USD 6.1 billion in 2019 to USD 8.3 billion by 2024, at a CAGR 6.0%. The growing construction sector, increasing R&D activities initiated by major players, easy availability of raw materials, and increasing development strategies to meet the demand for PEX in the established and emerging applications are driving the market. Moreover, increased investment by the government to produce green and clean energy by the installation of solar power plants and windmill-powered plants is expected to drive the demand for wires & cables, which, in turn, is likely to drive the PEX market. The global economic growth, increasing standard of living, growth opportunities available in the market, increasing urbanization, and rapidly growing building infrastructure are also boosting the demand for PEX, globally.
Based on type, the PEX market is segmented into HDPE, LDPE, and others. Almost all PEX used for pipe and tubing is made from high-density polyethylene (HDPE). HDPE accounts for the largest share of the market and is also the fastest-growing market during the forecast period. Cross-linked HDPE is used in pipes and tubing in the plumbing segment. The excellent combination of properties makes HDPE an ideal material for diverse applications in various industries. Cross-linked HDPE helps in solving plumbing problems at an economical price. It is also easier to install. Unlike the traditional systems that use copper for piping and tubing, cross-linked HDPE does not corrode and maintains its flexural strength.
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The global PEX market size is estimated at USD 6.1 billion in 2019 and is projected to reach USD 8.3 billion by 2024, at a CAGR of 6.0% between 2019 and 2024. PEX is a type of polyethylene that consists of numerous cross-links resulting in the formation of a three-dimensional network of high molecular weight compound. The molecular bonds that result in cross-linking improve many properties of polyethylene such as heat deformation, abrasion, chemical, and stress crack resistance. Therefore, PEX, with its superior properties as compared to copper or CPVC, is gaining market share in the plumbing as well as in the wires & cables application. The use of PEX in manufacturing automobile parts and battery cables in the transmission and power distribution channels is driving the global PEX market in the automotive application. Moreover, the solar industry is expected to be a major factor in driving the PEX market in the future, with producers continuously looking to replace the conventional materials.
The key players in the PEX market are The Dow Chemical Company (US), Borealis AG (Austria), Solvay (Belgium), LyondellBasell (Netherlands), ExxonMobil Corporation (US), PolyOne Corporation (US), 3H Vinacom Co., Ltd. (Vietnam), Falcone Specialities AG (Switzerland), Hanwha Chemical Corporation (South Korea), and HDC Hyundai EP (South Korea). The PEX market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2018, which include expansions, mergers & acquisitions, joint ventures, and new product launches.
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The Dow Chemical Company (US) is one of the leading players in the PEX market, which provides PEX for wires & cables application. The company operates in 12 business segments, namely, coating and performance materials, consumer solutions, crop protection, electronics and imaging, hydrocarbons and energy, industrial solutions, packaging and specialty plastics, polyurethanes, safety and construction, seed, transportation and advanced polymers, and others. It operates its PEX business through the packaging and specialty plastics segment. This company is a major player operating in the PEX market, which caters mainly to the wires & cables sector. The company has its customer presence in around 180 countries, globally. In June 2017, it established a new ELITE enhanced polyethylene production facility in Texas (US). The production facility has a capacity of 400,000 metric tons of polyethylene.
Borealis AG (Austria) is among the key players in the PEX market and offers PEX products for the automotive and wires & cables industries. The company is actively engaged in R&D and expansion activities for its different business segments. The company operates in two segments, namely, polyolefins and base chemicals. It operates its PEX business through the polyolefins segment. The company provides polyolefins for applications in the energy, automotive, consumer products, and pipe industries. The International Petroleum Investment Company (IPIC) of Abu Dhabi owns 64% shares of the company, with the remaining 36% belonging to OMV Aktiengesellschaft (Austria), an international integrated oil & gas wcompany in Vienna. The company provides services and products to customers, globally in collaboration with Borouge, a joint venture with Abu Dhabi National Oil Company (ADNOC). Borealis AG and NOVA Chemicals Corporation (Canada) also signed a preliminary agreement on March 2017, to form a joint venture with Total Petrochemicals and Refining USA, Inc. that will develop and own a new light feed cracker and a new polyethylene (PE) facility in Bayport, Texas. It has a strong geographical presence around 120 countries.
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