Global Ethylene Market 2019-2023 | Emergence of Bio-Ethylene to Boost the Market | Technavio
LONDON--(BUSINESS WIRE)--May 24, 2019--
New market research study by Technavio on the global ethylene market projects the market to grow at a CAGR of close to 4% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global ethylene market from 2019-2023. (Graphic: Business Wire)
Increasing demand for polyethylene products from various industries
Ethylene is primarily used in polyethylene products such as LDPE, LLDPE, and HDPE. The polyethylene market is growing at a significant rate owing to the increasing demand for plastic across the world. The use of lightweight products in vehicles has increased the consumption of plastics in the automotive industry. Plastics are also predominantly used in electronic products, thereby, the high penetration of these products is impacting the demand for plastic. Furthermore, the growing residential and non-residential construction spending is also resulting in an increase in the consumption of HDPE plastic resins. All these factors are driving the adoption of polyethylene, which, in turn, will impact the growth of the ethylene market size in the coming years.
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Emergence of bio-ethylene
With the fluctuating prices of crude oil and depleting resources for fossil fuels, the need for biochemical routes for producing ethylene is increasing significantly. Bio-ethanol is an alternative feedstock which is used to produce bio-ethylene. The US and Brazil are the major producers of bio-ethanol made from corn and sugarcane, respectively. Although bio-ethylene currently accounts for a very small share of the global ethylene market, the scenario is expected to change during the forecast period. This is mainly technological advances in bio-based production methods will lead to an increase preference for bio-ethylene.
According to a senior analyst at Technavio, “Apart from the emergence of bio-ethylene, other factors such as increasing innovation in the packaging sector, and the development of new ethylene projects in the US will have a significant impact on the growth of the ethylene market during the forecast period.”
Volatility in raw material prices
Ethylene is manufactured from components such as LPG, ethane, naphtha, and others. The price of these products is directly related to the price of natural gas and crude oil. Crude oil prices are extremely volatile due to the demand-supply imbalance and the unstable political situation in the Middle East. Therefore, ethylene manufacturers need to plan in advance so that the price of the final ethylene product does not vary drastically because of fluctuating raw material prices.
Top players in the global ethylene market:
Some of the key topics covered in the global ethylene market include:
Five Forces Analysis
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Technavio Research
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PUB: 05/24/2019 02:12 AM/DISC: 05/24/2019 02:12 AM