Ethylene Market Size, Share, Growth Analysis, By Feedstock(Naphtha, Ethane, Propane, Butane), By Application(Polyethylene, Ethylene Oxide, Ethylene Benzene, Ethylene Dichloride), By End-Use(Automobile, Packaging, Construction, Agrochemical), By Region - Industry Forecast 2024-2031

Ethylene Market size was valued at USD 122.17 billion in 2019 and is poised to grow from USD 129.5 billion in 2023 to USD 194.7 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).

The Ethylene market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'Royal Dutch Shell', 'ExxonMobil Corporation', 'Sinopec', 'LyondellBasell Industries N.V.', 'Saudi Basic Industries Corporation (SABIC)', 'Dow Chemical Company', 'Total S.A.', 'Chevron Phillips Chemical Company', 'Formosa Plastics Corporation', 'INEOS Group AG', 'China National Chemical Corporation (ChemChina)', 'Mitsui Chemicals, Inc.', 'Sasol Limited', 'BP plc', 'Reliance Industries Limited', 'Braskem S.A.', 'Westlake Chemical Corporation', 'LG Chem Ltd.', 'PTT Chemical Public Company Limited', 'Lotte Chemical Corporation', 'In June 2019, Exon Mobil Corporation and SABIC established a joint venture called Gulf Coast Growth Ventures, and they announced plans to build a chemical complex and an ethane steam cracker in Texas. The facility's goal is to produce raw materials that will be utilized to make a variety of goods, including building materials, packaging, and automotive coolants. During the time of the examination, the facility will also contain two polyethylene units and a mono-ethylene glycol unit.', 'In October 2019, SABIC announced a merger with the Saudi petrochemical business SADAF and the Arabian petrochemical company PETROKEMYA (Saudi basic industries corporation). The goal of this merger was to make SABIC's operations more efficient and competitive.'

Demand for plastic items has increased as customers' awareness of the need for safely packaged goods has grown. Plastic packaging has seen a dramatic increase in demand for a variety of uses, including transportation, e-commerce healthcare, and grocery stores. Additionally, the market is anticipated to increase and be driven by demand for high-end industrial applications. The market is being driven by customer demand for premium food in suitable packaging. Additionally, as plastic is utilized in the aforementioned industries for wiring, vehicle components, pipes, and other items, growth in the automotive and construction sectors is also assisting market expansion. The market size is also being driven by expanding applications in the agricultural, medicinal, and other industries.

With rising consumer convenience, lightweight plastics are becoming more popular, opening up new potential for small- and large-scale cosmetic firms. Consumers' increasing knowledge of the many kinds and forms of plastic items will help the industry grow even more. The demand is growing as lightweight plastic products become more popular in the construction and automobile industries. To provide the consumer with better packaging options, ethylene-producing companies are focusing more on lightweight and high-quality packaging.

This market is dominated by the Asia Pacific region, which is credited with this growth of end-use industries like packaging, automotive, textile, construction, agrochemical, etc. Additionally, the rapid industrialization and urbanization of developing nations like China and India, as well as their established agricultural sector, have led to an increase in the demand for items made of polyethylene. Due to rigorous restrictions and regulations on the use of materials generating VOC, the North American and European areas are predicted to have an average rise. On the other hand, the demand for cars in the European area is quite strong, which may contribute to the expansion of this industry in that region.