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.
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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-ethylene using sugarcane and corn is expected to foster the market growth over the review period.
On the flip side, ethylene is toxic and might pose threat to the environment. This is estimated to inhibit the market growth over the assessment period.
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 ethylene. Among these, the ethylene 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 ethylene oxide/glycol, polypropylene, acetate monomer, styrene, oxo alcohols, acrylonitrile, acrylic acid, EDC/VCM/PVC, alpha olefins, cumene, propylene oxide, polyethylene. Among these, the segment for polyethylene 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.
Browse key industry insights spread across 115 pages with 155 market data tables & 8 figures & charts from the report, “Light Olefins Market Information: By Type (Ethylene, Propylene), Derivatives (Polypropylene, Propylene Oxide, Acrylonitrile, Cumene, Acrylic Acid, Oxo Alcohols, Polyethylene), Application (Chemical Commodities, Refinery), And By Region – Forecast Till 2023 ” in detail along with the table of contents @ https://www.marketresearchfuture.com/reports/light-olefin-market-1037
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-ethylene 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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