Global Cross Linked Polyethylene Market poised to exhibit strong growth
The Cross Linked Polyethylene Market is estimated to be valued at US$ 5,323.1 Mn in 2022 and is expected to exhibit a CAGR of 7.47% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
· Strengths:
- Excellent dielectric properties make it ideal for wiring and cable insulation applications
- Provides effective moisture and thermal resistance
· Weaknesses:
- Higher cost compared to other plastics like PVC
· Opportunities:
- Growing investments in power infrastructure projects globally due to rising electricity demand
- Increasing consumption of renewable energy will boost demand for transmission cables
· Threats:
- Availability of cheaper substitutes like PVC and rubber in some applications
- Stringent environmental regulations for plastic production and disposal
Key Takeaways
The Global Cross Linked Polyethylene Market Growth is expected to witness high, exhibiting CAGR of 7.47% over the forecast period, due to increasing investments in power transmission infrastructure across developing nations. The market size for 2022 is estimated at US$ 5,323.1 Mn.
Regionally, Asia Pacific dominates the global XLPE market and is expected to maintain its lead over the forecast period. This can be attributed to rapid industrialization and urbanization leading to higher power requirements in populous countries like China and India. Investments in upgrading aging infrastructure and integrating renewable energy will drive the regional market.
Some of the key players operating in the Cross Linked Polyethylene market are ExxonMobil Chemical Company, LyondellBasell Industries, 3H Vinacom Co., Hanwha Chemicals, Arkema Group, AkzoNobel N.V., Falcone Specialities AG, Borealis AG, and PolyOne Corporation. Key players are focused on product development and capacity expansion strategies to cater to the rising demand from end-use industries.
Read more - https://thewion.com/cross-linked-polyethylene-market-growth-accelerating-at-7-47-cagr/
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