NEW YORK, Feb. 15, 2023 /PRNewswire/ -- Major players in the ethylene-petrochemicals 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-petrochemicals market will grow from $102.91 billion in 2022 to $105.71 billion in 2023 at a compound annual growth rate (CAGR) of 2.7%. 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-petrochemicals market is expected to grow from $117.93 billion in 2027 at a CAGR of 2.8%.
The ethylene petrochemical market consists of the sales of ethylene petrochemicals 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 petrochemical 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.
Asia Pacific was the largest region in the ethylene-petrochemicals market in 2022.Middle East was the second-largest region in the ethylene-petrochemicals market.
The regions covered in the ethylene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main feedstocks of ethylene-petrochemicals are naphtha, ethane, propane, butane, and other feedstocks.Ethane is defined as an odorless, gaseous, and colorless hydrocarbon compound.
Ethane is considered to be the simplest hydrocarbon compound containing a single carbon-carbon bond.The various applications of ethylene include polyethylene, ethylene oxide, ethylene benzene, ethylene dichloride, vinyl acetate, and alpha-olefins.
The main end-use industries in which ethylene is used are packaging, automotive, construction, agrochemicals, and textiles.
During the historic period, increased demand for polythene products contributed to the ethylene-petrochemicals 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 National Geographic (2020), 40% of the plastic produced every year is single-use plastics.Production of plastic is expected to double by 2050.
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-petrochemicals 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, in June 2021, Braskem, a Brazil-based biopolymer producer, launched the world's first renewably-sourced polyethylene wax. This can be used for producing coatings, cosmetics, adhesives, and various other compounds.
In January 2020, Indorama Ventures, a Thailand-based intermediate petrochemical company completed the acquisition of ethylene business of Huntsman Corporation for $2 billion.This acquisition added products such as ethylene, ethylene oxide, and monoethylene glycol, extending the product profile of Indorama Ventures, and will strengthen the PET feedstock supply chain and improve its position as a PET manufacturer.
The deal gives Indorama Ventures access to a number of new derivative products, including propylene/PO derivatives, surfactants, ethanolamines, glycol ethers, and MTBE. Huntsman Corporation is a US-based manufacturer and marketer of chemical products.
The countries covered in the ethylene-petrochemicals market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) 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-petrochemicals market research report is one of a series of new reports that provides ethylene-petrochemicals market statistics, including ethylene-petrochemicals industry global market size, regional shares, competitors with an ethylene-petrochemicals market share, detailed ethylene-petrochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the ethylene-petrochemicals industry. This ethylene-petrochemicals 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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