Light Olefins Market Global Business Growing Strategies, Technological Innovation and Emerging Trends Of Outlook To 2030

 Market Synopsis 

The global Light Olefins Market 2023 was previously valued at USD 254.6 billion in 2020 and is poised to secure up to USD 475.8 million by 2030 at a CAGR of 5.58% over the review period.

Segmental Analysis

The market for light olefins is categorized according to the application, type of product, derivatives, and region. The market is bifurcated into ethylene and propylene-based upon the product type. Ethylene accounted for 60 percent of the largest market share in 2016, with a market valuation of USD 152.7 billion and is anticipated to grow at a CAGR of 5.78 percent over the forecast period.

The market is segmented in based on the derivatives into styrene, propylene oxide, acrylonitrile, acrylic acid, cumene, oxo alcohols, polyethylene, ethylene oxide/ glycol, EDC/ VCM/ PVC, polypropylene, alpha-olefins, and acetate monomer.

By the application, the market is sub-bifurcated into chemical commodities and refinery.

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Competitive Dashboard

Some of the eminent players operating in the global light olefins market are Exxon Mobil Corporation (U.S.), BASF SE (Germany), Royal Dutch Shell (Netherlands), Reliance Industries Limited (India), DowDuPont (U.S.), China Petro & Chemical Corp (China), Gazprom (Russian Federation), Saudi Arabian Oil Co. (Saudi Arabia), Petrochina (China), and Honeywell International Inc. (U.S.).

Market Highlights

The primary driver of the global Light Olefins Market Expansion is consumers ' changing emphasis on plastic products over traditional things such as wood, plastics, steel, and others due to lower energy and raw material costs for light olefins production. In addition, a further factor boosting demand growth is the excellent recovery of light olefins from methanol. The key driver of the global light olefins market is the shift in customer preference to plastic products over traditional items such as wood, plastics, steel, and others due to lower energy and raw material costs for light olefins production. In addition, the excellent conversion of light olefins from methanol is another driving factor for market growth.

Replacing oil with shale gas, which is extracted from ethylene, is another driving force behind the market growth. Increasing oil & gas reserves exploration across the globe is expected to drive market growth over the assessment period. Increasing trends in the use of light olefins to produce bio-ethylene bio-fuel using maize and sugar cane are also likely to boost market growth due to the increasing demand for carbon dioxide emissions control. Ethylene is nevertheless harmful and can have detrimental environmental effects, which may challenge the market growth. 

Regional Overview

The global demand for light olefins has been distributed across five central regions, including Europe, North America, Asia Pacific, Latin America (LATAM), and the Middle East & Africa. Asia Pacific emerged as the leading light olefins market in 2016 and is projected to rise at a moderate CAGR of 6.22 percent over the forecast period, accounting for 40 percent of the total demand share. In addition, the demand for reliable and high-performance vehicles in countries like Japan, India, and China is increasing demand for biofuel. The availability of cheap biomass and raw materials, such as maize and sugar cane, for bio-ethylene production in India, has increased demand growth.

North America was the second-largest market in 2016, estimated at USD 151.1 billion, and is predicted to rise at a promising CAGR of 5.6 percent over the forecast period. The feedstock benefit, coupled with the low-cost availability of ethane, is one of the North American region's main drivers for demand development. In the U.S., robust demand from the packaging industry is strongly affecting business growth. The United States accounted for about 78% of the market share in 2016 and is expected to rise at a healthy CAGR of 5.72% during the assessment period.