Global Olefins Market, By Type (Ethylene, Propylene, Butadiene, Butylene, Others), Product Type (Olefin Glycols, Olefin Oxides, Ethylbenzene, Polyolefins, Cumene), Application (Polyethylene, Detergent Alcohol, Synthetic Lubricants, Plasticizers, Cosmetics, Adhesives, Others), Distribution Channel (Distributors, Wholesale) – Industry Trends and Forecast to 2029
Market Analysis and Size
The olefins market is anticipated to rise rapidly over the forecast period, due to rising global demand for greener and cleaner industrial fluids and increasingly stringent emission restrictions in a number of developed and developing economies. Furthermore, as worldwide demand for crude oil and its derivatives grows, the market is expected to be driven by an increase in the use of internal olefins in oil drilling and related activities. As a result, these determinants have assured the increased expansion of market.
Global Olefins Market was valued at USD 240.0 billion in 2021 and is expected to reach USD 347.91 billion by 2029, registering a CAGR of 4.75% in 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
By Type (Ethylene, Propylene, Butadiene, Butylene, Others), Product Type (Olefin Glycols, Olefin Oxides, Ethylbenzene, Polyolefins, Cumene), Application (Polyethylene, Detergent Alcohol, Synthetic Lubricants, Plasticizers, Cosmetics, Adhesives, Others), Distribution Channel (Distributors, Wholesale)
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
Market Players Covered
Shell (Netherlands), Chevron Phillips Chemical Company LLC (U.S.), Ineos AG (Switzerland), SABIC (Saudi Arabia), Sasol (South Africa), Evonik Industries AG (Germany), Dow (U.S.), ExxonMobil Corporation (U.S.), Idemitsu Kosan Co. Ltd. (Japan), PJSC Nizhnekamskneftekhim (Russia), JAM Petrochemicals Company (Iran), NOVA Chemicals Corporate (Canada), Chevron Phillips Chemical Company LLC (U.S.), LyondellBasell Industries Holdings B.V. (U.S.), Qatar Chemical Company Ltd (Qatar), Mitsubishi Mitsui Chemicals, Inc. (Japan), Jam Petrochemical Company (Iran), TPC Group (U.S.)
Olefin (also referred as alkene) is a hydrogen-carbon molecule with one or more pairs of carbon atoms joined by a double bond. Unsaturated hydrocarbons include olefins (compounds that contain only hydrogen and carbon and at least one double or triple bond).
Olefins Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increased Use of Olefins
The growing use of olefins in the automobile industry has significantly impacted market growth. The rising demand for polycarbonates is a significant variable encouraging the olefins market's expansion over the forecast period. Additionally, the growing worldwide population contributes considerably to the expansion of the food and beverage industry, which has high needs for packaging materials, and rising population levels are favorably impacting the olefins market. The expanding automobile industry, which necessitates the use of high-quality olefin in the creation of automobile interiors, is the primary driver of market expansion.
- Surging Demand for PAO-based Synthetic Lubricants
PAOs have quickly acquired popularity as high-performance lubricants due to their desirable properties such as high viscosity index, thermal stability, oxidative stability, mineral oil compatibility, and low toxicity. PAOs provide technological benefits, but they also help protect environmental quality in some sensitive applications. Synthetic lubricants based on PAO provide improved performance in offshore drilling applications with environmental concerns. Furthermore, because some PAOs are biodegradable, they can be used to replace vegetable-based oils. PAO-based synthetic lubricants have a tendency to eliminate drilling-related performance errors. The high demand for PAO-based synthetic lubricants, further boosts the growth of overall olefins market.
Furthermore, the rise in demand for engine oils will further propel the growth rate of olefins market. Additionally, the growth in usage of internal olefins in oil drilling and associated activities will also drive market value growth. The increased global demand for agrochemicals in agrarian and emerging economies is projected to bolster the growth of the market.
- Growth in Innovation and Surging Investments
Furthermore, growing innovations and advancements in the production methods leading in enhanced effectiveness of production process and improved product offering further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing investments in research and development will further expand the future growth of the olefins market.
- Fluctuation in Raw Material Prices
Variable raw material prices heavily influence the olefins market. The cost of generating olefins rises in tandem with the rise in raw material prices. The manufacturers' overall costs will rise as a result of this. The fluctuating prices of raw materials for the manufacturing of olefins will therefore, create hindrances for the growth of the olefins market.
- Environment Regulations
Also, the strict environmental regulations regarding the production and manufacturing of crude oil bi-products have the potential to challenge the growth of the olefins market growth rate.
This olefins market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the olefins market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Olefins Market
The recent outbreak of coronavirus had a negative impact on the olefins market. Olefins market growth has suffered as a result of long-term lockdowns in the majority of countries. During this epidemic, the olefins industry has experienced significant losses due to travel restrictions around the world and severe social distancing measures. Throughout the second half of 2020, this market has recovered. In pharmaceutical applications, however, demand for olefins has remained consistent.
Global Olefins Market Scope
The olefins market is segmented on the basis of type, product type, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Olefin Glycols
- Olefin Oxides
- Detergent Alcohol
- Synthetic Lubricants
- Plasticizers, Cosmetics
Olefins Market Regional Analysis/Insights
The olefins market is analyzed and market size insights and trends are provided by country, type, product type, application and distribution channel as referenced above.
The countries covered in the olefins market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the region's high production rate and stringent environmental regulations.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing construction activities due to rapid urbanization associated with high growth of automotive industry within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Olefins Market Share Analysis
The olefins market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to olefins market.
Some of the major players operating in the olefins market are
- Shell (Netherlands)
- Chevron Phillips Chemical Company LLC (U.S.)
- Ineos AG (Switzerland)
- SABIC (Saudi Arabia)
- Sasol (South Africa)
- Evonik Industries AG (Germany)
- Dow (U.S.)
- ExxonMobil Corporation (U.S.)
- Idemitsu Kosan Co. Ltd. (Japan)
- PJSC Nizhnekamskneftekhim (Russia)
- JAM Petrochemicals Company (Iran)
- NOVA Chemicals Corporate (Canada)
- Chevron Phillips Chemical Company LLC (U.S.)
- LyondellBasell Industries Holdings B.V. (U.S.)
- Qatar Chemical Company Ltd. (Qatar)
- Mitsubishi Mitsui Chemicals, Inc. (Japan)
- Jam Petrochemical Company (Iran)
- TPC Group (U.S.)