Newark, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 81.34 billion in 2020 global ethylene market will reach USD 161.61 billion in 2028. Ethylene has enormous commercial significance in agriculture because of its well-known impact on fruit ripening and organ abscission. Ethylene and its compounds are employed in various commercial sectors, including agrochemicals, automotive, packaging, detergents & soaps, construction & textiles. The main driver of the ethylene market's expansion is the sharp increase in demand for ethylene derivatives in packaging. The building industry's enormous demand for ethylene products is another element boosting the development of this market. Additionally, the demand from automotive applications is anticipated to fuel the expansion of the ethylene market.
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Key Insight of the Global Ethylene Market
Asia Pacific will dominate the market during the forecast period.
This is because growing economies like China and India are rapidly industrialising and urbanising, giving rise to several end-user industries like the automobile, packaging, textile, etc. Additionally, the region is home to a large number of agricultural nations. All of these factors influence the regional market.
In 2020, the naphtha segment dominated the market with the largest market share of 28.69% and market revenue of 23.33 billion.
The feedstock segment is divided into naphtha, ethane, propane, butane and others. In 2020, the naphtha segment dominated the market with the largest market share of 28.69% and market revenue of 23.33 billion.
In 2020, the polyethylene segment dominated the market with the largest market share of 56.18% and market revenue of 45.69 billion.
The application segment includes Polyethylene, ethylene oxide, ethylbenzene, ethylene dichloride and others. In 2020, the polyethylene segment dominated the market with the largest market share of 56.18% and market revenue of 45.69 billion.
In 2020, the packaging segment dominated the market with the largest market share of 30.08% and market revenue of 24.46 billion.
The end-user segment includes building and construction, automotive, textiles, packaging and agrochemicals. In 2020, the packaging segment dominated the market with the largest market share of 30.08% and market revenue of 24.46 billion.
Advancement in market
The board of directors of Bharat Petroleum Corporation Limited (BPCL) approved the capital expenditure of Rs 49,000 crore for the ethylene cracker project at the Bina refinery. According to the oil giant, the project includes building an ethylene cracker complex, downstream petrochemical facilities, increasing the capacity of the Bina refinery from 7.8 MMTPA to 11 MMTPA, and constructing related infrastructure. The BPCL board also approved the construction of two 50 MW wind power plants, each costing roughly Rs 978 crore and Rs 489 crore in total, in Madhya Pradesh and Maharashtra for captive consumption at the Bina and Mumbai refineries, respectively.
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Market Dynamics
Driver: the building industry's growing demand for ethylene products.
Polyethylene and plastics like polyvinyl chloride (PVC) are highly sought-after materials in the construction sector. This is also helpful in lowering noise pollution and is simple to clean. Plastic pipes are frequently manufactured of polyvinyl chloride (PVC), CPVC, acrylonitrile butadiene styrene (ABS), or polyethylene. They are lightweight, flexible, and simple to install. In addition to being highly chemical and water-resistant, these plastic materials make excellent choices for various harsh conditions. These are a few of the elements influencing the ethylene market.
Restraints: fluctuating crude oil prices.
The primary market restraint is the fluctuating price of crude oil, which is necessary to produce ethylene and its derivatives. This affects ethylene production and its derivatives and its price per the demand for it by various market sectors. Therefore, the market is being constrained by changing crude oil prices.
Opportunities: The packaging industry's rising need for ethylene derivatives.
The primary derivative used in packaging is polyethylene, which is available in low-density, linear low-density (LDPE), and high-density (HDPE) forms. In addition to packaging, they are also used to create films and other items for heavy industry, homes, and other uses. These are the main market drivers. The pharmaceutical industry highly seeks them to create syrup bottles, squeeze bottles, and caps. They are extensively utilised in producing garbage bags, packing dry foods, and laminations. These are the market-driving drivers, and they will continue to do so during the forecasting period.
Challenges: Government restrictions are strict.
The primary market limitation is the application of strict government regulations and policies controlling the production and use of ethylene. Bio-based ethylene, which uses biomass as a feedstock, is being emphasised more, and the company must also adhere to all regulations and worker safety standards. The government has rigorous regulations for businesses to control air pollution and lower harmful greenhouse gas emissions.
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Some of the major players operating in the global ethylene market are:
• Saudi Basic Industries Corp
• Exxon Mobil Corporation
• Dow DuPont Inc.
• Royal Dutch Shell plc
• China Petroleum & Chemical Corporation
• Chevron Phillips Chemical Company LLC
• LyondellBasell Industries N.V.
• The National Petrochemical Company
• BASF SE
• Lonza Group
Key Segments covered in the market:
By Feedstock
• Naphtha
• Ethane
• Propane
• Butane
• Others
By Application
• Polyethylene
• Ethylene Oxide
• Ethyl Benzene
• Ethylene Dichloride
• Others
By End-User
• Building & Construction
• Automotive
• Textiles
• Packaging
• Agrochemicals
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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