According to Fortune Business Insights, The global ethylene market size was USD 166,520 million in 2019 and is projected to reach USD 245,005 million by 2027, exhibiting a CAGR of 5.6% during the forecast period. Asia Pacific dominated the ethylene market with a market share of 41.92% % in 2019. The growing utilization of plastics such as LDPE and HDPE coupled with technological advancement will bolster healthy growth of the market, states Fortune Business Insights, in a report, titled “Ethylene Market Size, Share & Industry Analysis and Regional Forecast, 2020-2027.”
C2H4 is a colorless and flammable gaseous organic compound that contains double-bonded carbon atoms. It produces polyethylene (PE), ethylene oxide, ethylene glycol, high-density polyethylene, 1,2-dichloroethane, vinyl acetate, and other compounds. Ethylene is a hydrocarbon compound with the chemical formula C2H4. It is a colorless, flammable gas with a sweet odor. Ethylene is one of the simplest unsaturated hydrocarbons and is widely used in industry.
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List of Key Players Profiled in the Ethylene Market Report:
- Reliance Industries Limited (Mumbai, India)
- China Petroleum & Chemical (Beijing, China)
- LyondellBasell Industries Holdings (Rotterdam, Netherlands)
- Exxon Mobil Corporation (Texas, United States)
- Shell International (The Hague, Netherlands)
- SABIC (Riyadh, Saudi Arabia)
- BOREALIS AG (Vienna, Austria)
- BRASKEM SA (São Paulo, Brazil)
- Chevron Phillips Chemical Company (Texas, United States)
- INEOS GROUP AG (London, UK)
- Other Key Players
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2020 – 2027 |
| Forecast CAGR | 5.2% |
| 2027 Value Projection | USD 245,005 million |
| Market Size in 2019 | USD 166,520 million |
| Historical Data | 2016-2018 |
| No. of Pages | 100 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | · By Application· B |
| Regions Covered | · North America· Europe· Asia Pacific· Latin America· Middle East and Africa |
| Ethylene Market Growth Drivers | Rising Economic Development to Support Growth in Asia Pacific |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
Market Driver:
Inflated Demand for Packaging Solutions to Aid Market Growth
The growing consciousness for safe packaged products among consumers will have an excellent impact on the global market. The heavy demand for plastic packaging solutions for numerous applications such as e-commerce, healthcare products, convenience products, and transportation will further incite the development of the market. The growing demand for high-quality food with proper packaging solutions can promote the growth of the market. The surging application of plastic in the automotive and construction industries for the production of wiring, auto parts, pipes, and others will spur opportunities for the market. Similarly, the rising application in agriculture, medical, and other sectors will drive market growth.
Halt on Trade Activities to Boost Market Amid Coronavirus
The coronavirus pandemic has severely affected the chemical industry, resulting in halt on trade activities and operations. The disrupted supply chain has subsequently reduced the demand among industries. Nonetheless, the inflated demand for PE in packaging applications can stabilize the market amid covid-19. The growing awareness towards health and hygiene among consumers can enable speedy expansion of the market during the pandemic. Moreover, the increasing need for packaged food products will subsequently boost the production of polyethylene, which, in turn, will improve the prospects of the market.
The report on the ethylene market comprises of:
- All-encompassing scrutiny of the industry
- Valuable data about key players
- Emerging market trends
- Important insights into the competitive landscape
- Leading regions
Information Source: https://www.fortunebusinessinsights.com/ethylene-market-104532
Regional Analysis:
Rising Economic Development to Support Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market during the forecast period owing to the growing demand for PE from the plastic and chemical industry in developing countries such as China, India, and Japan. The increasing economic development has led to an improved lifestyle of consumers, thus fueling the demand for quality-based plastic for daily use. The surging middle-class population coupled with increasing construction activities will enable speedy expansion of the market in the region. The plastic industry in China has experienced immense growth during the forecast period owing to the demand for new housing units and vehicles.
Key Development:
- October 2019: Sinopec Sabic Tianjin Petrochemical Co. Ltd. and Saudi Arabia’s SABIC had a joint venture for an expansion project at Tianjin ethylene plant. The project will increase the production capacity to 1.3 million tons annually.