The major trend being witnessed in the global ethylene market is the increasing investments aimed at boosting the production capacity for the gas. Owing to the large-scale application of ethane gas in various industries, many companies engaged in its production are working toward expanding their production capacities. For instance, in August 2018, ExxonMobil and Saudi Basic Industries Corporation, under a joint venture, announced their decision to construct the world’s largest ethylene production plant, estimated to be developed at a cost of $1.4 billion.
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Ethylene is a colorless flammable gas with a musky odor. It is the simplest alkene and unsaturated hydrocarbon after acetylene. It is extensively used in agriculture as a plant hormone to ripen fruits. It is also used in the chemical industry to produce ethyl benzene, polyethylene, ethylene dichloride, and ethylene oxide. The ethylene market is expected to grow on account of the rising demand for the gas from end-use industries, such as consumer electronics, packaging, and food and beverage.
On the basis of application, the ethylene market is categorized into high-density polyethylene (HDPE), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), and petrochemical intermediates. HDPE, which is mainly used for the production of plastics, accounted for a significant share in the market during the historical period.
The major factor driving the growth of the ethylene market is the reducing cost of production of the gas as a result of shale gas discovery. Since ethylene is a hydrocarbon-derived gas, reduction in the prices of shale gas leads to reduction in the cost of production of ethylene. Thus, the rapid rise in the production of shale gas in recent years has resulted in the increased production of ethane, which acts as a raw material for ethylene production.
The major factor restraining the growth of the ethylene market is the implementation of stringent government regulations pertaining to the production and use of ethylene. As ethylene is combustible and carcinogenic in nature, stringent regulations on its usage hamper its market growth. Moreover, several countries are implementing legislations for environment protection, which is likely to put pressure on the companies engaged in the production of the hydrocarbon-based gas.
Some of the major players operating in the global ethylene market are DowDupont Inc., BASF SE, ExxonMobil Corporation, Chevron Phillips Chemical Company, Formosa Plastics Corporation, INEOS Group, Sasol Limited, Shell Chemical LP, Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, LyondellBasell Industries N.V., National Petrochemical Company, and Westlake Chemical Corporation.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.
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