Global ethylene market is estimated to reach US $136.67 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Ethylene is one of the most significant raw materials used for manufacturing numerous polymeric end-use products like fibers, plastics, and organic chemicals. It is an organic hydrocarbon and a petrochemical derivative that comprises of naphtha and ethane as its major feedstocks. Ethylene is also among the key building blocks for the petrochemical industry.
As a raw material, ethylene is used across a broad range of applications like producing ethylene dichloride, ethyl benzene, ethylene oxide, vinyl acetate, and others. The report suggests that increasing demand from end-use industries is primarily driving the adoption of ethylene intermediates. For instance, ethylene oxide has found increasing use in packaging, light industrial applications, and consumer products.
Moreover, rising global population coupled with an increase in consumer’s income is boosting the production of many commodities like bio-based PET products, housing inputs, packaging, and textile products. The expanding construction industry has supported growth for polyvinyl products, which in turn is driving the use of ethylene dichloride. Moreover, introduction of advanced, lightweight automotive products have led to steady increase in consumption of polyvinyl chloride, cites the report.
In terms of regional contribution, Asia Pacific is claimed to be the most lucrative market for ethylene. Recently, the demand for ethylene has surged in the region, primarily owing to rapid growth in developing countries across Southeast Asia and the Indian Subcontinent. Moreover, the report cites that China, Japan, the U.S., and Western Europe hold the highest consumption market share of ethylene chloride.
Notably, the global consumption of ethylene is based on rapid expansions of downstream businesses like polyester fibers, PET, PVC, and packaging. However, the study suggests that Japan and Western Europe are likely to consume less ethylene over the next five years, as these mature markets use less economical feedstocks for production, further making it difficult to compete in the global ethylene derivative export industry.
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Nevertheless, low-cost feedstocks like ethane have fueled a new wave of investments in countries like the U.S, which has significantly led to increased production of ethylene. In addition, key market players are increasingly using technology and low-cost supply strategies for meeting growing demand for cost-efficient and quality products.
The leading firms operating in ethylene market include Saudi Basic Industries Corp. (SABIC), Dow Dupont, ExxonMobil Corp., Royal Dutch Shell plc, LyondellBasell Industries, Total S.A., and China Petroleum & Chemical Corporation. The company profiles of these firms are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments.