The Global Cross-linked Polyethylene Market was valued at 5,323.1 million in 2022 and is forecast to reach a value of US$ 9470 Mn by 2030 at a CAGR of 7.47% between 2023 and 2030. Increasing construction activities to sustain the ever-increasing population, especially in Asia Pacific and Latin America, is surging demand for effective plumbing. PEX pipes are gaining traction over conventionally used copper pipes for plumbing.
Moreover, these pipes offer various beneficial properties such as flexibility during installation in residential water distribution system; play a vital role in holding water pressure at fixtures; relatively inexpensive as compared to copper and PVC(Poly Vinyl Chloride) pipes; show greater resistance to corrosion and fire; and have shown great acceptability in pipe insulation. Owing to these factors, crosslinked polyethylene pipes are now replacing copper and PVC pipes in plumbing applications, which in turn is enhancing the growth of the global cross-linked polyethylene market.
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Cross-linked polyethylene is majorly used in wires and cables, owing to its properties such as insulation, heat resistance. Furthermore, increasing demand for cross-linked polyethylene by end-use industries such as mining, solar, and chemical industries is fuelling the growth of the global cross-linked polyethylene market. On the basis of application, the global cross-linked polyethylene market is segmented into plumbing, wires & cables, automotive, and others (include mining, chemical industry, and solar).
Furthermore, plumbing accounted for the largest share in the market in 2022, owing to increasing number of residential & commercial construction activities. Moreover, among application, automotive is the fastest growing segment due to the use of XLPE (Cross-linked polyethylene foam) foams in the under-the-hood, interior, and non-interior components of a vehicle.
Key takeaways of the market:
- Asia Pacific is projected to be the largest region in global cross linked polyethylene market. It accounted for around 50.3% share of the overall cross-linked polyethylene market in 2022 in terms of revenue. The market growth in this region is expected to be primarily driven by the rampant growth of major end-use industries in China, India, and ASEAN countries. The growing construction, electrical, and automotive sectors create a highly conducive environment for market growth.
- The market in Latin America, Middle East, and Africa is expected to register a significant growth rate over the forecast period. A rise in construction activities along with increasing automotive sales are expected to create lucrative growth opportunities for the major players in these regions.
- The HDPE cross-linked polyethylene (PEX) was the dominant segment in the global cross linked polyethylene market in 2022, and the trend is expected to remain the same during the forecast period. This is due to the rapidly growing population which in turn is leading to the growth of residential & commercial construction activities in developing regions such as Asia Pacific, Latin America, and Africa. Owing to this, the demand for plumbing applications is increasing rapidly. Also, HDPE crosslinked polyethylene is suitable in many piping and tubing applications such as the use of these pipes in potable cold and hot water distribution systems in both residential and commercial construction; residential fire protection systems; hydronic radiant heating and cooling using warm or chilled fluids; outdoor snow and ice melting; outdoor turf conditioning; ice surface piping; natural gas distribution; geothermal ground loop heat exchangers; chilled water piping; and specialized industrial and mining applications. Hence, making the cross linked polyethylene as the largest product type segment in the global crosslinked polyethylene market.
- ExxonMobil Chemical Company, LyondellBasell Industries, 3H Vinacom Co., Hanwha Chemicals, Arkema Group, AkzoNobel N.V., Falcone Specialities AG, Borealis AG, and PolyOne Corporation are some of the key players in global cross-linked polyethylene market
