New York, US, May 18, 2022 (GLOBE NEWSWIRE) -- Ethylene Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ethylene Market Information by Feedstock, Application, End-Use Industry, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 6% CAGR to reach USD 172.37 Billion by 2030.
Ethylene Market Synopsis
Ethylene is the lightest organic hydrocarbon or olefinic hydrocarbon and is a raw material that is usually derived from numerous hydrocarbons that are extensively used in the production of polymers including polymer plastics, fibers, and various organic chemicals. Ethane and naphtha are the key feedstocks that help produce ethylene worldwide. Other types of feedstocks that are used for producing ethylene include propane, butane, methanol to olefins (MTO), gas oil, as well as coal.
Market Competitive Landscape:
The important vendors in the ethylene market include
- Royal Dutch Shell (Netherlands)
- China Petroleum & Chemical Corporation (China)
- Dow (US)
- Total (France)
- Exxon Mobil Corporation (US)
- Westlake Chemical Corporation (US)
- LyondellBasell Industries Holdings B.V. (the Netherlands)
- China National Petroleum Corporation (China)
- SABIC (Saudi Arabia)
- Chevron Phillips Chemical Company (US)
- BASF SE (Germany)
- NOVA Chemicals Corporation (Canada)
- Repsol (Spain)
- Mitsubishi Chemical Corporation (Japan)
- Sasol (South Africa)
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Market USP Covered:
Market Drivers:
One of the key reasons for the robust growth of the ethylene industry could be the rising product use in the manufacturing of polyethylene, in line with the accelerated use of polyethylene within the packaging industry. In addition, the mounting number of employed people across the globe raising the demand for packaged beverages and food products will further enhance the need for polyethylene.
Another important factor contributing towards the expansion of the worldwide market could be the advancing automobile industry, with reports confirming the overall production to be around 98,567,597 units in 2018. Polyethylene is largely utilized in the making of fuel tanks, cables, car bodies, wires, and electrical insulation, to name a few.
Furthermore, huge investments being made in the infrastructure and construction sector could further elevate the demand for polyethylene products in numerous construction activities.
Market Restraints:
Stringent policies implemented by various government bodies of different countries pertaining to the use of petroleum-based products can restrain the expansion rate of the worldwide market. These regulations put a lot of stress on the players to adhere to the environment protection norms when developing hydrocarbon-based gases. A decline in raw materials like fossil fuels along with the fluctuating prices of crude oil could also be a huge barrier for the players in the future.
Browse In-depth Market Research Report (138 Pages) on Ethylene: https://www.marketresearchfuture.com/reports/ethylene-market-931
COVID 19 Analysis
Many of the key end-use industries in the market such as construction and automotive have been deeply impacted by the COVID-19 outbreak. The pandemic has also negatively affected other application sectors including textile, chemicals, etc., leading to slower growth of the ethylene industry. The novel coronavirus poses a number of challenges to the players, in the form of debts, revenue losses, and weakened supply chains, to name a few.
The uncontrollable surge in SARS-CoV-2 cases and the strict lockdown have forced manufacturers to follow rigid safety norms and effective communication, with employees’ health being the prime focus. Firms are compelled to take up competitive tactics to remain competitive in the global market, despite the rising challenges brought on by the COVID-19 pandemic.
Market Segmentation
By Feedstock
Ethane, Naphtha, Butane, Propane, and others are the top feedstock-based segments.
By Application
Ethylene Oxide, Alpha Olefins, Ethylene Dichloride, Ethylene Benzene, Vinyl Acetate, Ethylene Glycol, and Polyethylene are the major applications of ethylene. Polyethylene is currently heading the worldwide market and can expect to continue maintaining its dominance over the review period. The amplified use of HDPE in transportation and packaging applications will enhance the product demand, thereby complementing the market expansion. The surging consumption of polyethylene in the foodservice market for plastic containers, along with consumer products, will further benefit the segment.
By End-User
The market end-users highlighted in the report include Automotive, Packaging, Agrochemical, Construction, Chemicals, Textile, Soaps & Detergents and Rubber & Plastics. The packaging industry is in the lead and is likely to soar considerably in the years to come. Robust and lightweight compression capabilities of ethylene have fostered its demand and use within the packaging sector for the production of polyethylene and ethylbenzene, which helps protect packaged goods in case of smashing or crushing.
On the other hand, the use of ethylene will also rise in the construction sector, which has been growing rapidly in emerging regions like Latin America and Asia Pacific owing to activities in India and China. Fast-paced urbanization in these economies, a massive population base, and the surge in government expenditure on construction favor the segment. These factors, in turn, will propel the use of ethylene-based products in the construction industry.
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Regional Insights
Asia Pacific heads the worldwide market and can anticipate garnering a significant expansion rate over the evaluation period. The notable market growth in Asia Pacific is the result of the heightened use of polyethylene in the plastics industry and the chemical sector in emerging nations like China, Japan, and India. The industrial surge in these nations and the subsequent changes in the consumer lifestyle has bolstered the demand for performance-based plastic to manufacture everyday-use items. On top of this, the burgeoning middle-class populace in the region has been enhancing the demand for vehicles, and buildings, which is bound to work in favor of the ethylene market.
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