Ethylene Market to Grow at a CAGR of 4.7% by 2030
According to ChemAnalyst report, “Ethylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Ethylene market has shown significant growth as it reached 84 million tonnes in 2020 and is anticipated to achieve a healthy global CAGR of 4.7% in the forecast period until 2030. Growing demand of Ethylene Oxide, Ethylene Dichloride, Ethylbenzene, Ethylene Glycol, Polyethylene and others by various end-user industries is expected to boost the market over the next ten years. The industrial production of the chemical is associated with safety standards on human health as well as environment before it can be further manufactured and introduced in the market.
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Ethylene with the chemical formula C2H4 is an organic compound consisting of double bonded hydrocarbons. It is an extremely reactive and colorless flammable gas that has a pleasing sweet smell. It is extensively used in the chemical industry which makes it a crucial industrial chemical, as approximately 90% of Ethylene is used in the production of Polyethylene, Ethylene Glycols, Ethylene Oxide, Ethylene Dichloride, Ethylbenzene and vinyl acetate. Plants naturally produce the chemical as hormones. Agriculture industry widely use these plant hormones to fasten the process of ripening of fruits, opening of flowers and to provide growth to the plants.
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Ethylene is considered as a valuable commodity chemical used in numerous industrial and commercial applications. The overall production of the chemical is way much more than other chemicals that are produced on a large scale. It is primarily used in the production of polyethylene plastics for food packaging, construction material like high efficiency windows, piping, electrical conduits, and others. Rising construction and infrastructure activities is accelerating the demand of Polyethylene, which is likely to strengthen the global market in the next few years. Increasing consumption of plastic products can be attributed to the growing demand of Polyethylene, which is further propelling the demand of Ethylene. There are several technologies used for the production of Ethylene include Oxidative coupling of Methane, steam cracking, Oxidative coupling of Methane, Fischer-Tropsch synthesis, catalytic dehydrogenation and Methanol-to-Olefins. In Asia Pacific and Europe, Steam cracking is the widely used method to obtain chemical from cracking naphtha, gasoil, etc.
Market is segmented on the basis of end-use, application, sales channel and region. Based on end-use industry, the global market is segregated into automotive, packaging, agrochemicals, food and beverage, textile, personal care, pharmaceuticals, detergents, and others. Among which, food and beverage segment dominates the market and is forecasted to maintain its dominance over the next ten years owing to the increasing demand of Polyethylene by the packaging industry as the demand of packaged food and beverages has increased due to the rapid urbanization around the world. Rising demand of Polyethylene by the flourishing automotive industry as it is used in fuel tanks, car bodies, wires, cables, electrical insulations, etc., is likely to augment the market in the forecast period. Surging demand of HDPE and LDPE from end-use industries including construction, automotive, consumer goods and others will boost the global market in the next few years. Based on application, the market is segmented into Ethylene Oxide, Ethylene Dichloride, Ethylbenzene, Ethylene Glycol, Polyethylene, and Others. Increasing demand of Ethylene Oxide/Ethylene Glycol as it becomes Polyester is driving the demand of Ethylene in the textile industry, which is likely to augment the global market of Ethylene in the forecast period. Production of Ethylene Dichloride as it is used in PVC pipes, medical devices, clothing, and others is expected to excel the demand of the chemical in the next few years.
Due to the outbreak of COVID-19, in 2020, market witnessed a major slow down across the globe. Government authorities in major emerging countries imposed countrywide lockdowns due to which several end-user industries halted their operations and production units temporarily in order to curb the spread of coronavirus. Industries including construction, automotive, agrochemicals, food and beverage, textile and others that largely consumes Ethanol were affected drastically during the first half of 2020. However, pharmaceuticals and personal care industry witnessed a substantial rise due to the increased demand of sanitizers and detergents during the covid times. As lockdown restrictions around the country are slowly uplifting, the markets and operations are resuming, which is likely to boost the demand of Ethylene to a great extent by the end of the year.
Region wise, Asia Pacific region holds the largest share the global Ethylene market is anticipated to maintain its dominance during the forecast period. Developments in major end-user industries including packaging, automobile, agrochemical, packaging, food & beverages, construction, and others is driving the dominance of global market in the Asia Pacific region. Due to increasing population and industrialization in emerging economies like China and India, the demand of Polyethylene based products by the packaging and agrochemical industry is increasing, which is likely to accelerate the overall demand, further boosting the global Ethylene market in upcoming years.
Ethylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Ethylene market include SABIC, Exxon Mobil Corporation, Nova Chemicals Corporation, China Petroleum & Chemical Corporation, Mitsubishi Chemical Corporation, Royal Dutch Shell, LyondellBasell Industries Holdings B.V., Repsol, BASF SE, SASOL, Chevron Phillips Chemical Company, Borealis AG, and Others.
“Rapidly growing demand of Polyethylene based plastics i.e., HDPE and LDPE from major end-user industries including food and beverages, Textiles, Construction, and others is likely to boost the global market of Ethylene in the forecast period until 2030. As the population around the world is rising, there is an upsurge in the consumption of packaged food and beverages, due to which the demand of Polyethylene by the packaging industries is increasing, which is further propelling the demand of Ethylene across the globe. Increasing demand of Polyethylene for the production of fuel tanks, car bodies, wires, cables, electrical insulations, etc. is likely to flourish the automotive industry, which will further boost the global Ethylene market in upcoming years. The developments in the agriculture and construction industry will also augment the global market of Ethylene over the next ten years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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