Light Olefin Market To Observe Exponential Growth By 2021-2028 | BASF (Germany), Petroquimica Rio Tercero SA (Argentina)

 Overview:

The global light olefins market has the possibility of touching a valuation worth USD 475.8 million while growing with a CAGR of 5.58% over the forecast period. Market Research Future (MRFR would consider (2018-2023) as the forecast period.

Light olefins production depends much on the hydrocracking of hydrocarbons while getting controlled by high temperatures. Newer methods of light olefins dimerization would change the light olefins definition a bit in the coming years. In general light olefins unit like propane, butane, ethane, naphtha, and biomass finds significant use in oil production, gas production, biogas production, and others. Among others, the production of plastic to make changes in the market. However, regulations related to the environment can impose some boundaries, which can distract the market growth.

Segmentation:

The light olefins market can be studied by having it segmented on the basis of product type, derivatives, and application like the published report of MRFR on the same market. This would give space to various market insights and inputs that can be used to devise better strategies and increase the outcome of the market.

By product type, the market for light olefins can be segmented into ethylene and propylene. The ethylene segment covered almost 60% of the global market share in 2016 and its valuation was touching USD 152.7 billion. The segment is showing substantial promises of attaining a CAGR of 5.78% over the forecast period.

By derivatives, the market report covering light olefins comprises propylene oxide, polypropylene, cumene, acrylonitrile, alpha-olefins, oxo alcohols, acrylic acid, ethylene oxide/ glycol, polyethylene, styrene, EDC/ VCM/ PVC, and acetate monomer. The polypropylene segment has strong tractions.

 

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By application, the market report on the light olefins can be segmented into chemical commodities and refinery. Both segments are showing a hike in intake owing to which the global market would rise.

Regional Analysis:

A region-specific report of the light olefin market, as recorded in the report of MRFR, covered the production capacity of several regions like Asia Pacific, North America, and Europe. It also has South America and the Middle East & Africa as moderate contributors as the presence of poor economies riddles these regions.  

The global market has a better chance of collecting higher revenues in the Asia Pacific region where the rules are a bit relaxed in terms of plastic related commodities. In 2016, it was ruling the light olefin market with 40% of the total market share. It has the potential to grow by 6.22% CAGR during the forecast period with a hike in performances from India, China, South Korea, and others. In India, China, and Japan, the demand for bio-fuel would increase the production of light olefin. Better setup for the automotive sector can also make some significant changes in how the market can be perceived in the coming years. Its growth would depend much on the availability of cheap biomass and the easy availability of raw material.

North America is showing signs of growth by 5.6% from a valuation of USD 151.1 billion in 2016. The demand for feedstock to make the major changes in the global market. Most of the market is getting dominated by the US and it had 78% of the market share in 2016.

 

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Competitive Landscape:

Companies taking part in changing the coming days of light olefins are introducing strategic moves to make sure the growth gets better. The process witnesses the inclusion of both established players and new entrants. MRFR recorded the updates of these players to get a good grip over how the market can shape be shaped. These companies are Petrochina (China), Royal Dutch Shell (Netherlands), China Petro & Chemical Corp (China), Reliance Industries Limited (India), Exxon Mobil Corporation (U.S.), DowDuPont (U.S.), BASF SE (Germany), Saudi Arabian Oil Co. (Saudi Arabia), Gazprom (Russian Federation), and Honeywell International Inc. (U.S.).

In November 2019, Reliance Industries (RIL) announced that it is preparing blueprints for its oil-to-chemical (O2C) play to influence its negotiations with strategic investor Saudi Aramco. This would also stimulate light olefins production.