Apr 13, 2020 (Heraldkeepers) -- Light Olefins are produced via hydrocracking of hydrocarbons under high temperature. These compounds are building blocks of materials, polymers, and oligomers. Raw materials required for the production of olefins include ethane, propane, naphtha, biomass, and butane. The Global Light Olefins Market Report by Market Research Future (MRFR) contains insights and future predictions between 2017 to 2023 (forecast period).
Reliance Industries Limited, DowDuPont, Petrochina, Gazprom, Exxon Mobil Corporation, Saudi Arabian Oil Co., China Petro & Chemical Corp, BASF SE, Royal Dutch Shell, and Honeywell International Inc. are key players of the Global Light Olefins Market.
Global Light Olefins Market is predicted to touch a skyrocketing valuation of USD 475.8 million by 2023. It previously stood at USD 254.6 million in 2016. The market can exhibit a CAGR of 5.58% during the forecast period.
Inclination of consumers towards plastics over conventional materials such as metal, wood, steel, and others is likely to drive the market demand. Plastic items are lightweight in nature and costs less during production. Conversion of Light Olefins from methanol can bode well for the market. Exploration activities by oil & gas producers is likely to drive up the demand for Light Olefins owing to crude oil being the base material for olefin production.
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Biofuels are in high demand due to the near extinction of fossil fuels. Biofuels derived from bio-ethylene use Light Olefins for its production. Bio-ethylene is widely used in the transportation sector with demand reaching close to 100 billion liters.
The Light Olefins Market is segmented by Product Type, Derivatives and Application.
By Product Type, the market is bifurcated into ethylene and propylene. Ethylene accounted for a market share of 60% in 2016 with a valuation pegged at USD 152.7 billion. It is pegged to display a CAGR of 5.78% during the forecast period. On the other hand, propylene was valued at USD 101.9 billion in 2016. It can accumulate revenues for the market at a CAGR of 5.94% during the assessment period. Propylene is being converted with the assistance of Fischer-Tropsch technology. The technology allows companies to attain high volumes of Light Olefins owing to high content of straight chain hydrocarbons. Moreover, the production of propylene from bio-ethanol is likely to drive its demand over the forecast period.
On the basis of Derivatives, the market is segmented into polyethylene, polypropylene, propylene oxide, acrylic acid, acrylonitrile, ethylene oxide/glycol, cumene, oxo alcohols, EDC/VCM/PVC, styrene, alpha olefins, and acetate monomer.
Key Applications of the market include chemical commodities and refinery.
Browse Key Industry Insights spread across 115 pages with 155 market data tables & 8 figures & charts from the report, "Light Olefins Market Information: By Type (Ethylene, Propylene), Derivatives (Polypropylene, Propylene Oxide, Acrylonitrile, Cumene, Acrylic Acid, Oxo Alcohols, Polyethylene), Application (Chemical Commodities, Refinery) and Region - Growth Potential, Price Trends, Competitive Market Share & Forecast 2023" in detail along with the table of contents: https://www.marketresearchfuture.com/reports/light-olefin-market-1037
Latin America, North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are five major regions considered for the basis of the Light Olefins Market.
APAC led the global market in 2016 with a share reaching close to 40%. The region can exhibit a CAGR of 6.22% during the forecast period owing to high demand for bio-fuels. The large automotive sector in these countries can evoke the demand in the Global Light Olefins Market. Availability of biomass materials such as corn and sugarcane will definitely work favorably in fueling market growth.
North America was the second-largest region in the market with a valuation pegged at USD 151.1 billion in 2016. It can grow at a CAGR of 5.6% during the assessment period owing to availability of raw materials and easy supply of ethane. The U.S. is one of the biggest revenue generators in the region with the packaging industry expected to drive market demand. It accounted for 78% market share of the region in 2016 and touted to expand at 5.72% CAGR over the forecast period.
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