Global Olefins Market Size Expected to Acquire USD 348 Billion by 2030, At a CAGR of 4.76%

Louisville, KY, April 17, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Olefins Market By Product Type (Olefin Oxides, Olefin Glycols, Ethylbenzene, Polyolefins, And Cumene), By Type (Ethylene, Butadiene, Propylene, Butylene, Others), By Distribution Channel (Distributors And Wholesale), By Application (Synthetic Lubricants, Polyethylene, Detergent Alcohol, Cosmetics, Plasticizers, Adhesives, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Olefins Market size & share in terms of revenue was valued at USD 240.1 billion in 2022 and it is expected to surpass around USD 348 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.76% during the forecast period 2023 to 2030.”

What are Olefins? How big is the Olefins Industry?

Olefins Market Coverage & Overview:

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.

Olefins are a group of unsaturated hydrocarbons containing at least one carbon-to-carbon double bond. They are widely used as building blocks for different types of chemical products like rubber, plastics, fibers, and solvents. It is used in industries like textiles, automotive, packaging, and construction. The sectors have a wide range of applications for olefins in various products, such as polyethylene, polypropylene, and polyvinyl chloride (PVC). These items have further applications in everyday items like plastic bags, pipes, water bottles, and cables.

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Global Olefins Market: Growth Factors

The olefins industry is highly competitive since it is currently run by a growing number of players at domestic and international levels. Some other crucial but influential factors in the industry include fluctuations in crude oil prices. Companies are constantly investing in advanced research and development to enable them to improve their production processes and develop new products which has led to the market becoming highly competitive.

The global olefins market is projected to grow owing to the increasing popularity and demand for lightweight products. Olefins tend to have a high rate of strength-to-weight ratios. They are also lightweight. This has led to increased use of different types of olefins in various sectors, especially the ones that are aiming to reduce the overall weight of the final product. For instance, the demand for lightweight airplanes is causing more industry players to invest in olefin-derived products.

Similarly, the automotive industry is one of the largest consumers of the global industry. In addition to this, the production of olefins requires petroleum-based feedstocks as a main resource. The feedstock is made to undergo a process called steam cracking. This procedure is low in cost compared to other various petrochemical production processes. Hence the market is more attractive to new players in the petrochemical industry. The growing shift toward sustainable and renewable sources is another crucial factor for the market size as companies are now investing in finding out other renewable sources that can be used for the production of olefins.

The olefins industry faces growth restrictions owing to the fluctuating prices of crude oil. The industry is highly price-sensitive due to greater dependence on petroleum-based feedstocks. Any change in the price of crude oil directly impacts the profit rate of the businesses working in the sector. Furthermore, the growing competition from alternative materials like natural fibers and bioplastics which are gaining more attention as potential substitutes to olefins can lead to reduced demand in the industry. These materials are more cost-effective while offering comparable properties.

The increasing demand for renewable feedstock may provide excellent growth opportunities while the changing prices of feedstock could challenge market expansion.

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Report Scope

Olefins Market: Segmentation Analysis

The global olefins market is segmented based on product type, type, distribution channel, application, and region.

Based on product type, the global market divisions are olefin oxides, olefin glycols, ethylbenzene, polyolefins, and cumene.

Based on type, the global market divisions are ethylene, butadiene, propylene, butylene, and others. In 2022, the industry witnessed the highest growth in the ethylene segment since it is the most produced and consumed olefin globally. It accounts for more than 50% of the total global olefins production. It is used as a source for producing different chemicals, such as ethylene oxide, and ethylene dichloride which are further used in several applications like packaging, construction, and automotive. The second-most revenue-generating segment is the propylene segment as it accounts for nearly 30% of the global olefin production share.

Based on distribution channel, the global market is segmented into distributors and wholesale

Based on application, the global market divisions are synthetic lubricants, polyethylene, detergent alcohol, cosmetics, plasticizers, adhesives, and others. The market registered the highest growth in the polyethylene segment. It is a thermoplastic polymer that has the largest-scale applications across end-user verticals. It accounts for a major share of the industry due to high demand in the packaging, agriculture, construction, and healthcare sector. The second most revenue-generating segment is the synthetic lubricants segment. These are superiors in performance and in durability. The molecular formula for polyethylene is (C2H4)n

The global Olefins market is segmented as follows:

By Product Type

• Olefin Oxides
• Olefin Glycols
• Ethylbenzene
• Polyolefins
• Cumene

By Type

• Ethylene
• Butadiene
• Propylene
• Butylene
• Others

By Distribution Channel

• Distributors
• Wholesale

By Application

• Synthetic Lubricants
• Polyethylene
• Detergent Alcohol
• Cosmetics
• Plasticizers
• Adhesives
• Others

Browse the full “Olefins Market By Product Type (Olefin Oxides, Olefin Glycols, Ethylbenzene, Polyolefins, and Cumene), By Type (Ethylene, Butadiene, Propylene, Butylene, Others), By Distribution Channel (Distributors and Wholesale), By Application (Synthetic Lubricants, Polyethylene, Detergent Alcohol, Cosmetics, Plasticizers, Adhesives, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/olefins-market

Competitive Landscape

Some of the main competitors dominating the global Olefins market include - 

• 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.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Olefins market is likely to expand at a CAGR of around 4.76% during the forecast period (2023-2030).                                            
• In terms of revenue, the Olefins market size was valued at around US$ 240.1 billion in 2022 and is projected to reach US$ 348 billion by 2030.
• Based on distribution channel segmentation, distributors were predicted to show maximum market share in the year 2022.
• Based on product type segmentation, polyolefins were the leading type in 2022.
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Olefins industry?
• What are the main driving factors propelling the Olefins Market forward?
• What are the leading companies in the Olefins Industry?
• What segments does the Olefins Market cover?
• How can I receive a free copy of the Olefins Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product Type, By Type, By Distribution Channel, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Asia-Pacific is expected to register the highest revenue-grossing regional market in the global olefins industry. This is mainly due to the high production rate of olefins in China, India, and other territories that are currently investing heavily in the regional petrochemical sector. Furthermore, China is expected to lead the regional expansion since it is pushing for its chemical industry to overtake the global chemical sector. Alongside, Asia-Pacific is fast emerging as a dominant territory in the automotive sector which may open doors for new growth opportunities for the market players.

In North America, the demand for polypropylene and polyethylene is increasing due to growing end-user applications, especially in the construction sector. The growing hale gas production has also boosted the olefins market in North America.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In March 2023, KBR announced the launch of SCOREKlean? which is a proprietary propylene and ethylene process technology that makes use of 100% hydrogen-fueled burners and has 0 emissions
• In March 2023, Exxonmonil announced its plans to develop a new production facility at its existing integrated petrochemical facility in Texas, USA. The new unit is expected to produce around 350,000 metric tons of linear alpha olefins annually

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/olefins-market

FREQUENTLY ASKED QUESTIONS

• What is the olefins?
• Which key factors will influence olefins market growth over 2023-2030?
• What will be the value of the olefins market during 2023-2030?
• What will be the CAGR value of the olefins market during 2023-2030?
• Which region will contribute notably towards the olefins market value?
• Which are the major players leveraging the olefins market growth?

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