Polyethylene Market- Overview
Polyethylene Market – Market Overview
Polyethylene Market is projected to be worth USD 135.87 billion by 2030, registering a CAGR of 5.89% during the forecast period (2022 - 2030). The market was valued at USD 112.15 billion in 2021.
Considered as the largest polymer Polyethylene is widely consumed across an array of industries viz. plastic packaging, automotive, construction, electrical electronics, furniture, and consumer goods among others. Primarily, the demand for Polyethylene Market price chart is propelled by the increasing consumption of plastics products across the globe.
In terms of supply and demand of raw material used for Polyethylene, China holds a significant market share globally. Although China lags in terms of oil gas reserves, the country is rich in coal. To reduce the dependency on Polyethylene imports and produce self-sufficient amount of Polyethylene and Polyethylene derivatives, China is opting for production of Polyethylene from coal. China’s coal to olefins is a multi-step process wherein coal is converted to syngas, which is converted to methanol; methanol is thereafter converted to olefins (Polyethylene and propylene).
Foreseeing the demand manufacturers in China are increasing its capacity for Polyethylene Market Growth with major capacity additions ready to commence production in first quarter of 2018, 2019, 2021, 2023. China poised to raise its Polyethylene capacity by 71%. For instance, CNOOC Limited capacity addition of Polyethylene which is scheduled to commence production from the 2018Q1.
Similarly, recently merged DowDuPont announced its new integrated world scale Polyethylene and propylene production facility in Texas. The plant will produce 400,000 MT Polyethylene resin for flexible food and industrial packaging applications.
Polyethylene (PE), also known as polythene, is a group belonging to the thermoplastic polymers, and based on its polymerization process, it can be produced for different purposes.
Key Vendors:
China Petrochemical Corporation (China), Formosa Plastics Corporation (Taiwan), Petronas Chemicals Group Berhad (Malaysia), Mitsui Chemicals Inc. (Japan), Exxon Mobil Corporation (the US), LyondellBasell Industries NV (the Netherlands), Sumitomo Chemical Co. Ltd (Japan), SABIC (Saudi Arabia), DowDuPont (the US), INEOS Group Holdings SA (the UK), Sasol Ltd. (South Africa), Chevron Phillips Chemical Company (US)
Polyethylene output capacity from various coal to olefins plants in China is estimated to be around 1.6 million tons. Additionally, upcoming naphtha cracker expansions in 2017 and 2018 in China, South Korea and Malaysia is expected to add 1.4 million tons/year of Polyethylene capacity in the Asia Pacific region. An abundant supply of feedstock i.e. ethane from shale gas in the US has resulted in the major capacity expansion of Polyethylene Market in the North America region. For instance, Dow Chemical’s 0.25 million metric tons/year Polyethylene expansion at its Louisiana operations complex in Plaquemine set for completion by end-2017.However, tomorrow’s demand for Polyethylene is expected majorly from the emerging markets.
Industry/ Innovation/ Related News:
November, 2017- DowDuPont announced its new integrated world scale Polyethylene and propylene production facility in Texas. The plant will produce 400,000 MT Polyethylene resin for flexible food and industrial packaging applications.
October, 2017-, Reliance Industries Ltd., commenced production in new ethane-based Polyethylene plant located in Gujarat, India. The plant comprises of 550 ‘000 MT/year LLDPE line and 400 ‘000 MT/year LDPE unit. The company is targeting the African and South Asia market with this strategic expansion.
September, 2016-, GAIL India Ltd., commenced production of Polyethylene in its Pata petrochemical in Uttar Pradesh, India. An additional 400,000 tonnes/year increasing the company’s total production capacity to 810,000 tonnes/year. The expansion was in line with the increasing demand for Polyethylene from new market avenues.
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