Global Ethylene Market will grow at highest pace owing to rise in chemical industry
The global ethylene market is a multi-billion-dollar industry. Ethylene, also known as ethene, is an important industrial chemical that serves as a building block for making a variety of plastics and other chemicals. It is primarily used in the production of polyethylene, which finds applications in containers, packaging, pipes, films, sheets, and more. The increasing demand for polyethylene from industries such as automotive, construction, agriculture is fueling the growth of the global ethylene market. Rising population, swelling middle class, and changing lifestyles are major factors contributing to the growing demand for plastics worldwide.
The global ethylene market size is expected to reach US$ 342.94 Bn by 2031, from US$ 220.10 Bn in 2023, exhibiting a CAGR of 5.7% during the forecast period.
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 and Chemical Corporation (Sinopec Corporation), Chevron Phillips Chemical Company LLC, Total S.A., LyondellBasell Industries, National Petrochemical Company (NPC), and INEOS Group AG. The Global Ethylene Market Demand from end-use industries such as packaging, construction, automotive is expected to drive market revenue. Technological advancements in ethylene production processes to improve efficiency and reduce costs will further aid market growth.
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