Apr 15, 2021 (Market Insight Reports) -- The increasing utilization of the different type of olefins is driving the demand of the market.
Market Size - USD 221.59 Billion in 2019, Market Growth – CAGR of 4.5%, Market Trends - Growing application of ethylene.
The global Olefins market is forecast to reach USD 316.33 Billion by 2027, according to a new report by Reports and Data. Olefins are the most important raw materials for several chemical products and intermediates. It is mainly produced by cracking of oil, naphtha, crude or natural gas. It is used to manufacture several major polymers, plastics, and resins such as Polypropylene and Polyethylene. Some of the examples of olefins are ethylene, propylene, and butadiene.
The market on the basis of application is segmented into Olefin Glycols, Olefin Oxides, Ethylbenzene, Polyolefins, and Cumene. A significant proportion of ethylbenzene produced worldwide is utilized in the production of styrene. Products made from styrene provides exceptional benefits such as high performance, toughness, simplicity of production, flexible design, and economy along with the offering of sanitation, hygiene, and safety features. For instance, styrene finds application in the strengthening of military armor, cushioning of bicycle helmets, making of wind power turbines, reduction of coal plant emissions, and improvement of components deployed in making automotive lightweight and fuel-efficient.
Europe is expected to witness steady growth due to the unplanned shut down of automotive plants in the East Asian region. The region is driven by the UK, France, Spain, Italy, and Germany owing to its usage in the electrical industry. Rising demand for efficient electronic products due to security and environmental concerns in the region will augment market growth.
Key participants include DowDuPont Inc., SABIC, ExxonMobil Chemical Company, China Petroleum & Chemical Corporation, Royal Dutch Shell Plc, NOVA Chemicals Corporation, LyondellBasell Industries, Chevron Phillips Chemical Company, Qatar Chemical Company Ltd., and Mitsubishi Chemical Corporation, among others.
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Further key findings from the report suggest,
Ethylene is used in the chemical industry, and most of it goes toward polyethylene, which is a widely used plastic containing polymer chains of ethylene units in various chain lengths. It is also an important natural plant hormone and is used in agriculture to force the ripening of fruits.
Cumene is used as a raw material in the production of phenol, which finds extensive application in the plastic industry as a starting material in the polymerization reaction for producing various types of plastics. It is used to produce a broad range of polymers which are used to synthesize epoxide resins and polycarbonates used in the manufacturing of plastics.
In certain parts of the world, such as Eastern Europe, China, India, and South America, butadiene is also produced from ethanol. Lower capital makes the production of it from ethanol a viable option for smaller plants.
The demand for ethylene in U.S. is expected to grow due to rising shale oil production, high sales of automobiles, and increase in construction activity, and growing flexible packaging industry. Advancement in technology, increasing demand for plastics and basic chemicals, and addition of ethylene capacity will propel the market demand in the region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/olefins-market
For the purpose of this report, Reports and Data have segmented into the global Olefins market on the basis of type, applications, distribution channel, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)