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Ethylene Market Objectives of the Study Includes Research Methodology and Assumptions and Forecast
Ethylene Market Size was valued at USD 129.5 billion in 2022. The ethylene market industry is projected to grow from USD 137.2 Billion in 2023 to USD 194.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.0% during the forecast period (2023 – 2030). The report highlights the strengths, opportunities, challenges, and future market risks and offers an extensive overview of the global market situation with the effect of COVID-19.
Ethylene is a colorless gas with a faint, slightly sweet smell and is highly reactive and flammable. It does not dissolve in water but mixes fine with most organic (carbon-containing) solvents. Ethene is a component of a group of substances referred to as volatile organic compounds (VOCs).
Market Dynamics
The key driver of the global demand for ethylene is its widespread use in the manufacture of polyethylene. The growing use of polyethylene in packaging applications is expected to fuel polyethylene demand in the near future. Linear low-density polyethylene (LLDPE) and low-density polyethylene (LDPE) are used in the manufacture of pharmaceutical and squeeze bottles, caps and closures, trash bags, frozen food, and dry goods packaging and lamination. HDPE can also be extruded into water, gas and irrigation pipes, and film for refuse sacks, carrier bags, and industrial lining. The rising working population across the globe has led to the demand for packaged food beverages, raising demand for polyethylene. Another factor expected to drive the global ethylene market is the expanding automotive industry, with an overall production of 95,634,593 units in 2018.
Polyethylene is commonly used in the manufacture of car bodies (glass reinforced), electrical insulation, fuel tanks, wiring, and cables, among others. The use of HDPE pipes helps to save energy and water by making practically leak-free pipes that are not corrosive and are resistant to environmental stress. Increasing investment in construction and infrastructural growth has led to an increase in the number of construction activities and increased demand for polyethylene in the construction industry.
Nonetheless, strict government regulations on the use of petroleum-based products are expected to limit market growth during the forecast period.
Market Segmentation
The global market for ethylene has been segmented by feedstock, application, and end-use industry.
By feedstock, the global market for ethylene has been segmented into naphtha, ethane, propane, butane, and others.
By application, the global market for ethylene has been categorized into polyethylene, alpha-olefins, ethylene oxide, ethylene dichloride, ethylene benzene, ethylene glycol, vinyl acetate, and others.
By end-use industry, the global market for ethylene has been segmented into packaging, chemicals, automotive, soaps & detergents, construction, agrochemical, textile, rubber & plastics, and others.
Regional Analysis
The global ethylene market has been studied for five regions, namely, Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.
The Asia Pacific held the largest market share in 2018 and is projected to remain dominant over the forecast period. This is due to the increasing end-use industries such as packaging, automotive, construction, agrochemical, textile, and other industries in the area. Fast industrialization and urbanization in developing economies, coupled with the presence of major agricultural countries in the region, have resulted in high demand for polyethylene-based products. For example, according to the India Brand Equity Foundation, the country’s total exports of textiles during 2017–2018 amounted to USD 39.2 billion.
Europe and North America are projected to see modest growth due to strict government restrictions on the use of VOC emitting substances. The European Chemicals Agency and the US Environmental Protection Agency control the use of ethylene using the Clean Water Act, the Clean Air Act, the Eu Directive (793/93), the EC Environmental Air Daughter Directive (1999/30 / EC) and the Eu Solvents Directive (99/13 / EC).
Key Players
Some of the leading participants identified by MRFR operating in the global ethylene market are Chevron Phillips Chemical Company (US), SABIC (Saudi Arabia), Dow (US), Royal Dutch Shell (Netherlands), China Petroleum & Chemical Corporation (China), Exxon Mobil Corporation (US), Total (France), LyondellBasell Industries Holdings B.V. (the Netherlands), Repsol (Spain), BASF SE (Germany), Sasol (South Africa), China National Petroleum Corporation (China), Mitsubishi Chemical Corporation (Japan), Westlake Chemical Corporation (US), and NOVA Chemicals Corporation (Canada).
Players in this sector are actively working towards strategic growth initiatives such as partnership, expansion, and mergers to improve their role in the global market and stay at the forefront of growing product demand. For example, in June 2019, Exxon Mobil Corporation and SABIC formed a joint venture called Gulf Coast Growth Ventures and started the construction of a chemical facility and an ethane steam cracker in Texas, USA. The facility will produce components that will be used to manufacture various products, such as automotive coolants, packaging, and construction materials.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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