$28.42 Billion Electric Steam Cracker Market To 2040: Increase In The Collaboration And Industry Partnerships Fuel Opportunities

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Dec. 19, 2024 (GLOBE NEWSWIRE) -- The "Electric Steam Cracker market - A Global and Regional Analysis: Focus on End-Use Industry, End-Product, Companies and Institutions Involved in the Development of Electric Furnaces, and Country-Level Analysis - Analysis and Forecast, 2025-2040" report has been added to ResearchAndMarkets.com's offering.

The global electric steam cracker market is expected to be valued at $26.03 million in 2025 and is projected to grow at a CAGR of 59.42%, reaching $28.42 billion by 2040

The market has been driven by increasing regulatory pressures to reduce emissions and the growing focus on decarbonizing industrial processes. Advancements in electrification technologies, stringent environmental regulations, and industry collaborations are key factors shaping this evolving market.

These innovations enable more efficient, sustainable production methods, particularly in the petrochemical sector, as companies seek to comply with stricter emission standards. As demand for low-emission solutions intensifies, the global electric steam cracker market continues to advance with a focus on sustainability and technological progress.

Currently, there is minimal presence of the global electric steam cracker market in France, the Netherlands, and the Rest-of-Europe, but significant growth is anticipated in the coming years. Increasing focus on decarbonization and regulatory pressures are expected to drive market expansion in these regions during the forecast period.

The Europe region is set to lead the global electric steam cracker market, driven by stringent decarbonization goals, increasing environmental awareness, and robust regulatory frameworks aimed at reducing industrial emissions. Countries such as Germany, Belgium, and the Netherlands are witnessing a significant rise in demand for electric steam cracker technologies due to growing concerns about carbon emissions in the petrochemical sector. The region's expanding chemical industries, combined with its commitment to sustainable industrial practices, are accelerating the adoption of electric steam cracking to meet emission reduction targets.

Governments across Europe are enforcing strict regulations to monitor and mitigate industrial pollution, further boosting the need for electrification in steam cracking processes. The European Union's focus on green energy transitions is also driving the development of innovative, low-emission solutions. As Europe continues to advance economically and technologically, it is expected to maintain its leadership position in the global electric steam cracker market, significantly contributing to the reduction of industrial emissions and promoting sustainable production methods.

Industrial Impacts

The global electric steam cracker market's industrial impact spans petrochemical production, emissions reduction, and regulatory compliance sectors. Advancements in electrification technologies are driving innovation and improving the efficiency and sustainability of steam cracking processes. These developments foster collaborations between petrochemical companies, regulatory bodies, and technology providers, raising industry standards and pushing the boundaries of research and development.

Moreover, the focus on low-emission, energy-efficient solutions aligns with global decarbonization goals, thereby influencing broader industrial practices and promoting stricter regulatory compliance. As a result, the global electric steam cracker market plays a pivotal role in reducing industrial emissions, driving technological innovation, and supporting sustainable development initiatives globally.

The key players operating in the global electric steam cracker market include KBR Inc., Technip Energies N.V., Lummus Technology, Linde PLC, Coolbrook, LyondellBasell Industries, Chevron Phillips Chemical Company LLC., DOW, BASF, SABIC, Repsol, Borealis AG., Shell, TotalEnergies, BP p.l.c., Versalis S.p.A., among others. These companies are focusing on strategic partnerships, collaborations, and acquisitions to enhance their product offerings and expand their market presence.

Petrochemical Industry Segment to Dominate the Global Electric Steam Cracker Market (by End-Use Industry)

In the global electric steam cracker market, the petrochemical industry remains the dominant application, driven by the critical need to reduce emissions and enhance sustainability in chemical production. Electric steam cracking is essential for producing key chemicals such as ethylene and propylene while minimizing carbon footprints. Stringent environmental regulations and sustainability goals from governments and international bodies are increasing the demand for electric steam crackers in the petrochemical sector to meet emissions reduction targets.

Growing industry awareness of the importance of decarbonization further accelerates the adoption of electric steam crackers. As the focus on reducing greenhouse gas emissions intensifies and regulations become more stringent, the demand for electric steam cracking in the petrochemical industry is expected to rise significantly, ensuring it remains a pivotal solution for sustainable chemical production.

Olefins to Dominate the Global Electric Steam Cracker Market (by End-Product)

In the global electric steam cracker market, olefins remain the dominant product segment, driven by the critical demand for ethylene and propylene in various industrial applications. Electric steam cracking plays a key role in producing these essential chemicals while reducing carbon emissions. The growing focus on sustainability and decarbonization in the petrochemical industry has significantly increased the demand for electric steam cracking to produce olefins more efficiently and with a lower environmental footprint. As global regulations on emissions tighten and industries seek cleaner production methods, the adoption of electric steam crackers for olefin production is expected to rise substantially, ensuring olefins remain at the forefront of the market's growth.

Some of the prominent names in this electric steam cracker market are:

• KBR Inc.
• Technip Energies N.V.
• Lummus Technology
• Linde PLC
• Coolbrook
• LyondellBasell Industries
• Chevron Phillips Chemical Company LLC
• Dow
• BASF
• SABIC
• Repsol
• Borealis AG.
• Shell
• Total Energies
• BP p.l.c.
• Versalis S.p.A.

Research Institutes

• ISPT
• ISC3
• TNO

Key Attributes:

Report Attribute	Details
No. of Pages	130
Forecast Period	2025 - 2040
Estimated Market Value (USD) in 2025	$0.02 Billion
Forecasted Market Value (USD) by 2040	$28.42 Billion
Compound Annual Growth Rate	59.4%
Regions Covered	Global

Key Topics Covered:

Executive Summary

Scope and Definition

1 Markets
1.1 Global Electric Steam Cracker Market: Current and Future
1.1.1 Sustainability in Petrochemical Refining
1.1.2 Steam Cracking Output (by Country)
1.1.3 Emission Reduction Initiatives (by Companies)
1.2 Research and Development Review
1.2.1 Projects on Electrification
1.2.1.1 IMPROOF Project
1.2.1.2 Cracker of the Future Consortium
1.2.2 Research Initiatives Globally
1.2.3 Patent Filing Trend (by Country and Company)
1.3 Regulatory Landscape
1.4 Stakeholder Analysis
1.4.1 Pilot Projects/Ongoing Analysis
1.5 Market Dynamics: Overview
1.5.1 Market Drivers
1.5.1.1 Rising Regulatory Pressures and Emission Targets
1.5.1.2 Increasing Demand for Sustainable Petrochemical Products
1.5.2 Market Restraints
1.5.2.1 High Capital Costs for Infrastructure Upgrades
1.5.2.2 Fluctuations in the Availability and Cost of Renewable Energy
1.5.3 Market Opportunities
1.5.3.1 Growth in Technological Advancements and Innovation
1.5.3.2 Increase in the Collaboration and Industry Partnerships
1.6 Low-Carbon Technologies for Emission Reduction in Steam Cracking
1.6.1 Hydrogen Firing or Hydrogen Steam Cracking
1.6.2 Selective Process Electrification
1.6.3 Carbon Capture Integration
1.6.4 Blue Hydrogen Integration
1.6.5 Unconventional Feed Cracking
1.7 Operation Comparison of Electric vs. Conventional
1.7.1 CAPEX and OPEX
1.7.2 Emissions
1.7.3 Output
1.8 Investment and Funding Scenario
1.9 Renewable Energy Ecosystem
1.9.1 Renewable Energy Production by Region, TWh, 2015-2022
1.9.2 Renewable Energy Production by Source, TWh, 2015-2022
1.9.3 Wind Energy Production by Region, TWh, 2015-2022
1.9.4 Solar Energy Production by Region, TWh, 2015-2022
1.9.5 Weighted Average Levelized Cost of Electricity (LCOE) for Onshore Wind by Country, $/kWh, 2020-2023
1.1 Steam Cracker Capacity by Region Million Tons, 2025, 2030, 2035, and 2040
1.11 Average Age of Cracker by Key Economies
1.12 Cost Structure Analysis
1.13 Petrochemical Market Outlook
1.13.1 Global Olefins Market Demand Outlook, Million Tons, 2020-2030
1.13.2 Global Aromatics Market Demand Outlook, Million Tons, 2020-2030

2 Application
2.1 Application Segmentation
2.2 Application Summary
2.3 Global Electric Steam Cracker Market (by End-Use Industry)
2.3.1 Petrochemical Industry
2.3.2 Oil Refining

3 Products
3.1 Product Segmentation
3.2 Product Summary
3.3 Electric Steam Cracker Market (by End-Product)
3.3.1 Olefins
3.3.2 Aromatics

4 Regions

5 Company Profile
5.1 Next Frontiers
5.2 Geographic Assessment
5.3 Company Profiles (Designing and EPC Companies)
5.3.1 Overview
5.3.2 Top Products/Product Portfolio
5.3.3 Target Customers/End Users
5.3.4 Key Personnel
5.3.5 Analyst View

6 Research Methodology

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• Electric Steam Cracker Market

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