The global ethylene market size is expected to reach USD 230.7 billion by 2029 according to a new study by Polaris Market Research. The report “Ethylene Market Share, Size, Trends, Industry Analysis Report By Feedstock (Naphtha, Ethane, Propane, Butane); By Application (Polyethylene, Ethylene Oxide, Ethyl Benzene, Ethylene Dichloride); By End-Use; By Region, Segment Forecast, 2021 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing consumption of PE in the building construction industry and rapid urbanization are likely to influence the industry growth. The growing consumption of ethylene oxide for polymers production is projected to propel the industry growth.
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However, several reasons are impeding industry expansion. Countries enact environmental regulations, which are expected to put pressure on enterprises involved in hydrogen gas manufacturing. Furthermore, unpredictability in feedstock costs is stifling the industry expansion to some extent.
The growing consumer awareness of the need for safely packaged items has increased the industry for plastic solutions. Packaging options are in high demand for a variety of uses, including grocery, e-commerce healthcare items, and transportation. Furthermore, demand for premium, industrial applications, and high-quality packaged food is likely to drive the industry.
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Additionally, expansion in the construction and automotive sectors is augmenting industry growth since plastic is utilized in these industries for wiring, vehicle components, pipes, and other applications. Furthermore, expanding applications in farming, medicine, and other industries are boosting the industry growth.
The Asia Pacific dominated the market in 2020 and is expected to maintain its dominance over the forecast period owing to the rise of end-use sectors such as packaging, vehicle, textile, building, and chemical, among others. Moreover, the rapid urbanization and industrialization of emerging economies such as India and China, as well as the growing agriculture industry, have led to an increase in demand for PE-based goods, which is fueling the global demand.
Key Players operating in the global market are: Chevron Phillips Chemical, Borealis, Dow Chemical, ExxonMobil, Equistar Chemicals, Huntsman, LG Chem, INEOS, LyondellBasell Industries, Mitsui Chemicals, Tosoh, Mitsubishi Chemical, National Iranian Petrochemical, Royal Dutch Shell, Nova Chemicals, Sasol, Showa Denko, Saudi Basic Industries, Sinopec Shanghai Petrochemical, and Total.
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