Ethylene, a monomer, is derived from petrochemicals by using the process of steam cracking. It is mainly used as a raw material in the manufacture of a broad variety of chemical compounds such as polyethylene, ethylene oxide, ethylene benzene, ethylene dichloride, vinyl acetate, and alfa olefins. These compounds and their derivatives such as ultra-high-molecular-weight polyethylene (UHMWPE), high-density polyethylene (HDPE), low-density polyethylene (LDPE), ethylene glycol, glycol ethers, ethanolamine, and acrylonitrile are employed in end-user industries such as packaging, automotive, construction, agrochemicals, textiles, and soaps and detergents. In terms of revenue, the global ethylene market was valued at US$ 156.0 Bn in 2013 and is projected to reach US$ 234.2 Bn by 2020, expanding at a CAGR of 6.0% from 2014 to 2020.
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Polyethylene, which is extensively used in the production of plastic, was the largest application segment of the global ethylene market, accounting for more than 50% share in 2013. Ethylene oxide is expected to be the fastest growing application segment of the ethylene market in the next few years. The rapid growth in the ethylene oxide application segment can be mainly attributed to the increasing consumption of its derivative, ethylene glycol, in the production of plastics for bottles. As regards to end-users, packaging emerged as the largest segment of the ethylene market with a share of more than 30% in 2013. The extensive utilization of different forms of polyethylene such as PVC, low density polyethylene (LDPE), linear low density polyethylene (LLDPE), and high density polyethylene (HDPE) in the manufacture of packaging application products is expected to drive the global ethylene market in the forecast period..
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The global ethylene market has been segmented based on regions into North America, Europe, Asia Pacific, Latin America and Rest of the World (Middle East & Africa). Asia Pacific was the largest regional market for ethylene, constituting over 30% share in 2013. Increasing demand for ethylene in packaging, automotive, and construction industries is projected to drive the ethylene market in Asia Pacific in the next few years. Moreover, Asia Pacific is projected to be the fastest growing regional market in the global ethylene market during the forecast period. Rising demand for ethylene in emerging economies such as China, India, Malaysia, Thailand and Vietnam, is likely to drive the ethylene market in Asia Pacific in the next few years. The ethylene market in North America and Europe is anticipated to grow at a moderate rate over the next six years, due to the slow but steady recovery of the economy in the U.S. and developed countries across Europe. The ethylene market in RoW is projected to expand considerably in the next few years, owing to rising demand for ethylene in the Middle East while the Latin American ethylene market is projected to record average growth during the forecast period.
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Growing demand for ethylene in the rapidly expanding packaging, construction and automotive end-user segments is anticipated to drive the global ethylene market in the next few years. The mass production of ethylene through the process of catalytic oxydehydrogenation is projected to act as an opportunity for the ethylene market in the next six years. However, volatility in crude oil prices and regulatory issues associated with ethylene are estimated to hinder the market growth of ethylene during the forecast period. Major manufacturers of ethylene include Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, Exxon Mobil Corporation, Royal Dutch Shell plc, China Petroleum & Chemical Corporation (Sinopec Corporation), Chevron Phillips Chemical Company LLC,Total S.A., LyondellBasell Industries, National Petrochemical Company (NPC), and INEOS Group AG.
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