Global Ethylene Market is estimated to reach USD 136.67 Billion by 2026 according to a new report published by Polaris Market Research. Ethylene is an organic hydrocarbon and is a basic and most significant raw material for manufacturing large number of polymeric end-use products such as plastics, fibers, and organic chemicals. It is a petrochemical derivative and includes ethane and naphtha as its major feedstocks. Ethylene is among the major building blocks for petrochemical industry.
Ethylene as a raw material is applied to a broad range of applications. It is used in the production of ethylene oxide, ethylene dichloride, ethyl benzene, vinyl acetate and others. Increasing applications of ethylene intermediates is primarily driving its demand for the end-use industries. Ethylene oxide is the largest application and is used in end-uses such as packaging, consumer products, and light industrial applications.
Rising world’s population coupled with the increase in personal income of the consumers has led to growth of many commodity products such as packaging, bio-based PET products, housing inputs, and textile products. Growing construction industry has mainly supported the growth for polyvinyl products, which in turn has driven the consumption for ethylene dichloride. The lightweight and modernized automotive products are the factors that led to steady increase in the consumption of polyvinyl chloride.
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Asia Pacific is the most lucrative regional market for ethylene, where the latest demand has been supported rapid growth of the developing countries, especially of the Southeast Asia and the Indian Subcontinent. China, Japan, Western Europe, and the United States hold the highest market share for the consumption of ethylene chloride.
The consumption in different regions of the world is based on the rapid expansions of downstream businesses such as PET, polyester fibers, PVC, and packaging. Japan and Western Europe are anticipated to consume less ethylene over the period of next five years, as these are the mature regional markets with their production based on less economical feedstocks, which makes it difficult for them to compete in the global ethylene derivative export market.
Low cost feedstocks such as ethane have fueled the next wave of investments in countries like the United States. This has significantly led to increased production of ethylene. The bigger market players of the ethylene market are able to leverage technology and low-cost supply strategies for meeting the demand at right costs and right products.
The global ethylene market is highly competitive with high degree of integration across the value chain by many market players. Some of the major market players for ethylene include ExxonMobil Corporation, Dow Dupont, Saudi Basic Industries Corporation (SABIC), Royal Dutch Shell plc, Total S.A., LyondellBasell Industries, and China Petroleum & Chemical Corporation.