Ethylene Market to Expand with Significant CAGR - 2020
The
ethylene market is fairly competitive with the presence of a number
of prominent petrochemical companies focused on the production of
ethylene and a variety of useful derivatives, observes Transparency
Market Research (TMR). Global players are constantly boosting their
production capacities to gain a competitive edge in the market. Some
of the leading players operating in the ethylene market are
LyondellBasell Industries N.V., INEOS, Total S.A., Chevron Phillips
Chemical Company LLC, Sinopec Limited, Royal Dutch Shell plc., Exxon
Mobil Corporation, The Dow Chemical Company, and SABIC.
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The
ethylene market is projected to rise at a CAGR of 6.0% during
2014–2020 and the valuation of the market is expected to reach
US$234.2 bn by the end of the forecast period.
Substantial
Demand for Ethylene Oxide in Manufacturing Plastics
Regionally,
the market is segmented into North America, Europe, Latin America,
the Middle East and Africa (MEA), and Asia Pacific. Of these,
currently, Asia Pacific is the major regional market and is expected
to retain its dominance throughout the forecast period. A major
demand for ethylene is expected to come from countries such as India,
China, Thailand, Malaysia, and Vietnam. This is attributed to the
substantial applications of ethylene in numerous end-use industries.
Based
on application, the market is segmented into ethylene oxide,
polyethylene, ethylene benzene, vinyl acetate, alpha olefins, and
ethylene dichloride. Of these, the ethylene oxide segment is
projected to rise at a maximum CAGR over the forecast period. The
demand for ethylene oxide is driven by its substantial application in
the production of ethylene derivatives, primarily used in
manufacturing plastics.
Extensive
Application of Ethylene in Making Packaging Products Boosts Market
The
growth of the ethylene market is primarily driven by its substantial
applications in a variety of end-use industries such as packaging,
construction, and automotive. The commercial production of ethylene
in large volumes through the process of catalytic oxy-dehydrogenation
has positively impacted the growth of the market. The growing number
of applications of different types of polyethylene such as linear low
density polyethylene (LLDPE) and high density polyethylene (HDPE) in
making a number packaging products has boosted the ethylene market
across regions.
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Ethylene
are widely used in making containers, drums, pipes, and films. The
burgeoning packaging industry in various developing and developed
regions is expected to catalyze the market. There is a growing
worldwide demand for ethylene oxide derivatives such as ethylene
glycols and polyester fibers in the manufacturing of plastic
products, particularly bottles. This has bolstered the uptake of
ethylene. The use of ethylene oxide in manufacturing a variety of
industrial chemicals has gained traction in the petrochemical
industry, thereby accentuating the growth of the ethylene market.
However, the recent volatility in crude oil prices in major regions
and regulatory concerns owing to the toxic effects of some of the
ethylene derivatives are the crucial factors likely to hinder the
growth of the market. Nevertheless, emerging applications of ethylene
in the production of a large number of useful industrial chemicals
are expected to open up exciting opportunities for manufacturers in
the coming years.
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