Australia Polyethylene Market to Grow with a CAGR of 4.15% through 2028
Surge in research and development activities is expected to drive the Australia
Polyethylene Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Australia Polyethylene
Market– By Region, Competition, Forecast and Opportunities, 2018-2028F”,
the Australia Polyethylene Market stood at 3.28MMT in 2022 and is anticipated
to grow with a CAGR of 4.15% in the forecast period, 2023-2028. The initiatives
taken by government based on polyethylene has led to favorable market
conditions for the Australia Polyethylene Market. Several factors contribute to
the growth of various polyethylene market products. In December 2020, the Australian Government's
Recycling and Waste Reduction Act 2020 became law, marking a significant step
towards tackling the issue of plastic waste and promoting recycling. This
comprehensive plan is designed to not only reduce plastic waste but also to
increase recycling rates, ultimately aiming to minimize the environmental
impact caused by plastics. As part of this forward-thinking legislation, the
government has implemented mandatory standards for recycled content. These standards
will provide the necessary guidelines and incentives for the establishment of
new recycling and reprocessing plants, creating an economic rationale for the
development of a robust recycling industry in Australia. By setting targets and
promoting the use of recycled materials, this initiative will contribute to a
more sustainable and circular economy, benefiting both the environment and the
economy as a whole.
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Research and
development activities play a pivotal role in driving the progress of every
industry, including the polyethylene market. Through continuous innovation and
experimentation, R&D efforts have the potential to yield substantial
benefits. These include not only enhancing the quality of polyethylene products
but also optimizing manufacturing processes to achieve higher efficiency
levels. Furthermore, the outcomes of R&D endeavors can pave the way for the
discovery and creation of novel applications for polyethylene, opening up new
possibilities and expanding its range of uses. By investing in research and
development, the polyethylene industry can unlock a world of untapped potential
and drive further advancements in this versatile material.
The Australia
Polyethylene Market is segmented in type, application, regional distribution,
and company. Based on its type, the high
density polyethylene (HDPE) segment held the largest share in the market. With
the rising urbanization in Australia, cities are experiencing an upsurge in the
demand for packaging materials that are not only safe but also efficient. In
this context, High-Density Polyethylene (HDPE) emerges as the perfect solution.
Thanks to its beneficial properties such as durability, flexibility, and
resistance to chemicals, HDPE is well-suited to meet the increasing packaging
needs of urban areas.
In addition to its applications in packaging, HDPE
pipes play a crucial role in the agricultural sector, particularly in rural
irrigation and fire system supply. As Australia's agricultural industry
continues to expand, the demand for HDPE pipes is expected to witness a
significant rise. These pipes offer durability, corrosion resistance, and
flexibility, making them an ideal choice for efficient water distribution in
agriculture.
Based on region, Australia Capital Territory & New
South Wales segment is expected to grow during the forecast period.
New South Wales (NSW) is not only the most populous
state in Australia, but it is also home to bustling cities, vibrant
communities, and a diverse economy. With its thriving population comes a higher
consumer demand for various products and services, including the
ever-increasing need for polyethylene. This versatile material finds its place
in a wide range of applications, notably in packaging and consumer goods
industries. Similarly, the Australian Capital Territory (ACT), being one of the
most densely populated territories, experiences a similar surge in demand,
further driving the need for polyethylene. The continuous growth in population
and consumer preferences fuels the demand for this essential material, making
it a crucial aspect of the packaging and consumer goods landscape in these
regions.
Major companies operating in Australia Polyethylene Market
are:
- Qenos Pty Ltd.
- Chevron Phillips Chemical Pty Ltd.
- Exxon Mobil Australia Pty Ltd.
- LyondellBasell Australia Pty Ltd.
- Eni Australia Ltd.
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“Growing application of polyethylene in various end
user industries are key drivers of the polyethylene market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of polyethylene with every
passing year are anticipated to register an impressive growth to Australia
Polyethylene Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Australia Polyethylene Market By Type (High Density
Polyethylene (HDPE), Low Density Polyethylene (LDPE), Linear Low Density
Polyethylene (LLDPE), Others), By Application (Blow Moulding, Pipe Extrusion,
Film Extrusion, Rotational Moulding, Injection Moulding), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Australia Polyethylene Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Australia Polyethylene Market.
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