Global Light Olefin Market – Synopsis
Light Olefins (LO) are integral components of the chemical industry. Among all derivatives of OE, Propylene and Ethylene are the most important olefins owing to their efficacy of manufacturing some of the important substrates used across the industries today. For instance; Ethylene is predominantly used in the manufacturing of substrates like polyethylene, ethylene chloride, and ethylene oxide, which are extensively used in the packaging, plastic processing, construction, and textile industry. While, propylene is majorly used in making manufacturing of polypropylene, propylene oxide, acrylic acid and several other derivatives, widely used in some of the burgeoning industries like plastic processing, packaging, furnishing and most importantly automotive industry. Owing to the demand from the already growing aforementioned industries, Light Olefin Market perceives huge growth, garnering substantial prominence worldwide.
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to the report, Light Olefins market is expected to grow enormously by 2027, registering a phenomenal CAGR during the anticipated period (2017 – 2027). The growing demand for the crude oil predominantly drives the market growth.
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The Global Light Olefin Market is led by some of the fervent key players including BorsodChem (Hungary), BASF (Germany), Petroquimica Rio Tercero SA (Argentina), Reliance Industries (India) Royal Dutch Shell (the Netherlands), Alfa Aesar (US), Jinan Haohua Industry Co. Ltd. (China) and Shijiazhuang Kunli Chemical Industry Co. Ltd (China). Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of the competition.
Global Light Olefin Market – Competitive Landscape
The global Light Olefin market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
Industry/ Innovation/ Related News:
April 08, 2018 –MetCap Energy Investments (Turkey) and Fusion Dynamics (Qatar), embarked upon a 50-50 joint venture recently, announced an investment of USD 5.2bn in Turkey based natural gas power stations and a petrochemical facility. The JV is aiming to construct a 1 mmty polyethylene and polypropylene plant on Turkey’s European Aegean coast with the investment of USD 4bn. The plant is scheduled to be commissioned in phases starting from 2020 and all will be completed by 2023, will have 2.6 bcm per year production capacity of methanol which will be converted to 1 mmty of light olefins that will further converted into 400,000 mt of polyethylene and 590,000 mt of polypropylene.
March 28, 2018 – ADNOC (Abu Dhabi National Oil Company) announced signing two new contracts with SCG Chemicals (Thailand) and Idemitsu Kosan Co Ltd. (Japan) for supplying 1.5 million tonnes of naphtha per year combined. ADNOC has also signed a similar agreement for 3 years with LCT, Malaysia (Lotte Chemical Titan) South East Asia’s one of the largest polyolefin producers.
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Global Light Olefin Market – Geographical Analysis
Globally, Asia Pacific is the largest market for Light Olefin followed by the North America and Europe markets respectively. The APAC market is growing constantly owing to the presence of several notable manufacturers of Light Olefin coupled with the growing industrialization in the region. Moreover, the factors such as resurging Chemical industry help to bolster the regional market growth. The largest producer and consumer of Light Olefin Asia Pacific region is estimated to register the highest CAGR during the review period. Continuing with the same growth trends such as the emphasis on process and product development coupled with the growing application industries in this region, APAC is likely to retain its dominance in the global Light Olefin market.
While the North America market stands as the second largest market for Light Olefin owing to the presence of leading manufacturers in the region with the superior product offering. Owing to the high consumption of Light Olefin in the well-developed construction, and automobile industry mainly in the US, Canada, and Mexico among the other North American countries, the region is estimated to be the major revenue pocket for the global Light Olefin market by 2023.
The Europe market of Light Olefin is rapidly expanding in the global market. Augmented demand for the product, backed by the increasing application areas of a Light Olefin such as Plastic Processing, Automotive, Packaging, Textile, and Construction Industry in some of the European countries like Germany, Italy, France and the UK drives the growth of the regional market.
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