Vancouver, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global olefins market size was USD 213 Billion in 2023 and is expected to register a revenue CAGR of 4.8 % during the forecast period. The surge in demand for ethylene, a key component in plastics manufacturing, is a driving force behind this growth. Ethylene finds extensive use in producing polythene, plastic bottles, and other plastic products, including high-density polyethylene renowned for its flexibility and resistance to impact and chemicals, making it suitable for healthcare and laboratory applications.
One noteworthy development contributing to market expansion is the innovative collaboration between Dow and New Energy Blue. Their long-term supply agreement, announced on May 25, 2023, involves the creation of bio-based ethylene from renewable agricultural residues. Dow plans to utilize this eco-friendly ethylene to reduce carbon emissions in plastic production, applying it across various sectors such as transportation, footwear, and packaging.
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Technological advancements in olefin production also play a pivotal role in market growth. Manufacturers are investing in hydrocarbon-based steam cracking processes, with Saudi Arabia's Basic Industries Corporation (SABIC) introducing Coolbrook's turbomachine technology in March 2023. This technology offers a greener alternative to traditional steam cracking, potentially reducing global carbon dioxide emissions by 300 million tons annually and increasing ethylene yield by up to 20%.
Despite the promising growth, environmental concerns pose challenges to the olefins market. Conventional processes like ethane cracking, which constitutes over 60% of the petrochemical industry's total production, contribute to environmental threats. Addressing these concerns will be crucial for sustaining long-term market growth.
Type Insights: Ethylene Leads the Way
In 2022, the ethylene segment dominated the global olefins market in terms of revenue share. Ethylene is a key player in the chemical industry, serving as a feedstock for polymer and industrial chemical production. The petrochemical industry primarily produces ethylene through steam cracking of petroleum hydrocarbons. The Energy Information Administration (EIA) reports that about 95% of the world's annual commercial ethylene production relies on this method. Additionally, ethylene's role in renewable energy, particularly in plastics production, further solidifies its position as a market leader.
Application Insights: Synthetic Lubricants Spearhead Growth
The synthetic lubricants segment emerged as the fastest-growing application in the global olefins market in 2022. Synthetic lubricants, manufactured through chemical modifications of petroleum components, witness robust demand, especially in Asian countries like India. Factors such as the growth of automotive, aerospace, marine, construction, and chemical manufacturing industries contribute to this surge. Increased car ownership is a significant driver for synthetic lubricant demand, influencing the overall revenue growth of this market segment.
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Regional Insights: Asia Pacific Takes the Lead
The Asia Pacific region claimed the largest revenue share in the olefins market in 2022. The escalating consumption of propylene, with China and Indonesia emerging as key importers, is a major driver for market growth. Propylene, used in the production of polypropylene and plastics, aligns with the rising urbanization in Asia, driving demand for durable and non-durable goods.
Following closely, the North American olefins market is poised to secure the second-largest revenue share. The United States stands out, with increased ethylene production capacity and a growing demand for ethane as feedstock. The use of polyolefins in the food and packaging industry further propels market growth.
In Europe, steady revenue growth is anticipated, driven by an increased import of ethane for cracker operations. Notable investments, such as INEOS's Euro 4 billion project for a sustainable ethane cracker, and government initiatives, like Norway's approval for oil and gas field development, are set to contribute to the market's growth trajectory.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 213 Billion |
| CAGR (2023–2032) | 4.8 % |
| Revenue forecast to 2032 | USD 343 Billion |
| Base year of estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Product type, application, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled |
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| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global olefins market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the global olefins market report are:
- BASF SE
- Exxon Mobil Corporation
- Sumitomo Chemical Co., Ltd.
- LyondellBasell Industries Holdings B.V
- SABIC
- Mitsubishi Chemical Corporation.
- Chevron Phillips Chemical Company LLC
- INEOS
- Idemitsu Kosan Co., Ltd.
- Occidental Petroleum Corporation
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Strategic Development
- In April 2023, Gevo, Inc. and LG Chemicals a leading global chemical company committed to producing sustainable products, announced that they have entered into a joint development agreement (the ‘Agreement’) to develop bio-propylene for renewable chemicals using Gevo’s Ethanol-to-Olefins (ETO) technology. Gevo’s proprietary ETO technology can target carbon neutral or carbon negative drop-in replacements for conventional petroleum-based building blocks called olefins, including bio-propylene, that can be used for renewable chemicals or fuels including sustainable aviation fuel.
- In June 2023, Italy’s State Export Credit Agency (SACE) signed a financial memorandum with Uzbekistan’s largest oil company, Saneg, concerning an innovative Methanol-to-Olefin Gas Chemical Complex (GCC MTO), that is currently under construction in the Bukhara region of Uzbekistan.
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Segments Covered in Report:
For the purpose of this report, Emergen Research has segmented the global olefin market on the basis of type, product type, application, and region:
- Product Type Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
- Olefin oxides
- Olefin glycols
- Ethylbenzene
- Polyolefins
- Cumene
- Type Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
- Ethylene
- Butadiene
- Propylene
- Butylene
- Others
- Application Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
- Synthetic Lubricants
- Polythene
- Detergent Alcohol
- Cosmetics
- Plasticizers
- Adhesives
- Others
- Regional Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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