Cross-linked polyethylene (XLPE) is a type of polyethylene thermoplastic vulcanizate that is increasingly used as an insulating material for power cables due to properties such as high tensile strength, abrasion resistance, and environmental stress cracking resistance. The growing power cable market driven by infrastructural projects across developing nations is augmenting the demand for XLPE globally. The global Cross Linked Polyethylene Market is estimated to be valued at US$ 15.5 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2027, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Infrastructural developments is one of the key trends driving the growth of the global cross linked polyethylene market. Rapid urbanization and industrialization in emerging economies have increased investments in sectors such as power transmission and distribution, telecommunication, and construction. For instance, in 2020, the Indian government approved infrastructure projects worth US$ 81.65 billion. Moreover, the China International Contractors Association reported that China invested over US$ 126 billion in the Belt and Road Initiative in 2020. The development of rail, road and power transmission networks under these large infrastructure projects will augment the demand for cross linked polyethylene insulated cables due to their flexibility, corrosion resistance and high dielectric strength properties. This, in turn, is expected to propel the cross linked polyethylene market growth over the forecast period.
Segment Analysis
The global cross linked polyethylene market is dominated by the plumbing segment. This segment accounts for over 30% of the overall market share owing to the extensive use of cross linked polyethylene pipes and tubing in pressuring plumbing and drainage application. The pipes and tubing provides superior durability, chemical resistance, and flexibility compared to conventional pipes materials like PVC.These properties make cross linked polyethylene an ideal choice for plumbing applications that require long-lasting performance under extreme conditions.
Key Takeaways
The global cross linked polyethylene market analysis is expected to witness high growth over the forecast period of 2023 to 2028. Rising residential and commercial construction spending along with infrastructure development projects across various regions are fueling the demand for cross linked polyethylene.
Regional analysis:
Asia Pacific is currently the largest and fastest growing market for cross linked polyethylene. Countries like China, India and Southeast Asian countries are witnessing rapid infrastructural development and housing construction activities. This provides a major impetus for the cross linked polyethylene market in the region. Additionally, government initiatives to modernize water supply networks also contribute to regional market growth.
Key players:
Key players operating in the cross linked polyethylene market are The Dow Chemical Company, Arkema Group, Borealis AG, AkzoNobel N.V., LyondellBasell Industries Holdings B.V., Polyone Corporation. The Dow Chemical Company is the global leader with over 25% share in the overall market. The company offers an extensive product portfolio under the brand names DOWLEX and PE-RT for various applications like pipe, cable, sheet etc. Arkema Group holds around 15% share and specializes in PE-X pipe solutions for hot and cold-water plumbing systems.
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