Ethane Market Insight
The ethane market 2020 held a value of USD 608 million in 2020, says Market Research Future (MRFR). The new MRFR study also reveals that the market can achieve a moderate CAGR of 6.14% from 2020 to 2027(evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Reputed Companies
Some of the most reputed firms in the global industry include Merck KGaA (Germany), Enterprise Products Partners LP (US), Targa Resources Corp. (US), Reliance Industries Limited (India), Air Liquide (France), The Williams Companies Inc. (US), Praxair Technology Inc. (US), American Ethane (US), DCP Midstream LLC (US), Energy Transfer Partners LP (US), Aux Sable (US), Boardwalk Louisiana Midstream LLC (US), Enbridge Inc. (Canada), Devon Energy Corporation (US), Royal Dutch Shell PLC (the Netherlands), to mention a few.
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Market Boosters and Restraints
The recent COVID-19 outbreak has slowed down the ongoing projects that pertain to ethane, which means that capacity expansion is no longer the prime focus as the pandemic has taken the front seat. Many of the projects have been delayed, with no possibility of restarting any time in the near future. Different ethane manufacturers in various regions are strategizing based on the challenges they are facing due to SARS-CoV-2. For instance, since the lockdown, the Middle Eastern manufacturers have been more focused on boosting their operational efficiency instead of capacity expansion, while lowering the operating cost remains the main focus area for the North American manufacturers.
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Furthermore, the rising uptake of ethane as a refrigerant, given its eco-friendly properties such as the provision of reduced global warming and ozone depletion, especially when compared to refrigerants that are made of hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs) and chlorofluorocarbons (CFCs), bolsters the demand to a large extent. The growing number of researches and development activities to manufacture eco-friendly ethane by leading firms is expected to do wonders for the market in the long run.
To cite an instance, in April 2020, a research group of the North Carolina State University developed a new catalyst that is able to convert ethane to ethylene more effectively. This process widens the application scope of the product in various manufacturing processes. The process also helps bring down the costs associated with ethylene production and reduce CO2 emissions by close to 87%.
Segmental Outlook
Ethane Market has been considered for application and end-use industry.
Refrigerant, acetic acid synthesis, ethylene synthesis, and more are the top applications of ethane. Between these, the market for ethylene synthesis is the biggest, on account of the soaring demand for ethylene from various industries, which is why the said market can procure the fastest CAGR in subsequent years.
The prime end-use industries outlined in the market study include automotive transportation, healthcare, electrical electronics, building construction, power, packaging, and more. In 2018, the packaging segment took the lead in the global market, owing to the massive consumption of PVC, polyethylene, polystyrene and polyester that are derived from ethane, especially in the packaging sector. Besides, the power industry also seems to be advancing an encouraging rate, considering the better performance of ethane compared to LNG.
Regional Insight
The geographical distribution of the ethane industry comprises APAC/Asia Pacific, Europe, Latin America, Middle East Africa/MEA as well as North America.
The top performer since 2018 has been APAC, which is also presumed to achieve the fastest expansion rate over the forecast period. The demand is quite extensive in China, where ethane finds applications in various industries like automobile and construction, among others. With these end users being highly well-developed in China and in other fast developing countries like Indonesia, India, Malaysia and Vietnam, the demand for ethane is at an all-time high and this can be the case even in the coming years.
North America has been in the second lead since 2018, thanks to the rising number of ethane manufacturing facilities in light of the escalating domestic demand. The market growth is also bolstered by the presence of thriving transportation and automotive industries that ensure steady revenue for ethane and its derivatives. The lucrative electrical and electronics sector also support the market growth in the region to a large extent. Although the novel coronavirus has slowed down the manufacturing activities considerably, the North American market seems to be making fast recovery and is expected to emerge stronger in the near future.
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