The production of petrochemicals using crude oil for use in fuel, plastics, and thermoplastics for various industries is driving the need for Light Olefins. Light Olefins are chemicals derived by hydrocracking of hydrocarbons at high temperatures. Global Light Olefins Market Report by Market Research Future (MRFR) focuses on production techniques, availability of raw feedstock, and other metrics which can determine its success for the period of 2018 to 2023 (forecast period). The outbreak of the COVID-19 pandemic and its impact has been recorded in the report.
Global Light Olefins Market includes China Petro & Chemical Corp, Royal Dutch Shell, BASF SE, Honeywell International Inc., Gazprom, Exxon Mobil Corporation, Saudi Arabian Oil Co., Reliance Industries Limited, Petrochina, and DowDuPont.
Global Light Olefins Market was valued at USD 254.6 billion in 2016 and is expected to reach USD 475.8 million at a CAGR of 5.58% by the end of 2023.
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The shift towards plastic goods over wood, metal, and steel is expected to drive the market demand over the forecast period. This is evident with the production of plastic components and other end-use products in the market. New production methods which can expedite the process and lower costs can bode well for the market in the coming years. The conversion of methanol to light olefins using zeolites has been in production by major fuel producing companies such as Mobil. It can be used in the manufacture of synthetic rubbers, home ware, packaging materials, and insulation materials. But the prominence of syngas into light olefins (STO) method by using bifunctional catalysts such as zincochromite can offer new opportunities for the market. However, the COVID-19 pandemic is expected to increase the push for environmental legislations and less spending on products made from crude oil.
The Light Olefins Market is categorized on the basis of Product Type, Derivatives and Application.
On the basis of Product Type, the market is bifurcated into ethylene and propylene. The ethylene accounted for the largest market share of 60% in 2016, with a market value of USD 152.7 billion and is projected to grow at a CAGR of 5.78% during the forecast period.
On the basis of Derivatives, the market is segmented into acetate monomer, polyethylene, polypropylene, propylene oxide, ethylene oxide/ glycol, acrylonitrile, cumene, acrylic acid, oxo alcohols, EDC/ VCM/PVC, styrene, and alpha olefins.
By the Application, the market is sub-segmented into chemical commodities and refinery.
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Based on the Region, the market is segmented into Asia Pacific (APAC), Europe, Latin America, North America, and the Middle East & Africa (MEA).
APAC is touted to lead the Global Light Olefins Market in 2016 and accounted for 40% of the overall value share. It is expected to grow at a healthy CAGR of 6.22% over the forecast period. Furthermore, the increasing demand for efficient and high performance cars and vehicles in countries of China, Japan, and India can drive the demand for bio-fuel and induce demand in the market. Abundance of cheap biomass and raw material such as corn and sugarcane to produce bio-ethylene in India can augment the market growth.
North America was the second largest region and was valued at USD 151.1 billion in 2016 and is projected to grow at a healthy CAGR of 5.6% during the review period. The low production cost of ethane and improved production of ethylene can facilitate regional market growth of light olefin. The high demand from packaging industry in the U.S. is a suitable. The U.S. accounted for around 78% of market share in 2016 and is projected to grow at a healthy CAGR of 5.72% during the review period.
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COVID-19 Impact on Polyvinyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-polyvinyl-alcohol-market
COVID-19 Outbreak Impact on Renewable Chemicals Market @ https://www.marketresearchfuture.com/report/covid-19-impact-renewable-chemicals-market
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