Covina, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Introduction:
Ethylene is widely used as a feedstock in production of industrial chemicals and polymers. Ethylene is primarily produced through the steam cracking of hydrocarbon feedstock such as natural gas, naphtha or ethane.
Rapid growth in industrialization such as automotive, construction, consumer goods and packaging has driven the demand for market growth. Growing expansion of petrochemical industries and need for production capacity of ethylene has further enhanced the market growth. Furthermore, growing demand for lightweight plastic & plastic packaging solutions for various applications such as healthcare products, e-commerce, groceries and transportation has powered the demand for Ethylene Market growth.
How big is the Ethylene Market Industry?
According to Prophecy Market Insights “Ethylene Market” accounted for US$ 101.1 billion in 2022 and estimated to be US$ 381.7 billion by 2032 with 13.4% CAGR.
The global Ethylene market stands as a substantial and dynamic sector within the petrochemical industry. Ethylene, a vital building block for a wide array of products, plays a pivotal role in the production of plastics, chemicals, and various industrial applications. The market's size and significance are underscored by its presence in numerous sectors, including packaging, automotive, construction, and textiles. Continual innovation, growing demand for polymer-based products, and the expanding industrial landscape collectively contribute to shaping the Ethylene market's impressive dimensions. To gain a precise understanding of the industry's magnitude, referring to the latest market reports and analyses is essential.
Key Highlights:
- In August 2023, Braskem a bio-polymer producer and SCG Chemical a petrochemical company has signed an agreement to open new ethylene plant and for creating Braskem Siam Company. The bio-ethylene plant will help in enabling the production of bio-based polyethylene at Ta Phut, Rayong, Thailand. The plant is expected to double the capacity of bio-based polyethylene to meet the rising demand for biopolymers across globe.
Analyst View:
Growing packaging industries and demand for ethylene-based products such as polyethylene has become a leading factor in market growth. Further, rapidly growing population and need for ethylene-based products such as packaging materials, plastics and consumer goods is expected to fruitful the demand for Ethylene Market growth over the forecast period.
| Attributes | Details |
| Ethylene Market Value (2022) | US$ 101.1Bn |
| Ethylene Market Projected Value (2032) | US$ 381.7Bn |
| Ethylene Market CAGR (2022 – 2032) | 13.4% |
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Geography:
- North America - U.S., Canada
- Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America - Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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- FORMAT:(PDF)
- NO OF PAGES:163
- BASE YEAR: May 2023
Competitive Landscape & their strategies of Ethylene Market:
The key players operating the Ethylene Market includes,
- DowDuPont Inc.
- SABIC, Exxon Mobil Corporation
- Royal Dutch Shell Plc.
- China Petrochemical Corporation
- Total SA
- Chevron Phillips Chemical Company
- LyondellBasell Industries Holdings B.V.
- National Petrochemical Company
Drivers and Restraints in the Ethylene Market:
Drivers:
- Growing Demand for Plastics: The surging demand for plastics across industries such as packaging, automotive, and consumer goods remains a key driver for the Ethylene market. Ethylene is a primary raw material for producing various types of plastics, and the increasing consumption of plastic products globally fuels its demand.
- Urbanization and Infrastructure Development: Rapid urbanization and infrastructure development in emerging economies drive the demand for construction materials, including plastics and related products. Ethylene's role in manufacturing construction materials like pipes, cables, and insulation materials contributes to its market growth.
- Automotive Industry Expansion: The automotive sector's growth, particularly in developing markets, propels the Ethylene market. Ethylene derivatives are used in manufacturing automotive parts such as dashboards, bumpers, and interior components.
- Consumer Goods and Packaging: The escalating demand for consumer goods and packaged products stimulates the Ethylene market. Ethylene-based plastics are extensively used in packaging materials due to their lightweight, durability, and barrier properties.
- Industrialization and Economic Growth: Industrialization and economic growth drive the need for chemicals and petrochemicals, including Ethylene derivatives used in various industrial processes, fostering market expansion.
Restraints:
- Environmental Concerns: The petrochemical industry, including the Ethylene market, faces scrutiny due to its environmental impact. The production and disposal of plastic products contribute to pollution and waste concerns, leading to increased regulations and pressure to adopt more sustainable alternatives.
- Volatility in Feedstock Prices: Ethylene production is closely tied to the availability and prices of feedstocks such as crude oil and natural gas. Fluctuations in feedstock prices can impact the overall profitability of the Ethylene market.
- Competition from Bioplastics: The growing interest in sustainable and biodegradable alternatives, such as bioplastics, poses a challenge to traditional petrochemical-based plastics, potentially affecting the demand for Ethylene and its derivatives.
- Trade and Geopolitical Factors: Trade tensions and geopolitical factors can influence the global supply and demand dynamics of petrochemicals, including Ethylene, potentially affecting market growth and stability.
- Technological Advancement: Rapid advancement in materials science and polymer technology could lead to the development of novel materials with improved properties, potentially affecting the demand for traditional Ethylene-based products.
- Regulatory Compliance: Evolving regulations related to environmental protection, waste management, and plastic use could impact the Ethylene market by imposing stricter requirements on production processes and product applications.
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Questions by Ethylene Market:
- What are the key market trends and market dynamics?
- Who are the major players in the market and what is their market share?
- What is the competitive landscape like in the market?
- What are the major drivers and restraints affecting the market?
- What are the growth opportunities in the market?
- What are the regional and local market conditions and consumer behavior?
- What is the market size and growth forecast for different regions and countries?
- What is the impact of government regulations and policies on the market?
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