Ethylene Market Overview, with Recent Technologies, Applications, Growth, Insights and Status 2024
The major trend being witnessed in the global ethylene market is the increasing investments aimed at boosting the production capacity for the gas. Owing to the large-scale application of ethane gas in various industries, many companies engaged in its production are working toward expanding their production capacities. For instance, in August 2018, ExxonMobil and Saudi Basic Industries Corporation, under a joint venture, announced their decision to construct the world’s largest ethylene production plant, estimated to be developed at a cost of $1.4 billion.
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With rapid urbanization and industrialization, the demand for ethylene-based packaging materials is growing exponentially in emerging economies. Besides, the growing demand for automobiles and electronic devices in APAC countries, such as China and India, is encouraging the growth of the ethylene market because ethene is used a raw material in automobiles and electronic devices. In the coming years, emerging countries are expected to witness rise in their middle-class population, which would further boost the demand for electronic items and automobiles in these countries. Thus, the increased demand for the gas from end-use industries will open new avenues for the growth of the players operating in the market.
The major factor driving the growth of the ethylene market is the reducing cost of production of the gas as a result of shale gas discovery. Since ethylene is a hydrocarbon-derived gas, reduction in the prices of shale gas leads to reduction in the cost of production of ethylene. Thus, the rapid rise in the production of shale gas in recent years has resulted in the increased production of ethane, which acts as a raw material for ethylene production. Due to this, the production of the gas is expected to grow at a significant pace in the near future as well. The declining cost of production of the gas as well as capacity expansion plans of market players will continue boosting the ethylene market growth during the forecast period.
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