Nigeria Polyethylene Market 2019-2023: Stability Driven by Economic Recovery, Expansion of Virgin Polymer Capacity & Growth in End-Use Industries - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 10, 2020--
The “Analysis of Polyethylene Market in Nigeria, Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
In this analysis, the Nigerian PE market is bifurcated by analyzing the supply-side and demand-side dynamics. From a supply standpoint, the local PE manufacturing industry is consolidated with one PE manufacturer. The local PE manufacturer, IEPL, supplies 47% of local demand, and the remaining 53% is supplied through imports.
However, from demand perspective, the converter market generally ranges from small extrusion converters to big multinational injection molding converters. The conversion industry is fragmented with increased participation of foreign companies. The PE downstream applications can be segmented as blow molding, rotational molding, injection molding, film, coatings, and pipe & sheet applications. The various industries utilizing these downstream applications include consumer goods, medical and pharma, packaging, automotive, and construction, among others. Local converters generally source PE from both local suppliers and through imports due to the limited availability of locally produced polymers.
On average, converters source 40.0% of their polymer feedstock locally and 60.0% through imports. It is assumed that the larger converter companies are more likely to source raw PE polymers from both local and global suppliers due to local PE feedstock constraints. The local packaging industry is the largest consumer of polyethylene and, therefore, the largest contributor to the economic growth. It encompasses many industries ranging from agriculture to cosmetics and further plays a role in virtually all other industries by means of application in the transport of end products.
Based on drivers and restraints and the country’s GDP growth rate, which is expected to grow from 2.3% in 2019 to 2.4% in 2023, the PE market size growth rate is likely to increase from 4.5% in 2019 to 6.4% in 2023. In terms of material and product development, functionality and performance are key Mega Trends; these are the two top qualities that customers across industries seek. End-user industries, such as electrical and electronics, automotive, and construction are constantly evolving, leading to a requirement for technically and functionally superior performance. Engineering plastics are increasingly feeling the pressure from high-performance polymers in new applications.
The global plastics market is reeling under the weight of regulations for health hazards and emissions. With rising public consciousness, Nigeria is making strides with greener alternatives. Bio-based alternatives are now gaining ground. For instance, the Council of Science for Scientific and Industrial Research has developed a 100% biodegradable carrier bag made from maize and sugar cane by-products.
Key Topics Covered:
1. Executive Summary
2. PE Market Overview
3. Drivers and Restraints - PE Market
4. PE Market Analysis
5. PE Production and Application
6. PE Grades Manufactured in Nigeria
7. Competitive Environment
8. PE Industry Application
9. Converter Characteristics
10. PE Market Forecast
11. Growth Opportunities and Companies to Action
12. The Last Word
For more information about this report visit https://www.researchandmarkets.com/r/rpdh18
View source version on businesswire.com:https://www.businesswire.com/news/home/20200110005329/en/
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KEYWORD: NIGERIA AFRICA
INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2020.
PUB: 01/10/2020 09:39 AM/DISC: 01/10/2020 09:39 AM