Olefins Market Size, Share, Growth & Industry Trends [2031]

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Olefins Market Size, Share, Growth & Industry Trends [2031]

Olefins Market Size, Share, Growth & Industry Trends [2031]

Segments - Olefins Market by Type (Ethylene, Propylene, Butadiene, Butylene, and Others), Application (Polyethylene, Detergent, Lubricant Additives, Plasticizers, Cosmetics, Textile, Adhesives & Sealants, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031.

Author : Riddhesh Dani

Fact-checked by : Harneet Meher

Editor : Shruti Bhat

Report Description

Olefins Market Outlook 2031

The global olefins market size was valued at USD 251.35 Billion in 2022 and is likely to reach USD 380.99 Billion by 2031, expanding at a CAGR of 4.73% during 2023 – 2031. The market growth is attributed to the increasing adoption of plastic packaging.

Increasing adoption of plastic packaging is expected to boost the demand for olefins. Polymers are used in packaging to serve as a shield against chemical, biological, and physical damage and prevent the loss of flavor and aroma of perishable products. Olefins are used as raw materials in the manufacturing of polymer products, such as plastic, which helps to improve the resistance, flexibility, and overall durability of polymers. For instance,

As per a report, the global plastic packaging market is expected to expand at a CAGR of 6.1%. The market was valued at USD 265 billion in 2021 and is expected to reach USD 400 billion by 2027.

Olefin known as alkene is a hydrogen-carbon molecule used in polyethylene, detergent, lubricant additives, plasticizers, cosmetics, and textiles. It has one or more pairs of carbon atoms joined by a double bond. Ethylene, propylene, butadiene, and butylene are some of the types of olefins.

The COVID-19 pandemic impeded the demand for olefins. Governments all over the world imposed a nationwide lockdown to limit the spread of the disease, creating a sharp decline in the automobile industry, which hampered the demand for olefins. Olefins are primarily adopted in automobiles for vehicle interiors, such as seats, dashboards, and making tires. For instance,

According to a report published by the International Organization of Motor Vehicle Manufacturers, an estimated 16% decline was registered in the production of automobiles in 2020.

Olefins Market Dynamics

Major drivers

Growing textile industry is anticipated to boost the demand for olefin. It is widely used in the textile industry to make polymers. However, polymers are used as resins in the textile industry for giving leather finishes. Furthermore, olefins are resistant to staining, mildew, abrasion, and sunlight, which increases their adoption in textiles. For instance,

As per a report, the textile market is projected to amount to USD 161.40 billion in 2023 at a CAGR of 5.48% between 2023 and 2028.

Rising automobile industry is expected to drive the market. Olefins are used as a raw material to manufacture rubber and rubber is used in the production of tires for automobiles. Moreover, olefins are used in the manufacturing of synthetic fiber and polymers, which are used to manufacture seats and dashboards of cars. Thus, the growing automobile industry is projected to propel the market. For instance,

As per a report published by the European Automobile Manufacturers Association, around 85.4 million motor vehicles were produced around the world in 2022, an increase of 5.7% compared to 2021.

Existing Restraints

Strict environmental regulations regarding the production and manufacturing of crude oil are projected to restrict the market. Olefins are produced at crude oil refineries and petrochemical plants, as it is a by-product of crude oil. Moreover, olefins are heat-sensitive and can be easily damaged by friction, such as from dragging heavy items over them, which is projected to hamper the market.

Emerging Opportunities

Increasing investment in R&D activities by major players to develop zero-emission technology for the production of olefin creates an immense opportunity in the market. On March 22, 2023, KBR, a US-based company operating in the fields of science, technology, and engineering, launched SCOREKlean, a zero-emissions technology for the production of olefins. The technology utilizes 100% hydrogen-fueled burners for the production of olefins.

Scope of the Olefins Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Olefins Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Type (Ethylene, Propylene, Butadiene, Butylene, and Others) and Application (Polyethylene, Detergent, Lubricant Additives, Plasticizers, Cosmetics, Textile, Adhesives, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Chevron Phillips Chemical Company LLC; Dow; Exxon Mobil Corporation; Evonik Industries AG; Idemitsu Kosan Co., Ltd; INEOS; Jam Petrochemical; LyondellBasell Industries Holdings B.V.; Shell plc; SABIC; SIBUR Holding PJSC; and Republic Services, Inc.

Olefins Market Segment Insights

Type Segment Analysis

Based on type, the olefins market is categorized into ethylene, propylene, butadiene, butylene, and others. The propylene segment held a large share of the market in 2022, due to the increasing need for plastic.

Polypropylene is the most common thermoplastic used in plastic packaging, plastic parts for machinery and equipment, strapping tape, flat bags, gusseted bags, and fibers and textiles. Polypropylene is resistant to high- temperatures, which makes it suitable for microwaveable packaging, encouraging its adoption in the packaging industry.

The butylene segment is anticipated to grow at a rapid pace during the forecast period, owing to the rising cosmetic industry. Butylene is commonly used in cosmetics to soften or soothe the skin. It is a conditioning agent that adds a layer of softness to hair or skin. It has the property to hydrate skin, which encourages its adoption in cosmetics.

Application Segment Analysis

In terms of application, the global market is segregated into polyethylene, detergent, lubricant additives, plasticizers, cosmetics, textiles, adhesives, and others. The adhesives segment accounted for a major share of the market in 2022, due to the increasing investments in construction and infrastructure.

Adhesives are used in flooring, expansion joints, and panels of the building. Moreover, manufacturers of automobiles use adhesives to improve the strength and stiffness of the vehicles, which lessens unwanted body vibrations of vehicles. These benefits offered by adhesives are expected to propel the market.

The plasticizers segment is anticipated to grow at a robust pace in the coming years, owing to the rising number of applications in several industries. Olefins are the raw materials used in the manufacturing of plasticizers. However, plasticizers are used in the production of plastic products, such as CDs, DVDs, mobile phone covers, plastic food containers, eyeglass lenses, food packaging, and drinking bottles, which is expected to boost their demand.

Regional Outlook

Based on region, the olefins market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2022 and is projected to hold a large share of the market during the forecast period, due to the high production rate of olefins and the presence of established market players, such as Dow, Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, and LyondellBasell Industries Holdings B.V.

Moreover, rising construction activities in the region are propelling the demand for olefins, as they are required in the production of adhesives, which are commonly adopted in construction activities for flooring, expansion joints, and panels. For instance,

As per a report, the market size of the US construction sector was valued at around USD 1.8 trillion in 2022 and is expected to expand at a CAGR of 4% during 2024-2027.

The market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period, owing to the large construction industry and rising urbanization. Moreover, the growing automobile industry in the region is expected to create a lucrative demand for olefins, as they are needed in automobiles to manufacture vehicle interiors, such as dashboards, steering, seats, and tires. For instance,

As per a report published by the Press Information Bureau on February 17, 2023, India aims to double its auto industry size to ₹15 lakh crores by 2024.

Segments

The olefins market has been segmented on the basis of

Type

Ethylene
Propylene
Butadiene
Butylene
Others

Application

Polyethylene
Detergent
Lubricant Additives
Plasticizers
Cosmetics
Textile
Adhesives
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Chevron Phillips Chemical Company LLC
Dow
Exxon Mobil Corporation
Evonik Industries AG
Idemitsu Kosan Co.,Ltd
INEOS
Jam Petrochemical
LyondellBasell Industries Holdings B.V.
Shell plc
SABIC
SIBUR Holding PJSC
Republic Services, Inc.

Competitive Landscape

Key players competing in the global market are Chevron Phillips Chemical Company LLC; Dow; Exxon Mobil Corporation; Evonik Industries AG; Idemitsu Kosan Co., Ltd; INEOS; Jam Petrochemical; LyondellBasell Industries Holdings B.V.; Shell plc; SABIC; SIBUR Holding PJSC; and Republic Services, Inc.

These companies adopted development strategies including collaboration, product launches, mergers, acquisitions, partnerships, and production expansion to expand their consumer base worldwide. For instance,

On July 31, 2023, Republic Services, Inc., a North America-based waste disposal company, partnered with Ravago, a distributor of polymers rubber, and chemicals, to build a plant in the US dedicated to the production of PET and polyolefins.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Olefins Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Olefins Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Olefins Market - Supply Chain
  4.5. Global Olefins Market Forecast
     4.5.1. Olefins Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Olefins Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Olefins Market Absolute $ Opportunity
5. Global Olefins Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Olefins Market Size and Volume Forecast by Types
     5.3.1. Ethylene
     5.3.2. Propylene
     5.3.3. Butadiene
     5.3.4. Butylene
     5.3.5. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Olefins Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Olefins Market Size and Volume Forecast by Applications
     6.3.1. Polyethylene
     6.3.2. Detergent
     6.3.3. Lubricant Additives
     6.3.4. Plasticizers
     6.3.5. Cosmetics
     6.3.6. Textile
     6.3.7. Adhesives
     6.3.8. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Olefins Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Olefins Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Olefins Demand Share Forecast, 2019-2026
8. North America Olefins Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Olefins Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Olefins Market Size and Volume Forecast by Types
     8.4.1. Ethylene
     8.4.2. Propylene
     8.4.3. Butadiene
     8.4.4. Butylene
     8.4.5. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Olefins Market Size and Volume Forecast by Applications
     8.7.1. Polyethylene
     8.7.2. Detergent
     8.7.3. Lubricant Additives
     8.7.4. Plasticizers
     8.7.5. Cosmetics
     8.7.6. Textile
     8.7.7. Adhesives
     8.7.8. Others
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Olefins Demand Share Forecast, 2019-2026
9. Latin America Olefins Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Olefins Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Olefins Market Size and Volume Forecast by Types
     9.4.1. Ethylene
     9.4.2. Propylene
     9.4.3. Butadiene
     9.4.4. Butylene
     9.4.5. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Olefins Market Size and Volume Forecast by Applications
     9.7.1. Polyethylene
     9.7.2. Detergent
     9.7.3. Lubricant Additives
     9.7.4. Plasticizers
     9.7.5. Cosmetics
     9.7.6. Textile
     9.7.7. Adhesives
     9.7.8. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Olefins Demand Share Forecast, 2019-2026
10. Europe Olefins Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Olefins Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Olefins Market Size and Volume Forecast by Types
     10.4.1. Ethylene
     10.4.2. Propylene
     10.4.3. Butadiene
     10.4.4. Butylene
     10.4.5. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Olefins Market Size and Volume Forecast by Applications
     10.7.1. Polyethylene
     10.7.2. Detergent
     10.7.3. Lubricant Additives
     10.7.4. Plasticizers
     10.7.5. Cosmetics
     10.7.6. Textile
     10.7.7. Adhesives
     10.7.8. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Olefins Demand Share Forecast, 2019-2026
11. Asia Pacific Olefins Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Olefins Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Olefins Market Size and Volume Forecast by Types
     11.4.1. Ethylene
     11.4.2. Propylene
     11.4.3. Butadiene
     11.4.4. Butylene
     11.4.5. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Olefins Market Size and Volume Forecast by Applications
     11.7.1. Polyethylene
     11.7.2. Detergent
     11.7.3. Lubricant Additives
     11.7.4. Plasticizers
     11.7.5. Cosmetics
     11.7.6. Textile
     11.7.7. Adhesives
     11.7.8. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Olefins Demand Share Forecast, 2019-2026
12. Middle East & Africa Olefins Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Olefins Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Olefins Market Size and Volume Forecast by Types
     12.4.1. Ethylene
     12.4.2. Propylene
     12.4.3. Butadiene
     12.4.4. Butylene
     12.4.5. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Olefins Market Size and Volume Forecast by Applications
     12.7.1. Polyethylene
     12.7.2. Detergent
     12.7.3. Lubricant Additives
     12.7.4. Plasticizers
     12.7.5. Cosmetics
     12.7.6. Textile
     12.7.7. Adhesives
     12.7.8. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Olefins Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Olefins Market: Market Share Analysis
  13.2. Olefins Distributors and Customers
  13.3. Olefins Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Chevron Phillips Chemical Company LLC
     13.4.2. Dow
     13.4.3. Exxon Mobil Corporation
     13.4.4. Evonik Industries AG
     13.4.5. Idemitsu Kosan Co.,Ltd
     13.4.6. INEOS
     13.4.7. Jam Petrochemical
     13.4.8. LyondellBasell Industries Holdings B.V.
     13.4.9. Shell plc
     13.4.10. SABIC
     13.4.11. SIBUR Holding PJSC
     13.4.12. Republic Services, Inc.