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Global Ethylene-Petrochemicals Market Comprehensive Study: Forecasted Market Size And Growth Rate
Ethylene-Petrochemicals Market
The Business Research Company offers in-depth market insights through Ethylene-Petrochemicals Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The ethylene-petrochemicals market size has grown steadily in recent years. It will grow from $105.31 billion in 2023 to $110.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to rising demand for plastics and other petrochemicals, growing population and urbanization, increasing disposable incomes, increasing awareness of the benefits of ethylene-petrochemicals, feedstock availability, economic expansion .
The ethylene-petrochemicals market size is expected to see strong growth in the next few years. It will grow to $135.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to expanding industrialization, growing demand for sustainable ethylene-petrochemicals, growing popularity of bio-based ethylene-petrochemicals, consumer lifestyle changes, growing production of consumer goods, demand from automotive industry. Major trends in the forecast period include shift towards the use of renewable feedstocks, focus on sustainability and environmental stewardship, circular economy initiatives, bio-based and renewable ethylene, digitalization and industry 4.0, green petrochemicals.
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Market Segmentation:
The main feedstocks of ethylene-petrochemicals are naphtha, ethane, propane, butane, and other feedstocks. Ethane is defined as an odorless, gaseous, and colorless hydrocarbon compound. Ethane is considered to be the simplest hydrocarbon compound containing a single carbon-carbon bond. The various applications of ethylene include polyethylene, ethylene oxide, ethylene benzene, ethylene dichloride, vinyl acetate, and alpha-olefins. The main end-use industries in which ethylene is used are packaging, automotive, construction, agrochemicals, and textiles.
Major Driver - Surging Demand For Polyethylene Propels Growth In The Ethylene-Petrochemicals Market
During the historic period, increased demand for polythene products contributed to the ethylene-petrochemicals market's growth. Ethylene is mainly used in polyethylene products such as low-density polyethylene (LDPE), high-density polyethylene (HDPE), and linear low-density polyethylene (LLDPE). The polyethylene market has grown substantially due to the increased demand for plastic across the globe. The high penetration of plastics in electronic products and lightweight products in vehicles has increased the demand for plastics. According to National Geographic (2020), 40% of the plastic produced every year is single-use plastics. Production of plastic is expected to double by 2050. These factors that have driven the adoption of polyethylene have impacted the growth of the ethylene market.
Competitive Landscape:
Major companies operating in the ethylene-petrochemicals market include Akzo Nobel NV, BASF SE, Borealis AG, Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, Clariant International Ltd., Dow Chemical Company, Equistar Chemicals LP, Exxon Mobil Corporation, Huntsman Corporation, Ineos Group Limited, LG Chem Ltd., Lonza Group, LyondellBasell Industries NV, Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., National Iranian Petrochemical, NOVA Chemicals Corporation, Royal Dutch Shell plc, Sasol Limited, Saudi Arabia's Basic Industries Corporation, Showa Denko KK, SINOPEC Shanghai Petrochemical Co. Ltd., National Petrochemical Company, Tosoh Corporation, TotalEnergies SE, Formosa Plastics Corporation, PetroChina Company Limited, BP plc, Reliance Industries Limited, Lotte Chemical Corporation, Sumitomo Chemical Co. Ltd., Braskem SA, PTT Global Chemical PCL, Westlake Corporation, Eastman Chemical Company, Air Products and Chemicals Inc., Evonik Industries AG
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Top Trend - Integrated Olefin Suite (IOS) Technology For Enhanced Ethylene Production In The Petrochemical Industry
Major companies operating in the ethylene petrochemical market are focusing on developing innovative technology, such as the Integrated Olefin Suite (IOS), to sustain their position in the market. Integrated Olefin Suite typically refers to a facility or complex in the petrochemical industry that is designed to produce olefins, which are a class of hydrocarbons including ethylene and propylene. For instance, in March 2022, Honeywell International Inc., a US-based manufacturing firm that provides innovations and solutions for energy, security, and safety, launched Integrated Olefin Suite (IOS) technologies to boost ethylene output from naphtha crackers. The IOS contains a variety of technologies that can raise the yield of ethylene, enhance the quality of naphtha cracker feeds, and reduce the generation of byproducts of lesser value. It can increase competitiveness and boost the profitability of naphtha cracking operations.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ethylene-Petrochemicals Market Characteristics
3. Ethylene-Petrochemicals Market Trends And Strategies
4. Ethylene-Petrochemicals Market - Macro Economic Scenario
5. Ethylene-Petrochemicals Market Size And Growth
…..
27. Ethylene-Petrochemicals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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