Light Olefins Market Predicted Valuation of USD 475.8 Million, With A 5.58% CAGR by 2023
The global light olefins market had a valuation of USD 254.6 billion in 2016 and can surpass a predicted valuation of USD 475.8 million, with a 5.58% CAGR by during the forecast period of 2018 to 2023.
pune, India – September 27, 2019 /MarketersMedia/ —
Market Overview and Growth Factors:
Light olefins are derived propane, butane, naphtha, ethane, and biomass. The global light olefins market had a valuation of USD 254.6 billion in 2016 and can surpass a predicted valuation of USD 475.8 million, with a 5.58% CAGR by during the forecast period of 2018 to 2023. Market Research Future (MRFR) finds several factors that can inspire a change in the market direction. Among these, growing preference for plastic over traditional wood or metal can be taken into consideration. This is to reduce cost of energy and curb raw material prices for light olefins’ production. Its excellent conversion rate, increasing exploration of oil & gas reserves, growing intake of biofuels, and others can be considered effective drivers for the light olefins market. However, its toxicity may become a concern for the growth.
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Leading Players:
These companies are:
Reliance Industries Limited (India),
Royal Dutch Shell (Netherlands),
Petrochina (China),
DowDuPont (U.S.),
China Petro & Chemical Corp (China),
Gazprom (Russian Federation),
Exxon Mobil Corporation (U.S.),
BASF SE (Germany),
Saudi Arabian Oil Co. (Saudi Arabia),
Honeywell International Inc. (U.S.).
Competitive Landscape:
The light olefin market is riddled by the presence of several market titans who are implementing their own set of tactics that can be taken into consideration to make better grounds in the coming years. MRFR profiled these companies to gauge their moves and understand how the market would sway in the coming years.
In September 2019, Honeywell declared that PKN ORLEN got the license for the UOP MaxEne process, which has the potential to increase production of ethylene and aromatics and make gasoline production more flexible. The project would see completion in the PKN ORLEN facility in Plock, Poland. The process can also increase the production of light olefin by 30%.
Segmentation:
The light Olefins Market report has a solid foundation in a segmentation that keeps its focus much detailed to cover every aspect of the market. These segments are product type, derivatives, and application. Factorial studies have been included to make sure that the report gets a good grip over diverse aspects of the market.
By product type, the market for light olefins have been segmented into ethylene and propylene. The ethylene had the market share of over 60% in 2016 and its valuation was at USD 152.7 billion, which is expected to grow with 5.78% CAGR in the coming years.
By derivatives, the market for light olefins has a better coverage of propylene oxide, polypropylene, cumene, acrylonitrileoxo alcohols, , acrylic acid, ethylene oxide/ glycol, EDC/ VCM/ PVC, polyethylene, alpha olefins, styrene, and acetate monomer.
By application, the market for light olefin has a better coverage of various chemical commodities and refinery. The market is gaining good traction from various refineries.
Regional Analysis:
The global light olefins market report has a substantial coverage of regions like North America, Europe and Asia Pacific where the growth for the market would be much easier due to various industrial changes. It also incorporates Latin America, and the Middle East & Africa where the growth would be moderate.
Asia Pacific had better market coverage than its peers 2016 and had a market coverage of over 40%. The market shows potential in leaping forward with a CAGR of 6.22% during the forecast period. Its increasing demand in the automotive sector to make cars more efficient and increase their performance. In this respect, China, Japan, and India, along with South Korea would contribute to the market growth notably. The growing demand for biomass for bio-fuel would propel the market forward, The raw material is quite cheap and easily available owing to which the market can benefit from various sides.
North America’s market was valued at USD 151.1 billion in 2016 and has the potential to move forward with a CAGR of 5.6% during the review period. The US is expected to steer the market forward. It would gain much from the packaging industry where the production for films and other materials require olefins.
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