Cross-linked Polyethylene (PEX) Market worth $11.0 billion by 2028, at a CAGR of 7.6 %, says MarketsandMarkets™

Chicago, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The Global Cross-linked Polyethylene (PEX) Market is projected to grow from USD 7.6 billion in 2023 and is projected to reach USD 11.0 billion by 2028, at a CAGR of 7.6%, between 2023 and 2028 period, as per the recent study by MarketsandMarkets™. Automotive is one of the fastest-growing application segments in the global PEX market.

The automotive industry has emerged as one of the most rapidly expanding segments within the global PEX (cross-linked polyethylene) market. This growth is primarily attributed to the widespread utilization of PEX in the production of various automobile parts and components. PEX, known for its exceptional durability and resistance to chemicals, has found extensive applications in automotive manufacturing. Its remarkable properties, including resistance to heat, abrasion, and corrosion, make it an ideal choice for fuel lines, wiring insulation, and various other critical automotive components. As the automotive sector continues to evolve and innovate, the demand for PEX in this industry is expected to remain robust.

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List of Key Players in Cross-linked Polyethylene (PEX) Market:

  1. Dow, Inc. (US)
  2. Borealis AG (Austria)
  3. LyondellBasell Industries Holding B.V. (Netherlands),
  4. Avient Corporation (US)
  5. Exxon Mobil Corporation (US)
  6. Finproject S.p.A. (Italy)
  7. SACO AEI Polymers (US)
  8. HDC Hyundai EP Company (South Korea)
  9. 3H Vinacom Co., Ltd (China)

Drivers, Opportunities and Challenges in Cross-linked Polyethylene (PEX) Market:

  1. Drivers: Growth in Automotive industry
  2. Restraint: Safety issues and chances of plumbing failure
  3. Opportunity: Increased demand for cross-linked HDPE
  4. Challenge: Fluctuations in the prices of raw materials

Key Findings of the Study:

  1. The HDPE segment is estimated to dominate the overall cross-link polyethylene (PEX) market.
  2. Wires & Cables is the largest market for cross-link polyethylene (PEX) by end-use industry.
  3. Asia Pacific is projected to be the largest cross-link polyethylene (PEX) market.

Furthermore, another significant driver of the PEX market is the surging demand for PEX foam within the medical packaging industry. PEX foams are distinct closed-cell materials that are increasingly being employed to create innovative packaging solutions in the healthcare sector. These foams possess several advantageous characteristics that make them ideal for medical packaging purposes. Firstly, PEX foam is non-toxic, ensuring that it is safe for medical applications. Additionally, it is hypoallergenic, which is crucial for ensuring the well-being of patients with allergies or sensitivities. Moreover, PEX foam is latex-free, eliminating the risk of latex-related allergies.

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