NEW YORK, Feb. 9, 2023 /PRNewswire/ -- Major players in the ethylene market are AkzoNobel, BASF SE, Borealis, Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, China Petroleum & Chemical Corporation, Clariant, Dow Chemical, Equistar Chemicals, and Exxon Mobil Corporation.
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The global ethylene market is expected to grow from $113 billion in 2021 to $125.02 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The ethylene market is expected to grow to $161.61 billion in 2026 at a CAGR of 6.6%.
The ethylene market consists of the sales of ethylene in different compounds such as polyethylene (plastics), ethylene oxide or ethylene glycol, ethylene dichloride, and styrene.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Ethylene refers to an acyclic hydrocarbon which is a colorless, flammable gas with a faint sweet and musky odor when its pure. It is the simplest alkene widely used in industry and is also a plant hormone.
The Asia Pacific was the largest region in the ethylene market in 2022.North America was the second-largest region in the ethylene market.
The regions covered in the ethylene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main feedstock types of ethylene include naphtha, ethane, propane, butane, and other feedstocks.Ethane is a colorless, odorless, gaseous hydrocarbon (a compound of hydrogen and carbon) belonging to the paraffin series.
Ethylene has various applications that include polyethylene, ethylene oxide, ethylene benzene, ethylene dichloride, vinyl acetate, and alpha-olefins. These are used in the packaging, automotive, construction, agrochemical, and textile industries.
During the historic period, increased demand for polythene products contributed to the ethylene market's growth.Ethylene is mainly used in polyethylene products such as low-density polyethylene (LDPE), high-density polyethylene (HDPE), and linear low-density polyethylene (LLDPE).
The polyethylene market has grown substantially due to the increased demand for plastic across the globe.The high penetration of plastics in electronic products and lightweight products in vehicles has increased the demand for plastics.
According to the American Chemistry Council, the production of plastic resins, which serve as the foundation for all plastic products, climbed 0.9 percent in the United States in 2020, compared to 1.2 percent in 2019. These factors that have driven the adoption of polyethylene have impacted the growth of the ethylene market.
Stringent government regulations related to the production and use of ethylene restrain the growth of the ethylene market.Ethylene is combustible and carcinogenic in nature, making it dangerous to the environment.
It is highly explosive and can cause light-headedness, dizziness, and unconsciousness when exposed.Several countries are implementing legislation for environmental protection, which will put pressure on the companies involved in the production of ethylene.
For instance, in January 2020, a group of 364 environmental and other non-governmental organizations filed a petition with the U.S. Environmental Protection Agency (EPA) to revise standards applicable to petro-plastics production facilities. The petition requests the EPA to impose unprecedented controls on such facilities. Moreover, globally, governments are banning single-use plastics to curb plastic waste. For instance, in January 2020, China announced its plans to ban single-use plastics and promote recycling and green packaging. The restrictions laid on production would hamper the growth of the market.
Ethylene-producing companies are investing in ways to develop bio-based green polyethylene compounds.These plastics are easy to produce, consume less energy, and offer the same versatility as chemically synthesized plastic.
Following the trend, Braskem, a Brazil-based biopolymer producer, partnered with LEGO Group, a Danish toy production company, to supply it with I'm greenT polyethylene. I'm greenT polyethylene is a plastic made from sugarcane that is 100% recyclable and contributes to the reduction of greenhouse gases.
In January 2020, Indorama Ventures, a Thailand-based intermediate petrochemical company completed the acquisition of ethylene business of Huntsman Corporation for $2 billion.This acquisition added products such as ethylene, ethylene oxide, and monoethylene glycol, extending the product profile of Indorama Ventures, and will strengthen the PET feedstock supply chain and improve its position as a PET manufacturer.
The deal gives Indorama Ventures access to a number of new derivative products, including propylene/PO derivatives, surfactants, ethanolamines, glycol ethers, and MTBE. Huntsman Corporation is a US-based manufacturer and marketer of chemical products.
The countries covered in the ethylene market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The ethylene market research report is one of a series of new reports that provides ethylene market statistics, including ethylene industry global market size, regional shares, competitors with an ethylene market share, detailed ethylene market segments, market trends and opportunities, and any further data you may need to thrive in the ethylene industry. This ethylene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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