COVID-19 Analysis on Light Olefins Market, Development Trends, Key Manufacturers and Competitive Analysis 2023

Market Synopsis 

The global light olefins market 2020 is poised to secure up to USD 475.8 million by 2024 growing from its 2016 value of USD 254.6 billion, at a CAGR of 5.58% over the review period.

Market Highlights

The changing preference of consumers on plastic products over traditional things such as wood, plastics, steel and others is the main driver of global demand for light olefins due to lower energy and raw material costs for the processing of light olefins. In addition, another trend driving demand growth is the excellent recovery of light methanol olefins. Due to lower energy and raw material costs for the processing of light olefins, the shift in market demand for plastic products over traditional goods such as wood, plastics, steel and others is a core driver of global demand for light olefins. In addition, the excellent conversion of light methanol olefins is another driving force for the growth of production.

Replacing oil with shale gas, which is extracted from ethylene, is another driving force behind the growth of the industry. The discovery of rising oil & gas reserves around the world is projected to boost demand growth over the appraisal period. Growing advances in the use of light olefins to produce bio-ethylene bio-fuels using maize and sugar cane are also projected to increase market growth, with the demand for reducing carbon dioxide emissions. Ethylene, however is harmful and can have adverse environmental effects that may affect the industry's growth.

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Segmental Analysis

The light olefin market is classified by use, product form, derivatives and area. The demand is bifurcated, depending on the product form, into ethylene and propylene. In 2016, ethylene accounted for 60 percent of the highest market share with a market value of USD 152.7 billion and is projected to rise over the estimated period at a CAGR of 5.78 percent.

The industry is classified into styrene, propylene oxide, acrylonitrile, acrylic acid, cumene, oxo alcohol, polyethylene, ethylene oxide/glycol, EDC/VCM/PVC, polypropylene, alpha-olefins, and acetate monomer derivatives.

The sector is sub-bifurcated into chemical commodities and refineries by application.

Competitive Dashboard

Some of the eminent players operating in the global light olefins market are Petrochina (China), Royal Dutch Shell (Netherlands), Exxon Mobil Corporation (U.S.), BASF SE (Germany), Reliance Industries Limited (India), DowDuPont (U.S.), Gazprom (Russian Federation), China Petro & Chemical Corp (China), Saudi Arabian Oil Co. (Saudi Arabia), and Honeywell International Inc. (U.S.).

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Regional Overview

The global demand for light olefins has expanded to five main regions, including Europe, North America, Asia Pacific, Latin America (LATAM), and the Middle East & Africa. Asia Pacific emerged as the leading market for light olefins in 2016 and is projected to rise at a moderate CAGR of 6.22 percent over the forecast period, accounting for 40 percent of the global demand share. Furthermore, demand for robust and high-performance vehicles is increasing for biofuels in countries such as Japan, India and China. The availability of cheap biomass and raw materials, such as maize and sugar cane, for the manufacture of bio-ethylene in India has increased demand.

North America was the second-largest market in 2016, estimated at USD 151.1 billion, and is predicted to rise at a positive CAGR of 5.6 percent over the forecast timeline. The feedstock gain is one of the main drivers of demand growth in the North American region, in addition to the low-cost availability of ethane. Robust demand from the packaging industry is having a positive effect on market development in the U.S. In 2016, the United States accounted for about 78 percent of the market share and is likely to raise over the measurement period at a good CAGR of 5.72 percent.

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