The global olefins market size was worth around USD 240.1 Billion in 2022 and is predicted to grow to around USD 348 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.76% between 2023 and 2030.
The worldwide olefins market study examines the market’s drivers, restraints, and challenges as well as the impact they have on demand during the forecast period. The paper also looks at new potential in the olefins sector.
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Market for Olefins: Overview
Olefins, commonly referred to as alkenes, are a class of hydrocarbon substances that are essential to the chemical and plastics industries. The term “industry” refers to trade organisations that deal with the manufacturing and distribution of vital olefins that are produced from feedstocks derived from petroleum through a procedure known as steam cracking. The increased demand from end-user industries including textiles, automotive, packaging, and construction is one of the main factors driving the fraternity.
• The global olefins market is anticipated to expand annually at a CAGR of roughly 4.76% over the forecast period (2023-2030), according to the data supplied by our research analyst.
• The size of the worldwide olefins market in terms of revenue was estimated to be approximately USD 240.1 billion in 2022 and is expected to increase to USD 348 billion by 2030.
• Due to the increasing demand from end-user verticals, the olefins market is anticipated to expand significantly.
increasing end-user demand to drive market expansion
Due to rising demand from end-user verticals such the packaging, automotive, construction, and textiles sectors, the worldwide olefins market is anticipated to expand. Some of these industries are among the fastest-growing, and the demand for olefins is directly impacted by their earnings. Because of their great strength, olefins are mostly used in the textile sector. They are a perfect option for the textile industry because they are also extremely resilient to moisture. In this industry, olefin is frequently used in the manufacture of fibre. Olefins, such as polyethylene (PE) and polypropylene (PP), are widely utilised in the manufacture of non-woven fabrics, which also find employment in protective gear and hygiene items.
Increasing environmental concerns could limit market growth
Due to increased concerns about the environmental impact of olefin production, the global olefins market is anticipated to face some obstacles over the expansion period. The procedure typically results in substantial emissions of pollutants and greenhouse gases. These emissions have a tendency to harm the ecosystem, and if they are not regulated, the damage will eventually become permanent. Due to this, businesses are under more pressure to adapt and use more environmentally friendly production techniques that will have little to no detrimental effects on the environment. This can result in an overall rise in production costs, driving out smaller participants from the market.
There will be a growing market for renewable feedstock, which will offer great expansion prospects.
The need for renewable feedstock that can be used to produce olefins is rising, which is good news for the olefins sector. The possibility to invest in research and development projects aimed at the utilisation of bio-based and renewable sources for the production of olefins is excellently presented by this. Furthermore, if fraternity businesses can take advantage of these economies, the potential of the emerging markets, which is still mostly untapped, might result in a greater CAGR for the industry.
Feedstock prices fluctuating to impede market expansion
Production of olefins is highly dependent on a steady stream of feedstock. The olefins business is impacted by variables including the price and availability of feedstocks like natural gas and crude oil. However, a variety of social, economic, and political conditions that may emerge in either of the trading nations have a significant impact on the pricing of these raw resources. Furthermore, due to the warlike conditions between several countries, the oil and gas industry is currently very vulnerable. The profitability of olefins producers may be impacted by the ongoing volatility in feedstock prices.
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The Global Olefins Market is segmented based on product, application and region.
Global Olefins Market: Product Segment Analysis
● Olefin Oxides
● Olefin Glycols
Global Olefins Market: Application Segment Analysis
● Synthetic Lubricants
● Detergent Alcohol
Recently Occurring Events :
• State-owned oil and gas corporation PT Pertamina (Persero) of Indonesia stated in September 2021 that it would be launching an olefin project to help the nation achieve its objective of increasing its foreign exchange reserves. This action is intended to facilitate the establishment of the PT Trans Pacific Petrochemical Indotama (PT TPPI) refinery in East Java. The refinery is anticipated to become Southeast Asia’s leading producer of petrochemicals.
• PT Pertamina (Persero) and W.R. Grace & Co. of Columbia joined forces in September 2022. The agreement is part of the earlier larger project of creating the PT TPPI reserve and is intended to allow PT Pertamina to utilise UNIPOL PP technology owned by Grace.
The global olefins market is expected to lead by players like:
● BASF SE
● ExxonMobil Chemical
● Dow Inc
● Sumitomo Chemical Co Ltd
● LyondellBasell Industries
● Lotte Chemical Corporation
● Saudi Basic Industries Corporation (SABIC)
● Mitsubishi Chemical Corporation
● Royal Dutch Shell plc
● Formosa Plastics Corporation
● Chevron Phillips Chemical Company LLC
● INEOS Group Holdings S.A.
● Idemitsu Kosan Co. Ltd
● China Petroleum & Chemical Corporation (Sinopec)
● LG Chem Ltd.
● PetroChina Company Limited
● Occidental Petroleum Corporation
● Braskem S.A.
● PTT Global Chemical Public Company Limited
● Reliance Industries Limited
The region with the greatest CAGR is Asia-Pacific.
Asia-Pacific is predicted to experience the largest growth in the global olefins market. In the entire industry, it is currently the biggest and fastest-growing region. The market is primarily driven by the massive production and consumption of goods made from olefins across all end-user industries. Among the top nations are those like China, Indonesia, and India. These areas are densely populated, with the majority of residents belonging to middle-income socioeconomic groups and a sizable portion of them fitting into the low-income bracket.
This indicates that these economies have extraordinarily high levels of consumer demand. Another important component in the regional CAGR is the rising investment in the expansion of the local petrochemical industry. China currently leads the world in both olefin production and consumption. Due to the rising demand for consumer products and the brisk investment in the petrochemical industry, Latin America and the Middle East may potentially experience consistent growth.
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