Global Ethylene Market, By Feedstock (Naphtha, Ethane, Butane, Propane, and Coal), By Derivative (Polyethylene, Ethylene Oxide, and Ethylene Dichloride), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 220.10 Bn in 2023 and is expected to exhibit a CAGR of 5.7% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
By using the innovative catalysts developed by Clariant AG, a Swiss multinational specialty chemical company and Linde Engineering, global leader in hydrogen production, processing, storage, and distribution. it will be possible to generate ethylene using ODH-E on a commercial scale while reducing the carbon footprint of steam cracking by more than 60% without carbon captures by various organization, thus driving the global ethylene market growth.
The companies have worked together to create groundbreaking catalysts for the oxidative dehydrogenation of ethane (ODH-E), which offers a high-performance and cost-efficient solution for ethylene production. This collaboration has resulted in the development of new catalysts that enable a more sustainable and efficient production process for ethylene, a key chemical in the manufacturing industry. The partnership between Clariant and Linde Engineering has also extended to the renewal of their long-term strategic alliance in the field of research and application of sustainable chemistry and catalysis, known as the MuniCat Alliance. This collaboration aims to address current and future sustainability challenges, with a focus on new technologies contributing to the hydrogen economy, sustainable aviation fuels, and aspects of catalyst and value product recycling.
Global Ethylene Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
The pandemic forced many industries to slow down or temporarily shut down their operations to protect workers and comply with government regulations, which reduced the demand for ethylene across various end-use industries such as automotive and construction.
The price of ethylene is closely tied to the price of crude oil, which experienced extreme volatility during the pandemic, partly due to fluctuating demand and geopolitical tensions among oil-producing countries. This volatility affected ethylene production costs and pricing strategies.
The demand for ethylene derivatives used in medical supplies and packaging for hygienic products likely increased due to heightened health concerns, whereas the demand from other sectors, such as textiles and automotive, may have decreased due to economic downturns and reduced consumer spending.
The economic uncertainty brought about by the pandemic may have prompted companies to delay or reconsider planned investments, expansion projects, or new ventures within the ethylene market.
Global Ethylene Market – Key Developments
In November 2021, Lummus Technology signed a memorandum of understanding (MoU) with Braskem Netherlands BV, a subsidiary of the world's largest biopolymer manufacturer, Braskem. The Memorandum of Understanding (MoU) is for Braskem Netherlands BV's ethylene technology license for developing two ethanol-to-ethylene conversion projects in North America and Asia Pacific.
Lummus Technology is a global leader in developing technology solutions for a more sustainable, low-carbon future. The company focuses on developing and commercializing new technologies in the petrochemical, refining, gasification, and gas processing sectors. Lummus Technology is known for being a single-source master licensor of proprietary petrochemicals and gas processing technologies, offering comprehensive customer solutions throughout the process facility lifecycle.
Link: https://www.coherentmarketinsights.com/market-insight/global-ethylene-market-371
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Global Ethylene Market, By Feedstock (Naphtha, Ethane, Butane, Propane, and Coal), By Derivative (Polyethylene, Ethylene Oxide, and Ethylene Dichloride), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Global Ethylene Market:
- The global ethylene market is expected to exhibit a CAGR 5.7% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global ethylene market.
- Among region, Asia Pacific is expected to be dominant in the global ethylene market, owing to the presence of major players such as Saudi Basic Industries Corporation (SABIC), Exxon Mobil Corporation, The Dow Chemical Company, and other key market players contributing to the growth in this region
- Major players operating in the global ethylene market include Saudi Basic Industries Corporation (SABIC), Exxon Mobil Corporation, The Dow Chemical Company, Royal Dutch Shell plc, China Petroleum & Chemical Corporation (Sinopec Corporation), Chevron Phillips Chemical Company LLC, LyondellBasell Industries, National Petrochemical Company (NPC), and INEOS Group AG
