Ethylene Market size was valued at USD 129.5 billion in 2023 to USD 194.7 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031). The ethylene market is expected to grow further internationally because it is used widely in industries such as packaging, buildings, and automotive. Globally the demand of ethylene has also increase, but mainly in the Asia-Pacific area due to increasing number of goods made with polyethylene such as linear low-density polyethylene and high-density polyethylene.
In addition, the expansion of the market share is driven by the increase in consumption of processed food and beverages. This is due to the increasing expenditure on infrastructure and construction improvement, along with increasing employment globally. Ethylene is an organic compound that is used to produce polyethylene and polyvinyl chloride. The growing use of polyethylene in the packaging industry is contributing towards the growth of the ethylene market. The use of ethylene-producing chemicals in the storage environment which results in the faster, more efficient and uniform ripening of fruits and vegetables, is the major factor fueling the growth of the market. Ethylene is also used in the healthcare industry as an aesthetic, and for extracting rubber in the plastic and rubber industries.
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Increasing Demand for Plastic Products due to Affordability to Boost Growth of Ethylene Market
The growing convenience for a lightweight plastic product among the consumers is creating a new opportunity for the cosmetic business both small-scale and large scale. The increasing knowledge among the consumers about the plastic product and its type and form will further uplift the growth of the market. The upward trend for the lightweight plastic product in the automotive and construction industry is increasing its demand. Ethylene producing manufacturer are mostly concentrating on the lightweight and quality packaging ensuring the consumer with a better packaging solution. The spread of coronavirus has improved packaging regulations encouraging manufacturers to produce better product packages. The increasing demand for plastic product among people due to affordability and easy availability is raising the product demand in the market.
Growing Industrialization and Urbanization to Increase Demand for Ethylene to Fuel Market Growth Next 4-5 Years
The demand for packaging materials based on ethylene is significantly rising in emerging countries because of increasing urbanization and industrialization. Furthermore, the ethylene market is getting bigger because ethane is used as a raw material in both auto and electric goods, boosting market growth in developing regions in APAC such as China and India. In the upcoming years, it is expected that the middle-class population in emerging countries will increase, so the demand for vehicles and electronics in such nations will rise. Consequently, the rising use of gas from end-use sections will be helpful for the market players to expand their companies.
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Latest Headlines to Follow in the Ethylene Market
In April 2023, Linde entered into an agreement with Dow to supply clean hydrogen and nitrogen to Dow’s proposed Fort Saskatchewan, Alberta, Canada, facility. The planned facility will create ethylene and derivatives with net-zero carbon as part of Dow’s effort to minimize the carbon footprint of its operations and products. The partnership with Linde intends to support the company in its endeavor.
In April 2022, Lummus Technology collaborated with Braskem, which is a petrochemical company, to license green ethylene technology on a world basis. The green technology will enable Braskem to produce bioethanol-based chemicals and plastics thus, supporting the commitment of the industry to a carbon-neutral circular economy.
In October 2021, Dow planned to construct the first integrated ethylene cracker and derivatives plant with net-zero carbon emissions. The project will triple their ethylene and polyethylene capacity while retrofitting the current assets to emit zero carbon.
Ethylene Market Segmental Analysis
Feedstock
Naphtha
Ethane
Propane
Butane
Application
Polyethylene
Ethylene Oxide
Ethylene Benzene
Ethylene Dichloride
End Use
Automobile
Packaging
Construction
Agrochemical
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Key Players Operating in the Ethylene Market
Royal Dutch Shell
ExxonMobil Corporation
Sinopec
LyondellBasell Industries N.V.
Saudi Basic Industries Corporation (SABIC)
Dow Chemical Company
Total S.A.
Chevron Phillips Chemical Company
Formosa Plastics Corporation
INEOS Group AG
China National Chemical Corporation (ChemChina)
Mitsui Chemicals, Inc.
Sasol Limited
BP plc
Reliance Industries Limited
Braskem S.A.
Westlake Chemical Corporation
LG Chem Ltd.
PTT Global Chemical Public Company Limited
Lotte Chemical Corporation
Increasing Adoption of Bio-Ethylene to Produce Eco-Friendly Plastics to Drive Market Growth Next 10 Years
The popularity of bio-ethylene is increasing rapidly in the market. Ethylene is an organic compound that is important in the chemical industry. It is one of the largest volume feedstocks used in production of eco-friendly plastics and other petrochemical derivatives in the world. Ethylene is a colourless, flammable gas which is used as a building block for several organic compounds in the chemical industry. Products which are made from ethylene include polyethylene, ethylene glycol, high density polyethylene, low density polyethylene, vinyl acetate, ethylene oxide, and ethylene vinyl acetate. Ethylene is used in agriculture, consumer goods, construction and lightweight plastics, flexible packaging, bio-based products and textiles. The growing need for alternatives and the need for non-depleting fossil fuel reserves have led to the production of ethylene using biochemical routes. Bioethanol from renewable crops such as sugar cane and corn are a new feedstock for bio-ethylene production.
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