Ethylene Market to Grow with a CAGR of 4.42% through 2028
Surge in research and development activities is
expected to drive the Global Ethylene Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “Ethylene Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Ethylene Market stood at USD183.25 billion in 2022 and is anticipated to grow
with a CAGR of 4.42% in the forecast period, 2023-2028. The initiatives taken
by government based on Ethylene has led to favorable market conditions for the Global
Ethylene Market. Several factors contribute to the growth of various Ethylene products.
The
U.S. Environmental Protection Agency (EPA) has launched comprehensive community
engagement efforts to address growing concerns about ethylene oxide, a
derivative of ethylene, in order to ensure the well-being of communities across
the nation. This important initiative aims not only to keep communities
informed but also actively engaged in understanding and mitigating the risks
associated with ethylene oxide. In
line with these efforts, the Federal Register has documented a proposed rule
for National Emission Standards for Hazardous Air Pollutants, specifically addressing
the production of ethylene. This proposed rule seeks to regulate and control
emission levels from ethylene production, thereby safeguarding both the
environment and human health from potential hazards.
Moreover,
the South Coast Air Quality Management District has taken proactive steps by
launching an investigation into facilities emitting Ethylene Oxide (EtO) since
March 2022, following the directive from the U.S. Environmental Protection
Agency. This investigation aims to identify and address any potential sources
of ethylene oxide emissions, ensuring the protection and well-being of the
local communities. Together,
these initiatives signify the commitment and dedication of relevant authorities
to safeguard public health and the environment by actively addressing concerns
related to ethylene oxide.
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"Global Ethylene Market”
One
of the primary factors contributing to the upward trend in the ethylene
industry is the intensification of research and development (R&D) efforts.
These initiatives aim to not only bolster production capacity and improve
efficiency but also to reduce the environmental impact associated with ethylene
production. By focusing on sustainability, researchers are exploring innovative
ways to make ethylene production more environmentally friendly, such as
implementing emission reduction strategies and improving energy efficiency.
Another
critical aspect of R&D activities in the ethylene industry is the expansion
of its application range. Researchers are continually exploring new
possibilities to diversify the use of ethylene and its derivatives. By
discovering novel applications, they can unlock untapped potential and create
new market opportunities. This expansion of the application range contributes
to the overall growth and development of the ethylene industry, making it a
dynamic and ever-evolving sector.
Global
Ethylene Market is segmented into feedstock, application, regional
distribution, and company
Based on its application,
the polyethylene segment held the largest share in the market. The demand for
consumable goods, such as packaging materials, residential goods, films, and
articles for large industrial uses, serves as a significant driver for the
market. Ethylene Oxides find extensive application in various end-user
segments, including polyester films, PET bottles, and fibers. As a result, the
growth of ethylene oxide is predicted to exhibit the highest growth rate in the
near future, owing to its versatility and wide-ranging applications across
multiple industries.
Based on region,
North America segment is expected to grow during the forecast period. The United
States demand for ethylene is expected to witness a significant rise in the
coming years. This growth is primarily driven by multiple factors, including
the expanding shale oil output, strong automotive sales, an uptick in building
activity, and a booming flexible packaging sector. Moreover, the region's ethylene
production is also set to expand, further fueling the demand for plastics and
basic chemicals. Additionally, advancements in technology within the industry
will play a crucial role in driving market revenue to new heights. With all
these factors combined, the future of the ethylene market in the United States
looks promising and poised for substantial growth.
Major companies
operating in Global Ethylene Market are:
- BASF SE
- Chevron Phillips Chemical Company, LLC
- Exxon Mobil Corporation
- Ineos Group Ltd
- LyondellBasell Industries N.V.
- Royal Dutch Shell plc
- Saudi Basic Industries Corporation
- China Petroleum & Chemical
Corporation (Sinopec)
- The Dow Chemical Company
- Lonza Group.
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“Growing
application of Ethylene in various end user industries are key drivers of the Ethylene
Market. Growth in competitive landscape and presence of well-established companies
in the market who are dedicated to enhance their productivity of Ethylene with
every passing year are anticipated to register an impressive growth to Global
Ethylene Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Ethylene
Market By Feedstock (Naphtha, Ethane, Propane, Butane), By Application (Polyethylene,
Ethylene Oxide, Ethyl Benzene, Ethylene Dichloride), By
Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Ethylene Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Ethylene Market.
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