Ethane Market Trends, Industry Analysis 2022-28
The global ethane market size was valued at USD 631 Mn billion in 2021 and is poised to grow at a significant CAGR of 6.8% during the forecast period 2022-28The lightest olefinic hydrocarbon as well as organic hydrocarbon is ethylene, which is generated from a variety of hydrocarbons and is widely utilised in the production of polymers such as fibres, polymer plastics, and other organic compounds. The most common feedstocks utilised to make ethylene are naphtha and ethane. Butane, propylene, coal, methanol to olefins (MTO), and gas oil are among the other feedstocks used to make ethylene. The COVID-19 epidemic wreaked havoc on the chemical and materials industries. Chemical demand was severely impacted across many end-use markets as global supply chains were affected, and the competitiveness order of manufacturers/producers shifted dramatically. The worldwide chemical industry was rushed into an oversupply crisis due to a lack of product demand. The lockdown hampered movement and forced the closure of manufacturing facilities, although the situation improved after the lockdown was lifted.
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The growing use of ethane as a refrigerant to replace chemicals that are damaging to the ozone layer or have the potential to cause global warming is driving market revenue growth. The increasing use of ethane for acetic acid manufacturing is fuelling market revenue growth. Acetic acid is used in the production of polyvinyl acetate for wood glue, fizzy drink bottles, fabrics, and synthetic fibres, as well as a wide range of household, food, as well as other applications that are necessary in everyday life, and this, combined with increased capital expenditure to improve acetic acid production, is expected to drive market revenue growth. Increased investments by leading players in the creation of new facilities, the strengthening of the product supply chain, and technical improvements are all contributing to market sales growth. Because ethane is a pure gas that can be converted to liquid at high temperatures, it is simpler to liquefy, transport, as well as gasify. This aids in the reduction of transportation costs.
The global ethane market segmentation:
- By Application Type: Ethylene Synthesis, Acetic Acid Synthesis, Refrigerant, Others
- By End User: Packaging, Automotive, Construction, Agrochemicals, Textile, Others
Due to high demand for polyethylene from the polymer industry as well as compounds from the chemicals industry from expanding economies such as India, China, and Japan, Asia Pacific led the market in 2020 and is predicted to rise at a CAGR of 6.5 percent over the forecast period. The advancement of these countries' economies has resulted in a growth in consumer lifestyle, leading in a significant demand for performance-based plastic for everyday needs. In addition, the growing middle class is pushing increasing demand for cars and buildings.
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There are several industry players working in the Ethane Market, which include Royal Dutch Shell PLC (the Netherlands) Merck KGaA (Germany) Air Liquide (France) Praxair Technology Inc. (US) Reliance Industries Limited (India) The Williams Companies Inc. (US) DCP Midstream LLC (US) Energy Transfer Partners LP (US) American Ethane (US) Enterprise Products Partners LP (US) Devon Energy Corporation (US) Targa Resources Corp. (US) Aux Sable (US) Boardwalk Louisiana Midstream, LLC (US) Enbridge Inc. (Canada)
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