Market Analysis
The global ethane market is prognosticated to expand favorably at a striking 6.14% CAGR over the predicted years (2016-2023). Ethane is an odorless and colorless gaseous hydrocarbon that falls under the paraffin series.
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It is flammable, has the molecular formula C2H6 and comprises of two carbon atoms. Ethane has a wide range of application. It is used in ethylene production for making plastics, detergents, anti-freeze, as a ripening agent for foods, as a refrigerant and a substance to produce welding gas especially as a key ingredient in mustard gas.
Ethane is chiefly used in the production of ethylene which is then used to make polyethylene that is utilized for making food packaging namely squeeze bottles, cling wraps and sandwich bags), non-food packaging such as moisture barrier in construction and liners for ponds and tanks and stretch film and shrink along with automotive parts as well as other household products. Not only this, it is used for vinyl acetate monomer, ethanol, polystyrene, polyester, PVC, ethylene glycol and others. Ethane is used for producing acetic acid too which itself is utilized in the form of a chemical intermediate for forming chemicals namely ester, terephthalic acid, acetic anhydride, vinyl acetate monomer and other forms of chemical solvents.
There are several factors that is propelling the growth of the ethane market. These factors according to MRFR (Market Research Future) report include demand for ethane across different industrial verticals and increasing need of ethane as a refrigerant due to its eco-friendly properties that helps to reduce global warming and ozone depletion. On the contrary, factors such as fluctuating prices of crude oil and strict environmental regulations especially in developed countries may hinder the growth of the ethane market.
Market Segmentation
Market Research Future report offers a comprehensive segmental analysis of the ethane market on the basis of application and end-use industry.
Based on application, it is segmented into refrigerant, acetic acid synthesis, ethylene synthesis and others. Of these, ethylene synthesis will have the maximum share in the market over the predicted years owing to widespread utilization of ethylene in different end-use industries. It is also anticipated to expand at the fastest CAGR.
Based on end-use industry, the ethane market is segmented into power, healthcare, electricals and electronics, construction, automotive and transportation, packaging and others. Of these, packaging will dominate the market over the predicted years owing to large-scale consumption of polystyrene, polyester, PVC and polyethylene. This will be followed by the power industry that is projected to expand at a promising CAGR over the predicted years owing to ethane’s favorable performance characteristics over LNG.
Regional Analysis
Based on region, the ethane market covers growth opportunities and latest trends across Asia Pacific, North America, Europe, Latin America and Middle East and Africa. Of these, the APAC region will dominate the market owing to rapid industrialization here due to inexpensive labors, low production cost and lucrative investment policies. Besides, growing end-use industries namely power, healthcare, electricals and electronics, construction, automotive and transportation and packaging are attributing immense demand for ethane. The ethane market in North America will have the second major share owing to exports and increasing ethylene manufacturing facilities catering the domestic need. North America is followed by Europe. The factors that are driving the market growth here include developed transportation and automotive industry and also the support from the electricals and electronics industry. The ethane market in Latin America is affected by slow economic development but is anticipated to experience an increasing growth owing to rising industrialization in Venezuela, Mexico and Brazil. In the Middle East and Africa, the ethane market is projected to have a healthy growth over the predicted years owing to various end-use industries especially construction that is expected to offer the market with a stable revenue source.
Key Players
Leading players profiled in the ethane market include Enbridge Inc. (Canada), Boardwalk Louisiana Midstream, LLC (US), Aux Sable (US), Targa Resources Corp. (US), Devon Energy Corporation (US), Enterprise Products Partners LP (US), American Ethane (US), Energy Transfer Partners LP (US), DCP Midstream LLC (US), The Williams Companies Inc. (US), Reliance Industries Limited (India), Praxair Technology Inc. (US), Air Liquide (France), Merck KGaA (Germany), and Royal Dutch Shell PLC (the Netherlands).
Feb 2019- Braskem Idesa, leading Mexican polyethylene producer is pushing construction of an ethane import terminal for addressing the region’s long-standing feedstock shortage.
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