The Global Ethylene Market Is Driven By Growing Plastic Production...

The Global Ethylene Market Is Driven By Growing Plastic Production

Posted 2024-06-19 11:56:41

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The global ethylene market is a vital driver for plastic production globally. Ethylene, an organic compound with the formula C2H4, serves as a building block or raw material for producing various types of polymers used in plastics. Some of the main uses of plastics derived from ethylene include packaging films, bottles, containers, clothing, and construction materials due to properties such as durability and versatility.

The global ethylene market is estimated to be valued at US$ 342.94 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.

Global Ethylene Market Share production has been rising steadily to meet the increasing demand for plastics from various end-use industries such as consumer goods, automotive, packaging, agriculture, and construction. The plastic producers rely heavily on a stable supply of ethylene to provide materials for single-use plastic bags, food packaging, synthetic fibers, plastic pipes, and other applications.

Key Takeaways

Key players operating in the global ethylene market are Saudi Basic Industries Corporation (SABIC), Exxon Mobil Corporation, The Dow Chemical Company, Royal Dutch Shell plc, China Petroleum & Chemical Corporation (Sinopec Corporation), Chevron Phillips Chemical Company LLC, Total S.A., LyondellBasell Industries, National Petrochemical Company (NPC), and INEOS Group AG. The top players dominate the market and are focusing on expanding their production facilities to tap the growing demand.

The demand for ethylene is expected to surge in the coming years due to spiraling consumption of plastics in various end-use industries globally. Plastics have emerged as an indispensable material for the consumer goods and packaging sectors. The increased usage of single-use plastics along with rising disposable incomes is a key factor driving more plastic production.

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