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.
The promising growth in consumer spending along with the rise in manufacturing activities across the globe has fostered ethane demand. With the rising use of ethanol as biofuel across industries, the market has managed to gain more quickly than expected. Large-scale production of shale gas in the US, as the production cost of ethane is significantly lower compared to naphtha, also benefits the worldwide market.
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Market Segmentation:
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.
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Regional Analysis:
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 2022 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.
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