Propylene is used to make polymers and elastomeric fiber, and acryliconitrile is a derivative of this substance. Sweaters, socks, athletics, and home furnishings are just a few of the products that employ acrylic to make up their largest market share. Because the demand for medical equipment has increased due to the global coronavirus pandemic, acrylonitrile demand has also increased for Ethylene and Propylene in the market. Acrylonitrile is also used in medical equipment such as valves, mechanical seals, and pumps. During the forecast period, the Ethylene and Propylene market is anticipated to grow as a result of the fast rising demand for these materials in the automotive industry. The monomer of propylene, which is used in the automotive industry, is converted into polypropylene, a propylene polymer. The need for polypropylene goods, which are used to make bumpers, interior trim, instrument panels, battery boxes and trays, fender liners, door trims, and other machinery, has increased as a result of the large-scale production of automobiles.
Coherent Market Insights estimates that the market for Ethylene And Propylene, which was valued at US$ 360,596.1 million in 2022, is anticipated to grow at a CAGR of 6.21% in terms of revenue from 2023 to 2030, reaching US$ 583,820.7 million by that year.
Key Companies in the Ethylene And Propylene Industry:
1. INEOS Group
The company was founded in 1998 and has its headquarters in London, England. Globally, the INEOS Group produces oil products, speciality chemicals, and petrochemicals. To purchase offshore wind energy from Engie's Northern wind project, Ineos signed a 10-year agreement in September 2020. Ineos stated in January 2021 that it will give Oxford University £100 million to establish a new centre for research on antibiotic resistance.
2. Exxon Mobil Corporation
The company was started in 1999 and is based in Irving, Texas, United States. The business conducts operations for coal, minerals, electric power generation, oil and gas exploration, and production. ExxonMobil declares the acquisition of Denbury in July 2023. ExxonMobil inked a carbon capture agreement with Nucor Corporation in June 2023, achieving the fifth MTA milestone.
3. Saudi Basic Industries Corporation
The company was started in 1976 and is based in Riyadh, Saudi Arabia. SABIC, the Saudi Basic Industries Corporation, produces steel and chemicals. The company manufactures long and flat hot and cold rolled steel products as well as ethylene, propylene, benzene, toluene, xylene, industrial gases, polyester, melamine, and thermoplastic resins.
4. Chevron Phillips Chemical Company LLC,
The company was founded in 2000 and is based in The Woodlands, Texas, and United States. The business manufactures and sells petrochemicals. The company sells olefins, polyolefins, aromatic compounds, cyclohexane, styrene, polypropylene, benzene, mining chemicals, and polyalphaolefins. Chevron Phillips Chemical stated in June 2022 that it would develop its low viscosity PAO operation in Belgium to meet rising global demand.
5. Total S.A.,
The business was started in 1924 and is based in Courbevoie, France. Its operations span the whole oil and gas value chain, from the exploration and production of crude oil and natural gas through the manufacturing and marketing of petroleum products as well as the trading of crude oil and related products internationally. The business announced a name change to TotalEnergies in 2021 as a way to better reflect its investments in the generation of green electricity.
6. LyondellBasell Industries N.V.
The company was started in 2007 and is based in Rotterdam, Netherlands. It produces and sells petrochemicals, basic chemicals, and polymers. One of the biggest chemical, plastics, and refining firms in the world is LyondellBasell Industries. LyondellBasell provided the medical device market with renewable-based polymers in April 2023.
7. National Petrochemical Company
The business was started in 1964 and is based in Tehran, Iran. The business manufactures chemical and resin goods. The company offers homopolymers, random copolymers, heterophasics, and propylene and polypropylene. In the Middle East, National Petrochemical Co. manufactures and exports petrochemicals.
*Definition: Ethylene and propylene are important basic ingredients used in the production of numerous derivatives, including polyethylene, polypropylene, ethylene dichloride, cumene, and ethyl benzene. Numerous end-use sectors, including packaging, coatings, and paint, among others, utilise these compounds.
