Market Overview:
The Global Light Olefins Market is estimated to expand at 5.78 % CAGR during the assessment period (2017-2023). The market is expected to reach USD 475.8 million by the end of 2023 owing to the shifting focus of the consumers towards plastic goods. Light Olefins are derived by hydrocracking of hydrocarbons under high temperature. Raw materials such as ethane, propane, naphtha, biomass, and butane are required to produce Light Olefins.
Industry News:
Honeywell has announced that Jiangsu Sailboat Petrochemical Company, Ltd. has accepted a new methanol-to-olefins unit provided by Honeywell UOP. With a production capacity of 833,000 metric tons per year, the unit is the largest single-train MTO unit in the world. The new plant converts methanol from domestic coal into olefins for plastics production.
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Competitive Analysis:
Some of the major players operating the market growth are BASF SE (Germany), China Petro & Chemical Corp (China), Saudi Arabian Oil Co. (Saudi Arabia), Exxon Mobil Corporation (U.S.), DowDuPont (U.S.), PetroChina (China), Honeywell International Inc. (U.S.), Gazprom (Russian Federation), Royal Dutch Shell (Netherlands), Reliance Industries Limited (India), and others.
Drivers and Constraints Impacting the Market:
With the shifting focus of the consumers towards plastic goods over conventional items like metal, wood, steel, and others owing to the reduction in the cost of raw material and energy for the production of light olefins, the market is predicted to stimulate. The conversion of Light Olefins from methanol is another factor contributing to the growth of the market. For instance, 100 % methanol can be converted to light olefins using zeolites, with the help of technologies namely UOP/ Hydro MTO and Mobil’s MTO process. Rising exploration of oil and gas reserves as well as growing trend of using light olefins for producing biofuels from bio-Light Olefins using sugarcane and corn is expected to foster the market growth over the review period.
On the flip side, Light Olefins is toxic and might pose threat to the environment. This is estimated to inhibit the market growth over the assessment period.
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Global Light Olefins Market: Segmental Analysis
The Global Light Olefins Market has been segmented on the basis of Derivatives, Product Type, Application and Region.
By Mode of Product Type, the Global Light Olefins Market has been segmented into propylene and Light Olefins. Among these, the Light Olefins segment accounts for the largest market share of 60 % and a market value of USD 152.7 billion. This segment is projected to expand at 5.78% CAGR over the assessment period.
By Mode of Derivatives, the Global Light Olefins Market has been segmented into Light Olefins oxide/glycol, polypropylene, acetate monomer, styrene, oxo alcohols, acrylonitrile, acrylic acid, EDC/VCM/PVC, alpha olefins, cumene, propylene oxide, polyLight Olefins. Among these, the segment for polyLight Olefins accounted for the largest market share with 37 % in the year 2016.
By Mode of Application, the Global Light Olefins Market has been segmented into refinery and chemical commodities. Among these, the segment for chemical commodities accounted for the largest market share with 66 % in 2016.
Regional Insights:
Geographically, the Light Olefins Market spans across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific emerged as the leading market in 2016 and accounted for 40 % of the overall share. The region is estimated to showcase a healthy CAGR of 6.22 % in the coming years owing to the growing demand for high performance and efficient automotive in countries such as India, Japan, and China. Moreover, the availability of cheap raw material and biomass like sugarcane and corn to produce bio-Light Olefins has propelled the market growth in this region.
North America held the second position in 2016 and is estimated to expand at 5.6 % CAGR over the review period. The feedstock advantage along with low-cost supply of ethane is expected to be one of the major factors fueling the market growth in this region.
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