Olefins are unsaturated hydrocarbons with a double bond between carbon atoms. They are used in making plastics, synthetic fibers, and rubber. Common olefins include ethylene and propylene. Ethylene is crucial for producing polyethylene, while propylene is used in polypropylene.
Aromatics are hydrocarbons with a ring structure and alternating double bonds, such as benzene and toluene. They are essential in producing dyes, detergents, and solvents. Benzene is used to make nylon and synthetic fibers, while toluene is important for paint thinners and adhesives. Both olefins and aromatics are key in petrochemical industries for creating a wide range of products.
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Data Bridge Market Research analyzes that the Global Olefins and Aromatics Market is expected to reach USD 899.46 billion by 2031 from USD 617.56 billion 2023, growing with CAGR of 4.94% during forecast period of 2024-2031.
Key Findings of the Study
Rise in Demand for Aromatic Compounds by the Paints & Coatings Industry
The rapidly expanding paints and coatings industry is a significant driver of the global olefins and aromatics market. Aromatic compounds, such as benzene, toluene, and xylenes, are essential in producing a range of products used in paints and coatings. The rise in demand for these compounds is driven by various factors, including the growth of the construction and automotive sectors, technological advancements, and increased emphasis on performance and sustainability.
In summary, the rise in demand for aromatic compounds in the paints and coatings industry is driven by factors such as construction and infrastructure development, automotive sector requirements, technological advancements, and regulatory standards. As these factors continue to evolve, the demand for aromatic chemicals is expected to grow, supporting innovation and market expansion in the coatings industry.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Product (Ethylene, Propylene, Xylene, Benzene, Toluene, and Butadiene), Vertical (Packaging, Building and Construction, Automotive, Electronics and Electricals, Household, Healthcare, Agriculture, and Others)
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Countries Covered
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U.S., Canada, Mexico, China, India, Japan, South Korea, Thailand, Indonesia, Malaysia, Philippines, Singapore, Australia and New Zealand, Myanmar, Brunei, Cambodia, Laos, rest of Asia-Pacific, Germany, Italy, Russia, France, Spain, Poland, U.K., Belgium, Netherlands, Turkey, Luxemburg, rest of Europe, Brazil, Argentina, rest of South America, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and rest of Middle East and Africa
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Market Players Covered
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Exxon Mobil Corporation (U.S.), Shell plc (England), Repsol (Spain), SABIC (Saudi Arabia), PTT Global Chemical Public Company Limited (Thailand), INEOS (U.K.), Braskem (Brazil), Sasol (South Africa), Dow(U.S.), NOVA Chemicals Corporate (Canada), Idemitsu Kosan Co.,Ltd. (Japan), PJSC SIBUR Holding (Russia), PETRONAS Chemicals Group(Malaysia), Chevron Phillips Chemical Company LLC (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), ORLEN (Poland), Mitsubishi Chemical Group Corporation (Japan), Gadiv Petrochemical Industries (A subsidiaries of Bazan Group) (Isreal), Evonik Industries AG (Germany), and TPC Group (U.S) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The global olefins and aromatics market is segmented into two notable segments based on product and vertical.
- On the basis of product, the global olefins and aromatics market is segmented into ethylene, propylene, xylene, benzene, toluene, and butadiene
In 2024, the ethylene segment is expected to dominate the global olefins and aromatics market
In 2024, the ethylene segment is expected to dominate the market with a market share of 38.29% due to a primary building block for producing polyethylene, the most widely used plastic. Its versatility, high demand in packaging, and extensive use in various industries drive its leading position.
- On the basis of vertical, the global olefins and aromatics market is segmented into packaging, building and construction, automotive, electronics and electricals, household, healthcare, agriculture, and others.
In 2024, the packaging segment is expected to dominate the global olefins and aromatics market
In 2024, the packaging segment is expected to dominate the market with a market share of 42.17% due to its high demand for materials such as polyethylene and polypropylene, which are used for flexible films, containers, and wraps. This sector's extensive use drives significant consumption of olefins and aromatics.
Major Players
Exxon Mobil Corporation, Shell plc, Repsol, SABIC, PTT Global Chemical Public Company Limited, and INEOS National are the major players in the Global Olefins and aromatics market.
Recent Developments
- In June 2024, Shell Overseas Holdings Limited, a subsidiary of Shell plc (Shell), signed an agreement to invest in the Abu Dhabi National Oil Company’s (ADNOC) Ruwais liquefied natural gas (LNG) project in Abu Dhabi, acquiring a 10% participating interest. The Ruwais LNG project will feature two 4.8 million metric tons per annum (mmtpa) LNG liquefaction trains, totaling a capacity of 9.6 mmtpa. Additionally, Shell, through its subsidiary Shell International Trading Middle East Limited FZE, has agreed to offtake 1 mmtpa of LNG produced by the project. The facility will incorporate an electric-powered liquefaction system and access to renewable power, supporting lower operational emissions compared to traditional gas-powered LNG facilities
- In February 2024, Repsol announced the increase in the production of Repsol Reciclex polyolefin up to 16000 tons with an investment of 25 Million Euros. This is said to implemented by the last quarter of 2024
- In January 2024, for the second year in a row, Chevron Phillips Chemical Company LLC has enhanced its ratings in EcoVadis' global sustainability assessment 2023, ranking in the top 24% of companies in the industry. This shows sustainability is a core component of CPChem's strategy and is integrated throughout the organization to address its impacts as the company progresses towards a more sustainable future
- In October 2023, The Mitsubishi Chemical Group announced that Mitsubishi Chemical Aqua Solutions Co., Ltd. (MCAS), in collaboration with Kyushu University and Chikujo Town in Fukuoka Prefecture, received the Encouragement Award and the Collaboration Award at the 2023 Resource Recycling Technology and Systems Awards
- In September 2023, Exxon Mobil Corporation announced the startup of two new chemical production units at its Baytown, Texas, facility. The USD 2 billion expansion was part of ExxonMobil’s long-term growth strategy to produce higher-value products from its U.S. Gulf Coast refining and chemical facilities. The new linear alpha olefins unit will produce 350,000 tons per year of Elevexx-branded products, marking ExxonMobil’s entry into the market. Linear alpha olefins are used in plastic packaging, high-performance engine and industrial oils, and other applications. They also serve as building blocks for surfactants, which reduce surface tension for cleaning and industrial uses, and drag-reducing agents, which improved crude flow through pipelines. The new facilities support ExxonMobil's long-term growth strategy, improving efficiency and competitiveness in its U.S. Gulf Coast operations
Regional Analysis
On the basis of country, the global olefins and aromatics market is segmented into U.S., Canada, Mexico, China, India, Japan, South Korea, Thailand, Indonesia, Malaysia, Philippines, Singapore, Australia and New Zealand, Myanmar, Brunei, Cambodia, Laos, rest of Asia-Pacific, Germany, Italy, Russia, France, Spain, Poland, U.K., Belgium, Netherlands, Turkey, Luxemburg, rest of Europe, Brazil, Argentina, rest of South America, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is expected to be the dominating region in the global olefins and aromatics market
Asia-Pacific is expected to be dominating region due to its large industrial base, rapid economic growth, and high demand for plastics and chemicals.
Middle East and Africa is the fastest growing region in the global olefins and aromatics market
Middle East and Africa is expected to be the fastest growing region due to economic growth in emerging markets, major production facilities and strong manufacturing sectors contribute to its leading position.
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