The global olefins market size was worth around USD 240.1 Billion in 2022 and is predicted to grow to around USD 348 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.76% between 2023 and 2030.
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➤ Increasing demand from end-user verticals to drive market expansion
The global olefins market is expected to expand as a result of the growing demand from end-user verticals, including the automotive, construction, textiles, and packaging industries. The demand for olefins is directly influenced by the revenue of some of these sectors, which are among the fastest-growing segments. The primary reason for the textile industry’s demand for olefins is their exceptional strength. Additionally, they are highly resistant to moisture and highly durable, rendering them an optimal choice for the textile industry. The production of fiber is a frequently encountered application of olefin in this sector.
➤ The market is being restricted due to the increasing environmental concerns.
The global olefins market is anticipated to encounter certain obstacles during the growth period, primarily as a result of the increasing ecological concerns regarding olefin production. In general, the process results in a high rate of greenhouse gas emissions, as well as other contaminants. These emissions have a propensity to harm the ecosystem, and if they are not managed, the consequences will soon become irreversible. This has resulted in heightened pressure on companies to implement and utilize more sustainable production processes that will have minimal to no adverse effects on the environment. This could result in a generalized rise in the total cost of production, which could drive out smaller participants from the industry.
➤ The demand for renewable feedstock is on the rise, which presents exceptional growth prospects.
The olefins industry is currently experiencing a significant increase in demand for renewable feedstock sources that can be further processed into olefins. This presents an exceptional opportunity for industry participants to invest in research and development processes that are designed to utilize bio-based and renewable sources for the production of olefins. Additionally, the market’s potential in emerging markets is relatively untouched, and fraternity businesses may experience a higher CAGR if they are able to capitalize on these economies.
➤ Modifying feedstock prices to impede market expansion
A consistent supply of feedstock is essential for the production of olefins. The olefins industry is influenced by factors such as the cost and availability of feedstocks such as crude oil and natural gas. Nevertheless, the price of these basic materials is significantly influenced by a variety of social, economic, and political factors that may arise in either of the trading nations. Additionally, the oil and gas sector is presently experiencing significant sensitivity as a result of the warlike conditions that exist between various countries. The profitability of olefins producers may be affected by the consistent fluctuations in feedstock prices.
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The Global Olefins Market is segmented based on product, application and region
Global Olefins Market: Product Segment Analysis
● Olefin Oxides
● Olefin Glycols
● Ethylbenzene
● Polyolefins
● Cumene
Global Olefins Market: Application Segment Analysis
● Synthetic Lubricants
● Polyethylene
● Detergent Alcohol
● Cosmetics
● Plasticizers
● Adhesives
● Others
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The global Olefins market profiles key players such as:
● BASF SE
● ExxonMobil Chemical
● Dow Inc.
● Sumitomo Chemical Co. Ltd.
● LyondellBasell Industries
● Lotte Chemical Corporation
● Saudi Basic Industries Corporation (SABIC)
● Mitsubishi Chemical Corporation
● Royal Dutch Shell plc
● Formosa Plastics Corporation
● Chevron Phillips Chemical Company LLC
● INEOS Group Holdings S.A.
● Idemitsu Kosan Co. Ltd.
● China Petroleum & Chemical Corporation (Sinopec)
● LG Chem Ltd.
???? Recent Developments:
• In September 2021, PT Pertamina (Persero), Indonesia’s state-owned oil and gas company, announced the development of an olefin project to support the country’s objective of enhancing its foreign exchange reserve. This action is intended to facilitate the development of the PT Trans Pacific Petrochemical Indotama (PT TPPI) refinery in East Java. It is anticipated that the refinery will become the most dominant petrochemical producer in Southeast Asia.
• PT Pertamina (Persero) formed a partnership with W.R. Grace & Co., a company headquartered in Columbia, in September 2022. The partnership is intended to enable PT Pertamina to utilize UNIPOL PP technology, which is owned by Grace. This technology is a component of the previous, more extensive initiative to construct the PT TPPI reserve.
➤ The region with the highest compound annual growth rate (CAGR) is expected to be Asia-
The Asia-Pacific region is anticipated to experience the most significant development in the global olefins market. Currently, it is the most significant and fastest-growing region in the global industry. In essence, the market is propelled by the substantial production and utilization of olefins-derived products across end-user verticals. Some of the prominent nations are China, Indonesia, and India. These regions are densely populated, with the majority of the population falling into middle-income categories. A significant portion of the population is classified as low-income.
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