Light Olefin Market research2021: Global Trends, Key Players, Industry Analysis Report to 2027
Global Light Olefin Market - Synopsis
Light Olefins (LO) are
integral components of the chemical industry. Among all derivatives of OE,
Propylene and Ethylene are the most important olefins owing to their efficacy
of manufacturing some of the important substrates used across the industries today.
For instance; Ethylene is predominantly used in the manufacturing of
substrates like polyethylene, ethylene chloride, and ethylene oxide, which are
extensively used in the packaging, plastic processing, construction, and
textile industry.
While, propylene is majorly used in making manufacturing of
polypropylene, propylene oxide, acrylic acid and several other derivatives,
widely used in some of the burgeoning industries like plastic processing,
packaging, furnishing and most importantly automotive industry. Owing to the
demand from the already growing aforementioned industries, Light Olefin Market
perceives huge growth, garnering substantial prominence worldwide.
Acknowledging the kind of traction gained by this market, Market
Research Future (MRFR) recently published a study report. According to the
report, Light Olefins market is expected to grow enormously by 2027,
registering a phenomenal CAGR during the anticipated period (2017 – 2027). The
growing demand for the crude oil predominantly drives the market growth.
In addition, other factors contributing the market growth
include increasing population & urbanization across the world. Improving
economic conditions that enhance consumers’ affordability worldwide are
providing impetus to the market growth. Increasing investments transpired into
R&D activities by the market players coupled with the increasing government
interest and investment funding for improving the technology is creating a
larger revenue pocket in the market.
Global Light Olefin
Market - Competitive Landscape
The global Light
Olefin Market appears to be fiercely competitive and fragmented with many
well-established players having the global presence. Brand reinforcement,
mergers & acquisitions, and innovation remain the popular trends for the
key players in the market.
Industry/
Innovation/ Related News:
April 08, 2018 –MetCap Energy Investments (Turkey) and Fusion
Dynamics (Qatar), embarked upon a 50-50 joint venture recently, announced an
investment of USD 5.2bn in Turkey based natural gas power stations and a
petrochemical facility. The JV is aiming to construct a 1 mmty polyethylene and
polypropylene plant on Turkey’s European Aegean coast with the investment of
USD 4bn. The plant is scheduled to be commissioned in phases starting from 2020
and all will be completed by 2023, will have 2.6 bcm per year production
capacity of methanol which will be converted to 1 mmty of light olefins that
will further converted into 400,000 mt of polyethylene and 590,000 mt of
polypropylene.
March 28, 2018 – ADNOC
(Abu Dhabi National Oil Company) announced signing two new contracts with SCG
Chemicals (Thailand) and Idemitsu Kosan Co Ltd. (Japan) for supplying 1.5
million tonnes of naphtha per year combined. ADNOC has also signed a similar
agreement for 3 years with LCT, Malaysia (Lotte Chemical Titan) South East
Asia's one of the largest polyolefin producers.
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Global Light Olefin
Market - Segmentations
For an easy grasp and enhanced understanding, MRFR has segmented
the analysis into 4 Key dynamics
By Types
: Including - Propylene and Ethylene.
By Applications
: Chemical Commodities, O&G Refinery,
Automotive, Plastic Processing, Packaging, Construction, and Textile Industry
among others.
By Derivatives
: Propylene Oxide, Polypropylene, Acrylonitrile, Acrylic Acid,
Cumene, Polyethylene, Glycol, EDC/ Ethylene Oxide / PVC / VCM, Alpha Olefins,
Styrene, and VAM (Vinyl Acetate Monomer) among others.
By Regions
: North America,
Europe, APAC and Rest of the World.
Global Light Olefin
Market - Geographical Analysis
Globally, Asia Pacific is the largest market for Light Olefin
followed by the North America and Europe markets respectively. The APAC market
is growing constantly owing to the presence of several notable manufacturers of
Light Olefin coupled with the growing industrialization in the region.
Moreover, the factors such as resurging Chemical industry help to bolster the
regional market growth. The largest producer and consumer of Light Olefin Asia
Pacific region is estimated to register the highest CAGR during the review
period. Continuing with the same growth trends such as the emphasis on process
and product development coupled with the growing application industries in this
region, APAC is likely to retain its dominance in the global Light Olefin
market.
While the North America
market stands as the second largest market for Light Olefin owing to the
presence of leading manufacturers in the region with the superior product
offering. Owing to the high consumption of Light Olefin in the
well-developed construction, and automobile industry mainly in the US, Canada,
and Mexico among the other North American countries, the region is estimated to
be the major revenue pocket for the global Light Olefin market by 2023.
The Europe market of Light Olefin is rapidly expanding in the
global market. Augmented demand for the product, backed by the increasing
application areas of a Light Olefin such as Plastic Processing, Automotive,
Packaging, Textile, and Construction Industry in some of the European countries
like Germany, Italy, France and the UK drives the growth of the regional market.
Key Players:
The Global Light Olefin
Market is led by some of the fervent key players including BorsodChem
(Hungary), BASF (Germany), Petroquimica Rio Tercero SA (Argentina), Reliance
Industries (India) Royal Dutch Shell (the Netherlands), Alfa Aesar (US),
Jinan Haohua Industry Co. Ltd. (China) and Shijiazhuang Kunli Chemical Industry
Co. Ltd (China). Profiling them in its analysis, MRFR finds out their
strategies keeping them at the forefront of the competition.
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