The global ethylene octene copolymer market is anticipated to reach USD 4.2 billion by 2032, according to the demand of the market.
The drivers of the global ethylene octene copolymer market is the rise in demand from the construction, packaging, and automotive industries. Major end-users of this market are the plastic industry, and others.
The increase in applications is estimated to spur business growth over the forecast period. The production of ethylene octene copolymer is on an upswing due to its use as a raw material for conducting and insulating wires & cables. Also, it finds application in food packaging; hence it has been gaining popularity amongst customers.
Advantages of the Ethylene Octene Copolymer Market
Some of the advantages of the Ethylene Octene Copolymer Market include:
• The ethylene octene copolymer market size is expected to increase during the forecast period. This is due to the growing demand for this product in various industries and applications such as food packaging, automobile components, construction materials, and others.
• This product has wide range of properties such as flexibility, resistance to chemicals and heat, and transparency. These properties are anticipated to fuel the demand for ethylene octene copolymer globally.
• The market is fragmented due to the presence of many large and small players across the value chain. This provides ample opportunities for new entrants.
Market Value and CAGR
The current CAGR of the Ethylene Octene Copolymer Market is expected to grow at a rate of 4.2% and is expected to reach USD around 3.8 Bn by 2032.
Factors Affecting Market Growth
The factors that are driving the growth of the Ethylene Octene Copolymer Market include the increased demand for ethylene octene copolymer in the construction industry, and the growing automotive industry. The other factors that are restraining the growth of the market include the high cost of raw materials and the volatile nature of prices of raw materials.
Restraints of the Market
The factors that may hamper the global ethylene octene copolymer market growth are high cost and volatile prices of raw materials. Ethylene octene copolymer is mostly manufactured from ethylene gas, which is extremely flammable, and if not handled properly can lead to major accidents at the production facility itself. The cost incurred during such scenarios would be passed on to consumers by way of price hikes for finished products containing ethylene octene copolymer making them unaffordable for some end-users.
Key Players in the Ethylene Octene Copolymer Market
The players in the Ethylene Octene Copolymer Market are grouped based on their market capitalization. They are also ranked in terms of their company profile, product portfolio, capacity, price, cost and revenue.
The Key Players in the Ethylene Octene Copolymer Market are:
Innovate (Exxon Mobil) Basel Polyolefins Hanwha Chemical Formosa Plastics Sinopec Lyondellbasell Industries Nippon Steel & Sumitomo Metal Exxon Mobil Royal Dutch Shell PLC Borealis AG Total SA Chevron Phillips Chemical Company LLC Saudi Basic Industries Corporation (SABIC) China Petrochemical Corporation (SINOPEC) Braskem Ideas S.A.P.I de C.V Fushun Petrochemical Co., Ltd Guangzhou Petrochemical Company Limited Jilin Petrochemical Co., Ltd Shandong Hualu-Hengsheng Chemical Co., Ltd
Segment Analysis into type, application, end user and region Ethylene Octene Copolymer Market
The most demanded product of the Ethylene Octene Copolymer Market is the High Melt Strength (HMS) Ethylene Octene Copolymer. The product is highly demanded for its excellent performance in the production of plastic bags, food wrappers and a wide variety of applications in the flexible packaging industry.
Ethylene octene copolymer market by end use is segmented into Flexible Packaging, Rigid packaging, Consumer goods, Automotive and others. Among all the end users, flexible packaging has dominated the market with a maximum share owing to its widespread usage as an excellent barrier material against moisture and oxygen permeation across the flexible packaging products like pouches, sachets which are widely used in various industries like food & beverage industry.
As per region segments, Asia Pacific region has been predicted to be one of the most prominent regions due to rapid economic growth in countries like China and India coupled with rising population leading to increased demand for ethylene octene copolymer from different industries.
Impact of Covid-19 on the Ethylene Octene Copolymer Market
The outbreak of the Covid-19 pandemic has had a significant impact on the ethylene octene copolymer market. The market is anticipated to grow at a CAGR of 4.2% during the forecast period (2021-2032).
The automotive industry is one of the major consumers of ethylene octene copolymer. The demand for automobiles has declined significantly due to the lockdown measures implemented by various governments across the world. This has led to a decrease in the demand for ethylene octene copolymer from the automotive industry.
The consumer products industry is another major consumer of ethylene octene copolymer. The demand for consumer products, such as electronics and appliances, has also declined due to the Covid-19 pandemic. This has resulted in a decrease in the demand for ethylene octene copolymer from this application segment.
The packaging industry is another significant consumer of ethylene octene copolymer. The lockdown measures have led to a decline in the consumption of packaged food and beverages. This has resulted in a decrease in the demand for ethylene octene copolymer from this application segment.
Key developments in the Ethylene Octene Copolymer Market
In January, 2019, ExxonMobil Chemical Company announced the expansion of its production capacity for Exact™ copolymers at its Jurong Island facility in Singapore. This expansion has added 80,000 tons of additional annual production to meet the growing demand for Exact™ copolymers around the world
In December, 2018, ExxonMobil Chemical Company partnered with JSR Corporation’s elastomer division to provide reliable supply and technical support in order to accelerate EPDM rubber research and development
In October, 2018, SIBUR Holding opened a new polymer processing facility in Tools. The facility will produce about 120 kappa of high-density polyethylene (HDPE) based on the Spherion™ technology and is expected to enhance SIBUR's regional market position
Some of the key players operating in the Ethylene Octene Copolymer Market are DowDuPont Inc., ExxonMobil Chemical Company, INEOS Olefins & Polymers USA Inc., LyondellBasell Industries N.V., SIBUR Holding PJSC among others.
Ethylene Octene Copolymer Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 3.8 billion|
|Growth Rate||CAGR of 4.2 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Innovate (Exxon Mobil) Basel Polyolefins Hanwha Chemical Formosa Plastics Sinopec Lyondellbasell Industries Nippon Steel & Sumitomo Metal Exxon Mobil Royal Dutch Shell PLC Borealis AG Total SA Chevron Phillips Chemical Company LLC Saudi Basic Industries Corporation (SABIC) China Petrochemical Corporation (SINOPEC) Braskem Ideas S.A.P.I de C.V Fushun Petrochemical Co., Ltd Guangzhou Petrochemical Company Limited Jilin Petrochemical Co., Ltd Shandong Hualu-Hengsheng Chemical Co., Ltd|
Key Segments of the Ethylene Octene Copolymer Market
Type Overview, 2021-2031 (USD Billion)
• Injection Grade
• General Grade
• Extrusion Grade
Application Overview, 2021-2031 (USD Billion)
• Automotive Parts
• Consumer Products
• Wire and Cable
• Foams and Footwear
• Packaging Products
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa