The global ethylene market size is expected to reach USD 245,005 million by 2027, exhibiting a CAGR of 5.6% during the forecast period. 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 & COVID-19 Impact Analysis, By Application (High Density Polyethylene, Low Density Polyethylene, Ethylene Oxide, Ethyl Benzene, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 166,520 million in 2019.
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Key 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.
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
List of Top Companies Profiled in the Ethylene Market are:
- 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
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.
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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 Industry Development:
October 2018: LyondellBasell and Sasol announced a definitive agreement into forming a joint venture that will gain LyondellBasell 50% of Sasol’s 1.5 MM ton ethane cracker, 0.9 MM ton low and linear low-density PE plants, and associated infrastructure with a total consideration of US$2 Billion.
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