Press release
Ethane Market Insights, Business Opportunities, Leading Players, COVID-19 Overview, Industry Statistics, Revenue and Future Investments 2023
Market Overview
The global ethane market is estimated to reach a stellar mark by 2023. It can expand at a CAGR of 6.14% during the forecast period (2017-2023). It had stood at USD 608 million in 2018. The use of the chemical for creating its various derivatives for use in diverse industrial sectors can drive the market demand till the end of the forecast period. The use of ethanol as a biofuel can contribute positively to the global market growth.
The ramped up production of shale gas in the U.S. can widen the prospects of the global market. For instance, the U.S production of ethane has spiked to 1.7 million barrels per day (bpd) in 2018. In addition, the demand for polyethylene across all industrial sectors can bode well for the ethane market. Furthermore, the need for green chemicals as opposed to chlorofluorocarbons (CFCs) has triggered the need for eco-friendly refrigerants. Joint ventures have been afoot as exemplified by the agreement between Martin Midstream and American Ethane for 480,000 bpd ethane production facility in 2019.
But strict regulations in developed countries as well as volatile crude oil prices can dampen market growth.
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Competition Outlook
Enbridge Inc., American Ethane, The Williams Companies Inc., Energy Transfer Partners LP, Devon Energy Corporation, Merck KGaA, Enterprise Products Partners LP, DCP Midstream LLC, Reliance Industries Limited, Praxair Technology Inc., Royal Dutch Shell PLC, Boardwalk Louisiana Midstream, LLC, Targa Resources Corp., Aux Sable, and Air Liquide are prominent names in the global ethane market.
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Segmentation
The global ethane market has been segmented by application, end-use industry, and region.
Based on application, the global ethane market has been segmented into ethylene synthesis, acetic acid synthesis, refrigerant, and others.
On the basis of end-use industry, the global ethane market has been categorized into packaging, automotive & transportation, building & construction, electricals & electronics, healthcare, power, and others.
Regional Analysis
Latin America, the Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and North America are the regions the center talking point in the global ethane market report.
The APAC region is expected to dominate in the market till the end of the forecast period. It accounted for 38% market share in 2018. Manufacturers are flocking to the region due to attractive subsidies, low production cost, and economically affordable workforce. The expansion of end-use sectors of power, packaging, automotive & transportation, building & construction, and healthcare as well as their demand for ethane can bolster the global ethane market demand till 2023.
North America was the second largest region in 2018 due to the establishment of various ethylene manufacturing units for meeting local and international demands. On the other hand, Latin America may showcase slow growth due to unsupportive economic reforms and slow GDP. But industrialization in Venezuela, Mexico, and Brazil may bolster the regional ethane market growth till 2023.
Europe had assumed the second position in the global market after North America. It can induce massive demand for ethane from the burgeoning automotive and transportation sector. The shift to electric vehicles (EVs) due to strict regulations enforced by governments in the region can ensure a constant demand for the chemical and its associated derivatives. Lastly, the MEA region is expected to be lucrative for the global ethane market due to investments in infrastructural projects.
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