Ethylene is an important industrial chemical used as a building block in the production of polyethylene, styrene, polyvinyl chloride (PVC), ethylene glycol, and ethylene oxide. Ethylene is mainly used to produce polyethylene which is used in packaging films, plastic bags, bottles, among others. PVC is used in pipes, fittings, profiles, doors, and window frames due to properties like strength and resistance to corrosion. The global ethylene market is estimated to be valued at US$ 137.2 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increased demand for polyethylene terephthalate (PET) and PVC from end use industries like packaging, construction and automotive is expected to drive the growth of global ethylene market over the forecast period. PET is majorly used in packaging of food and beverages, personal care and household products. Growth in these industries and shift towards flexible packaging from rigid packaging has increased the demand for PET, which in turn is boosting the demand for ethylene as it is used in PET production. PVC is used in construction for pipes, windows and door profiles due to properties like low cost, high tensile strength and resistance to corrosion. Growth in the construction industry is driving the demand for PVC and subsequently the demand for ethylene.
Segment Analysis
The Global Ethylene Market Analysis is segmented by type, application, and region. The polyethylene segment dominated the market and accounted for over 35% of the global revenue in 2023 owing to its wide range of applications across various end-use industries like packaging, consumer goods, and automotive. Polyethylene finds extensive use in packaging films, containers, bottles, and pipe fittings due to properties like durability, clarity, and chemical resistance.
Key Takeaways
The global ethylene market is expected to witness high growth over the forecast period from 2023 to 2030.
Regional analysis: North America dominated the global ethylene market with over 30% share in 2023 owing to the presence of major ethylene producers and consumers in the region. The US accounted for the majority of demand. However, the Asia Pacific region is expected to register the fastest growth over the forecast period due to rapid industrialization and infrastructure development activities in emerging economies like China and India.
Key players: Key players operating in the global ethylene market are Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, Honeywell International Inc., and Molex Incorporated. These major players are focusing on adopting growth strategies such as new product launches, mergers & acquisitions, and capacity expansion to strengthen their market position.
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