Rockville, MD , Oct. 21, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the Global Cryogenic Ethylene Market is estimated to reach a valuation of US$ 5,706.9 million in 2024 and is expected to grow at a CAGR of 9.2% during the forecast period of (2024 to 2034).
The cryogenic ethylene market is a dynamic and ever-evolving industry that is driven by several causes. First and foremost, the driving force affects to the increase in demand for polyethylene. It is a multi-application plastic used across packaging, building, and construction, and consumer goods. Technological advancement has also been a key determinant in the market.
Innovations in cryogenic storage and transportation have so far enabled ethylene to be efficiently and safely handled, thus making it more accessible to industries worldwide. More stress is being laid on research and development, too, in finding new applications for cryogenic ethylene in the manufacture of speciality chemicals and materials.
As would be expected from the established chemical companies and special gases suppliers, the competitive landscape of cryogenic ethylene is shared between just a few big names. Competition among the companies exists concerning product quality, pricing, distribution networks, and many other aspects. There is even variation within products on the basis of their capabilities to deliver supplies of cryogenic ethylene credibly and regularly.
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Key Takeaways from Market Study:
- The global Cryogenic Ethylene market is projected to grow at 2% CAGR and reach US$ 13,760.3 million by 2034
- The market created an opportunity of US$ 8,053.4 million between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 5 % in 2024
- Polymer production under application segment is estimated to grow at a CAGR of 2% creating an absolute $ opportunity of US$ 8,053.4 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 4,633.0 million collectively
"The cryogenic ethylene market is poised for continued growth, driven by increasing demand for polyethylene, advancements in cryogenic technology, and expanding industrial applications. However, challenges such as volatility in raw material prices and regulatory pressures could impact market dynamics." says a Fact.MR analyst.
Leading Players Driving Innovation in the Cryogenic Ethylene Market:
Air Liquide ; Borealis; Chevron Philips; DOW; Eastman; Exxon Mobil; Indorama; Lotte; LyondellBasell; BASF; Reliance Industries Limited; Shell Global; SABIC; INEOS Group AG; Other Prominent Players.
Market Development:
Recent innovations include, LanzaTech partnered with Danone to concentrate on monoethylene glycol-a main feedstock for polyethylene terephthalate applied to resins, fibers, and bottles in May 2022.
In March 2024, New Energy Blue reached another critical milestone in its Decarbonizing America initiative by forming New Energy Chemicals, a game-changing biochemical subsidiary. The subsidiary will focus on producing, during this first phase of the project, bio-based ethylene that is sourced and manufactured in the US.
In Dec 2023, EFC Gases & Advanced Materials introduced an innovative neon gas cycling system designed to provide consistent and stable pricing for neon to end users over the long term.
Cryogenic Ethylene Industry News:
- In December 2021, Butler Gas received formal recognition as the designated industrial gas supplier for the Pittsburgh Penguins. This partnership involves Butler Gas supplying propane for the Zambonis and industrial forklifts used at the Penguins' facilities, namely PPG Arena and UPMC Lemieux.
- In May 2022, LanzaTech partnered with Danone to concentrate on monoethylene glycol-a main feedstock for polyethylene terephthalate applied to resins, fibers, and bottles.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global Cryogenic Ethylene market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on Grade (Polymer Grade, Chemical Grade), Application (Chemical Production, Polymer Production, Alkylation and Refining, Solvent and Specialty Chemicals, Automotive, Construction, Medical and Pharmaceuticals, Textile and Fiber Production), Transport Mode (Tank Cars (Rail Cars), Cargo Tanks (Tank Trucks), ISO Containers, High-Pressure Cylinders), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Segmentation of Cryogenic Ethylene Industry Research:
- By Grade :
- Polymer Grade
- Chemical Grade
- By Application :
- Chemical Production
- Ethylene Oxide (EO)
- Ethylene Glycol (EG)
- Ethylene Benzene (EB)
- Polymer Production
- Polyethylene (PE)
- Low-Density Polyethylene (LDPE)
- High-Density Polyethylene (HDPE)
- Linear Low-Density Polyethylene (LLDPE)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Polyethylene (PE)
- Solvent and Specialty Chemicals
- Agricultural Intermediates
- Polyethylene Wax
- Refrigerant
- LNG Liquifaction
- Coolant Systems
- Other Applications
- Chemical Production
- By Transport Mode :
- Tank Cars (Rail Cars)
- Cargo Tanks (Tank Trucks)
- ISO Containers
- High-Pressure Cylinders
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