Olefins are some of the most important building blocks or raw materials for several key chemical products and intermediates. Olefins are mainly produced by cracking of crude oil, naphtha or natural gas. Olefins are used to manufacture several key plastics, polymers and resins such as Polyethylene, Polypropylene. Examples of olefins include, ethylene, propylene and butadiene.
Olefin Market Size
The global olefin market was valued at $200.8 billion in 2017. Asia-Pacific was the largest geographic region in the market in 2017, accounting for 39% share in the market. China was the largest country in the olefins market in 2017, accounting for 17.6% share in the market.
Olefin Market Trend
Companies have started using Roto Dynamic Reactor Technology due to its energy efficiency. This is an innovative olefin cracking technology invented in 2017 and improves the olefin production with lesser energy consumption. This hydrocarbon cracking method based technology, saves non-renewable resources and reduces impurity generation from ethylene cracking. This technology is developed and patented by Coolbrook Oy in collaboration with Neste Jacobs, University of Cambridge’s Whittle laboratory, University of Oxford’s Osney Thermo Fluids laboratory, MANTurbo and Dow Chemicals.
Olefins Market Segmentation
The olefins manufacturing market includes, but is not limited to, the following:
Ethylene market comprises of manufacturing and sale of ethylene (CH2=CH2). Ethylene is the simplest Olefin with two carbons. Ethylene is mainly produced from steam cracking of naphtha, gas oil, and natural gas. Ethylene is utilized mainly to produce polyethylene, vinyl chloride, ethylene oxide & glycol and other derivative chemicals. Chemicals such as ethylene oxide is used to make detergents, thickeners, solvents and plastics.
Propylene market includes manufacture and sale of propylene (CH2=CH-CH3). Propylene consists of three carbons with one double bond. Propylene is mainly produced from steam cracking of naphtha, gas oil, and natural gas. Propylene is utilized mainly to produce polypropylene, acrylonitrile, acrylic acid, and other derivative chemicals. Chemicals such as acrylic acid is used as a comonomer with acrylamide in anionic polyacrylamide and to produce hydroxyacrylates for use in industrial coating formulations.
Butadiene market comprises of establishments manufacturing and selling Butadiene (CH2=CH-CH=CH2.) Butadiene consists of four carbons with two double bonds. Butadiene is a byproduct of the steam cracking of heavier hydrocarbon feed such as naphtha and gas oil. Butadiene is an important chemical utilized to manufacture synthetic rubbers and polymers, including styrene-butadiene rubber (SBR,) acrylonitrile butadiene rubber (NBR,) and Acrylonitrile butadiene styrene (ABS.)
Butylene market comprises of manufacturing and sale of butylene. Butylene consists of four carbons with one double bond. (CH3-CH=CH-CH3) is an isomer of butylene called 2-butene. Butylene is a byproduct of the steam cracking of crude oil. 2-Butene is used to produce 2-butanol. Iso butylene, another isomer of butylene is used to produce methyl tert-butyl ether (MTBE), which is a syngas chemical.
The major players in the global olefins market are Saudi Industries Corporation (SABIC), DowDuPont Inc., ExxonMobil Chemical Company, Royal Dutch Shell Plc., and China Petroleum & Chemical Corporation (Sinopec).
The countries covered in the global olefins market are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.