The globalOlefins Marketis forecast to reach USD 329.30 Billion by 2028, according to a new report by Reports and Data. Olefins are the most important raw materials for several chemical products and intermediates. It is mainly produced by cracking of oil, naphtha, crude or natural gas. It is used to manufacture several major polymers, plastics, and resins such as Polypropylene and Polyethylene. Some of the examples of olefins are ethylene, propylene, and butadiene.
The market on the basis of application is segmented into Olefin Glycols, Olefin Oxides, Ethylbenzene, Polyolefins, and Cumene. A significant proportion of ethylbenzene produced worldwide is utilized in the production of styrene. Products made from styrene provides exceptional benefits such as high performance, toughness, simplicity of production, flexible design, and economy along with the offering of sanitation, hygiene, and safety features. For instance, styrene finds application in the strengthening of military armor, cushioning of bicycle helmets, making of wind power turbines, reduction of coal plant emissions, and improvement of components deployed in making automotive lightweight and fuel-efficient.
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Leading participants include:
DowDuPont Inc., SABIC, ExxonMobil Chemical Company, China Petroleum Chemical Corporation, Royal Dutch Shell Plc, NOVA Chemicals Corporation, LyondellBasell Industries, Chevron Phillips Chemical Company, Qatar Chemical Company Ltd., and Mitsubishi Chemical Corporation, among others.
Europe is expected to witness steady growth due to the unplanned shut down of automotive plants in the East Asian region. The region is driven by the UK, France, Spain, Italy, and Germany owing to its usage in the electrical industry. Rising demand for efficient electronic products due to security and environmental concerns in the region will augment market growth.
China is investing heavily in steam crackers, which is driven by the healthy margins of the ethylene industry. The liberalization of the market in the region has made it possible for private companies to invest, along with state-owned producers. This change in the pattern of ownership has amplified the investment as producers are seeking to benefit from the high profit of the market.
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Further key findings from the report suggest,
- Ethylene is used in the chemical industry, and most of it goes toward polyethylene, which is a widely used plastic containing polymer chains of ethylene units in various chain lengths. It is also an important natural plant hormone and is used in agriculture to force the ripening of fruits.
- Cumene is used as a raw material in the production of phenol, which finds extensive application in the plastic industry as a starting material in the polymerization reaction for producing various types of plastics. It is used to produce a broad range of polymers which are used to synthesize epoxide resins and polycarbonates used in the manufacturing of plastics.
- In certain parts of the world, such as Eastern Europe, China, India, and South America, butadiene is also produced from ethanol. Lower capital makes the production of it from ethanol a viable option for smaller plants.
- The demand for ethylene in U.S. is expected to grow due to rising shale oil production, high sales of automobiles, and increase in construction activity, and growing flexible packaging industry. Advancement in technology, increasing demand for plastics and basic chemicals, and addition of ethylene capacity will propel the market demand in the region.
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For the purpose of this report, Reports and Data have segmented into the global Olefins market on the basis of type, applications, distribution channel, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Ethylene
- Propylene
- Butadiene
- Butylene
- Others
Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Olefin Glycols
- Olefin Oxides
- Ethylbenzene
- Polyolefins
- Cumene
Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Distributors
- Wholesale
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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