Global Light Olefin Market – Insights
The Global Light Olefin Market is a constantly growing space. Reasons being the extensive use and demand from some of the burgeoning sectors such as automotive, chemicals and O&G refineries among others. In 2016, the market had reached USD 254.6 bn. and is expected to value at USD 475.8 million by 2023, registering 5.58% CAGR throughout the forecast period (2017-2023).
Industries such as packaging, plastic processing, construction, and textile consume large amounts of light olefins like polyethylene, ethylene chloride, and ethylene oxide. Whereas, plastic processing, furnishing, and most importantly automotive industry generate a huge demand for light olefins like polypropylene, propylene oxide, acrylic acid among several other derivatives.
The augmenting demand for the crude oil predominantly drives the market growth. Simultaneously, the demand for the energy, construction, and clothing (textile) is surging more than ever, in the view of constantly increasing population, urbanization and industrialization. Whereas, improving economic conditions are enhancing consumers’ purchasing power. These factors commutatively provide impetus to the market growth.
Also, factors such as the proliferation of shale gas, which is extracted from ethylene, increasing O&G reserves’ exploration activities across the globe, and the increasing consumer preference for the plastic goods are estimated to drive the market growth over the assessment period.
Furthermore, the growing trend of using light olefins in the production of bio-fuel from bio-ethylene using corn and sugarcane due to the increasing demand for controlling carbon dioxide emissions is boosting the market growth of light olefin. On the other hand, ethylene is a toxic light olefin which can impact the environment and hence, the market growth adversely, restricting the uses of ethylene.
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Industry/ Innovation/ Related News:
May 17, 2018 – Dr. Hae-Kwon Jeong, Scientist at the Texas A&M University (US), presented the study of a novel method he developed to reduce the energy cost of important chemical separation. The traditional separation method requires the use of massive, energy-intensive distillation columns. The new method will separate light olefins such as ethylene and propylene that are from paraffin such as ethane and propane, considered as the most significant separations in chemical and petrochemical industries due to the similarity of their physical and chemical properties.
Global Light Olefin Market – Geographical Analysis
Asia Pacific, in 2016 emerging as the leading market for Light Olefins, globally, accounted for 40% of the overall value share. The market is expected to witness a healthy CAGR of 6.22% over the forecast period. The factors substantiating the growth of the APAC Light Olefins Market include the augmenting demand for bio-fuel for efficient and high-performance vehicles in countries such as India, Japan, and China.
India, backed by the ample availability of low-cost biomass and raw materials like corn and sugarcane, accounts for the major producer of bio-ethylene and hence, the major contributor to the market growth in the region. Therefore, APAC accounting for the largest producer and consumer of Light Olefin is estimated to retain its dominance in the Global Light Olefin Market, registering the highest CAGR during the review period.
The North America market is another lucrative market for the Light Olefin. The market had valued at USD 151.1 Bn. in 2016 and is projected to witness over ~5% CAGR during the review period. The feedstock advantage and the low-cost supply of ethane, factors as such substantiate the growth of the market in the region. Accounting for the 78% of market share, The US is likely to remain as the major revenue pocket in the region by 2023.
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