World News: 03:00 GMT Tuesday 14th January 2020. [Reports and Data via Globe Newswire via SPi World News]
New York, Jan. 13, 2020 (GLOBE NEWSWIRE) -- The global Ethylene market is forecast to reach USD 158.84 Billion by 2027, according to a new report by Reports and Data. Ethylene is a monomer derived from petrochemical, which finds several use in end-use products, including fibers, and plastics. Ethylene is also very useful in manufacturing organic chemicals.
Ethylene is used in the chemical industry, and most of it goes toward polyethylene, which is a widely used plastic containing polymer chains of ethylene units in various chain lengths. It is also an important natural plant hormone and is used in agriculture to force the ripening of fruits.
Ethylene is the lightest olefin hydrocarbon with naphtha and ethane as major sources. The factors contributing to the growth of the market are the expansion of the food industry and high demand for polyethylene. High demand for aseptic packaging in beverage industries is driving the growth of the market. Ethylene is one of the most important organic chemicals by volume. It is the building block for a vast range of chemicals, from antifreeze solutions and solvents to plastics.
China is investing heavily in steam crackers, which is driven by the healthy margins of the ethylene industry. The liberalization of the market in the region has made it possible for private companies to invest, along with state-owned producers. This change in the pattern of ownership has amplified the investment as producers are seeking to benefit from the high profit of the ethylene market.
In 2018, Saudi Basic Industries Corporation (SBIC) and Exxon Mobil in a joint venture-initiated construction of world’s largest ethylene production plant, estimated at USD 1.4 billion.
For the purpose of this report, Reports and Data have segmented into the global Ethylene market on the basis of feedstock, application, end-users, and region:
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Globe Newswire: 03:00 GMT Tuesday 14th January 2020
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