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Olefins Market Size Worth USD 343 Billion in 2032 | Emergen Research
Olefins Market
Ethylene, a key component in plastics production, is driving market revenue growth. Its versatility in manufacturing polythene, plastic bottles, and various other plastic products makes it indispensable in industries such as healthcare and laboratories. The demand for high-density polyethylene, known for its flexible properties and resistance to impact and chemicals, further propels market expansion. Moreover, investments in innovative solutions, such as the production of renewable plastics, are enhancing revenue streams across fast-growing end markets.
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A notable example of this trend is the collaboration between Dow and New Energy Blue, announced on May 25, 2023. Under a long-term supply agreement, New Energy Blue will produce bio-based ethylene from renewable agricultural residues. Dow intends to utilize this eco-friendly ethylene in recyclable applications spanning transportation, footwear, and packaging, thereby reducing carbon emissions from plastic production.
Technological advancements in olefins production methods are also driving market growth. Manufacturers are increasingly investing in hydrocarbon-based steam cracking processes, which yield 10-25% more olefins compared to conventional methods. For instance, Saudi Arabia's Basic Industries Corporation (SABIC) introduced Coolbrook's turbomachine technology in March 2023. This innovation offers a greener alternative to steam cracking, potentially reducing global carbon dioxide emissions by 300 million tons annually and boosting ethylene yield by up to 20%.
However, environmental concerns pose a significant restraint to market growth. Conventional processes like ethane cracking contribute to environmental degradation despite their production of essential chemical products. Efforts towards sustainability and environmental responsibility are essential to mitigate these challenges.
The global olefins market is segmented based on type, with ethylene dominating the market share in 2022. Ethylene finds extensive applications in the chemical industry, serving as a feedstock for polymer and industrial chemical production. Additionally, it is utilized for controlled ripening of fruits and vegetables.
In terms of applications, the synthetic lubricants segment experienced the fastest growth in 2022. Synthetic lubricants, manufactured synthetically from chemically modified petroleum components, cater to diverse industries such as automotive, aerospace, marine, construction, and chemical manufacturing. The burgeoning car ownership rates, particularly in Asian countries like India, contribute significantly to the growth of this segment.
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Olefins Market Top Companies and Competitive Landscape
The global olefins market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions.
Some major players included in the global olefins market report are:
• BASF SE
• Exxon Mobil Corporation
• Sumitomo Chemical Co., Ltd.
• LyondellBasell Industries Holdings B.V
• SABIC
• Mitsubishi Chemical Corporation.
• Chevron Phillips Chemical Company LLC
• INEOS
• Idemitsu Kosan Co., Ltd.
• Occidental Petroleum Corporation
Olefins Market Latest Industry News
• In April 2023, Gevo, Inc. and LG Chemicals a leading global chemical company committed to producing sustainable products, announced that they have entered into a joint development agreement (the 'Agreement') to develop bio-propylene for renewable chemicals using Gevo's Ethanol-to-Olefins (ETO) technology. Gevo's proprietary ETO technology can target carbon neutral or carbon negative drop-in replacements for conventional petroleum-based building blocks called olefins, including bio-propylene, that can be used for renewable chemicals or fuels including sustainable aviation fuel.
• In June 2023, Italy's State Export Credit Agency (SACE) signed a financial memorandum with Uzbekistan's largest oil company, Saneg, concerning an innovative Methanol-to-Olefin Gas Chemical Complex (GCC MTO), that is currently under construction in the Bukhara region of Uzbekistan.
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Olefins Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global olefin market on the basis of type, product type, application, and region:
• Product Type Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
o Olefin oxides
o Olefin glycols
o Ethylbenzene
o Polyolefins
o Cumene
• Type Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
o Ethylene
o Butadiene
o Propylene
o Butylene
o Others
• Application Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
o Synthetic Lubricants
o Polythene
o Detergent Alcohol
o Cosmetics
o Plasticizers
o Adhesives
o Others
• Regional Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
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