In terms of revenue, the Global Ethylene Market is expected to reach USD 239.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.10% from 2022 to 2028.
The extensive usage of Ethylene in industries such as packaging, construction, and autos will boost demand for Ethylene globally. Globally, but particularly in the Asia-Pacific region, the demand for Ethylene has increased as a result of the rise in products created using different types of polyEthylene, such as linear low-density polyEthylene and high-density polyEthylene. In addition, the rapid movement in consumer preference toward bio-based goods is anticipated to affect the Ethylene sector's growth. Because of this demand for processed foods and drinks, the market is expected to grow significantly over the forecast period. This is a result of the abrupt rise in infrastructure and building improvement spending as well as the increase in the number of people working around the world. Furthermore, it is anticipated that changes in Ethylene prices may impede expansion.
Key Developments in the Industry
· Sinopec Sabic Tianjin Petrochemical Co. Ltd. and SABIC of Saudi Arabia formed a joint venture in October 2019 for a project to expand the Ethylene plant in Tianjin. By completing the project, the manufacturing capacity will rise to 1.3 million tonnes annually.
· Exxon Mobil Corporation said on November 8 that it would build a chemical manufacturing complex in Huizhou, Guangdong Province, China, for the month of November 2021.
· The Dow Chemical Company declared on October 6 that it would build the first Ethylene and derivatives facility in the world with net-zero carbon emissions in October 2021.
The Global Ethylene Market is segmented based on Sources, Feedstocks, Applications, End-Uses, Sales Channels, and Region.Based on the Sources, the Global Ethylene Market has been segmented into Coal, Natural Gas, and Hydrocarbon Steam Cracking. Furthermore, based on the Feedstocks, the market has been segmented into Naphtha, Ethane, Propane, Butane, and Other Feedstocks. In addition, based on the Application, the Global Ethylene Marketis segmented into PolyEthylene, EthyleneOxide, Ethyl Benzene, EthyleneDichloride, and Other Applications. Moreover, based on the End-Uses, the global market is fragmented into Building & Construction, Automotive, Textiles, Packaging, Agrochemicals, and Other End-Uses. Region-wise, the Global Ethylene Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The Ethylene Market is becoming increasingly dependent on rises in the global GDP due to the expanding use of Ethylene derivatives and a moderate development into new applications. Major market players are growing, investing, and employing several strategies to boost their manufacturing capacity and widen their market share. Additionally, the increased focus on ecological issues and the circular economy sparked the development of innovative Ethylene development techniques. For instance, Braskem and SCG Chemicals signed an MOU on September 9, 2021, for joint investment in the production of bio-polyEthylene utilizing Ethylene from renewable sources. Thanks to this investment, businesses will be able to generate twice as many bio-based products.
It is also projected that the packaging sector's rising need for Ethylene in the form of polyvinyl chloride and polyEthylene will offer significant growth opportunities for the sector. The demand for plastic used in packagings, such as sacks and bags, as well as different types of packaging, polyEthylene bottles and jars, and containers, has been seen to be rising. Therefore, the expansion of the market will also be impacted by the increase in Ethylene oxide use.
Furthermore, as a result of accelerating urbanization and industrialization, the demand for packaging materials based on Ethylene is sharply expanding in emerging countries. The demand for Ethylene is also rising in APAC countries like China and India since ethane is used as a raw material in both the electrical and automotive industries. Over the coming years, it is expected that the middle class will expand in emerging countries, increasing demand for automobiles and electronics in those countries. As a result, there will be more chances for market participants to flourish as a result of the increasing demand for gas from end-use sectors.
During the forecast period, the Ethylene Market in Asia Pacificis anticipated to develop at the quickest rate.The market has seen an increase in revenue as a result of favorable economic and demographic trends, increased demand for petrochemical derivatives, and other factors. Additional important factors promoting market revenue development include the accessibility of conventional feedstock and the expanding expansion capabilities of industry participants. This industry is primarily driven by the need for Ethylene-based derivatives in end-use industries like packaging, automotive, and construction. Over the projected period, the region will continue to rule the global market due to the growth of the manufacturing sector in countries like China, India, and Japan.
The Global Ethylene Market is Segmented as follows
- Natural Gas
- Hydrocarbon Steam Cracking
- Other Feedstocks
- Ethylene Oxide
- Ethyl Benzene
- Ethylene Dichloride
- Other Applications
- Building & Construction
- Other End-Uses
- Sales Channels
- Direct Company Sale
- Direct Import
- Distributors & Traders
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Ethylene Market is
BASF SE (Germany), Chevron Phillips Chemical Company LLC (US), Exxon Mobil Corporation (US), INEOS Group Ltd. (UK), LyondellBasell Industries Holdings BV (Netherlands), Royal Dutch Shell PLC (UK), Saudi Basic Industries Corporation (Saudi Arabia), China Petroleum & Chemical Corporation (China), The Dow Chemical Company (US), Lonza Group Ltd. (Switzerland)
The Global Ethylene Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis