Global Petrochemical Market Derives a High Octane Growth of USD 1075.19 Billion by 2023 with ~ 6.7% of CAGR

“Petrochemical Market”
Global Petrochemical Market Information-by Product (Methanol, Benzene, Xylene, Toluene, Ethylene, Propylene, Butadiene, Vinyl Styrene), by Application (Adhesives, Polymers, Paints and Coatings, Dyes, Surfactants, Rubber, Plastics, and Solvents) and by Region – Forecast till 2023

BASF SE, ExxonMobil Corporation, The Dow Chemical Company, Shell Chemical Company, SABIC, Sinopec Limited, Lyondell Basell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and Company are some of the prominent players competing in the Global Petrochemical Market and are profiled in MRFR Analysis.

Global Petrochemical Market – Overview

According to a recent study report published by the Market Research Future, The Global Petrochemicals Market is anticipated to grow at a rapid pace in the recent future and estimated to derive a high octane Growth of USD 1075.19 Billion by 2023 with CAGR of ~ 6.7% during the forecast period (2017 – 2023).

Petrochemicals are used in various end user industries ranging from manufacturing to consumer goods. However, they are most commonly used in adhesives, polymers, paints and coatings, dyes, surfactants. The global petrochemical market is expected to be driven by rising demand for petrochemicals in major end-user industries linked with favourable operating conditions, especially in the Middle East and Asia Pacific over the forecast period. Moreover, Demand for bio-based chemicals is increasing due to growing consumer awareness as we all benefits associated with their usage. Consequently, investment in bio based chemicals in public and private sector is likely to increase in near future and will hamper the growth of Petrochemical Market globally. Simultaneously. Volatility in prices of crude oil & natural gas is anticipated to hinder market growth. Alternatively, rising shale gas discoveries, primarily in North America is benefitting petrochemical producers, since shale gas is considered a substitute feedstock that is used in the manufacture of petrochemicals.

Petrochemicals are basically petroleum products derived from hydrocarbons. Some other chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal, or natural gas, or renewable sources such as corn or sugar cane. Petrochemical is mainly classified into two type’s olefins (including ethylene and propylene) and aromatics (including benzene, toluene and xylene isomers). Both of these are produced in oil refineries by fluid catalytic cracking of petroleum fraction. Olefins produced by steam cracking of natural gas liquid such as ethane and propane, whereas aromatics are produced by catalytic reforming of naphtha.

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Global Petrochemical Market – Competitive Analysis

Characterized by the presence of several major well-established players, the global Petrochemicals market appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Key feedstock suppliers have integrated their operations forward to produce petrochemicals via extraction and refining of crude oil. Emerging manufacturing processes have resulted in raw material replacement, shifts in the ratio of coproduces, and cost. Which has resulted in to a supply/demand imbalance, particularly for smaller downstream petrochemical derivatives. Also, growing environmental concerns and higher crude oil prices have expedited the development and commercialization of renewably derived chemical products and technologies previously considered economically impractical.

Global Petrochemical Market – Regional Analysis

Asia Pacific emerged as leading market for petrochemicals, and accounted for around 50% for shares in volume consumption as of 2014. China majorly contributed in the growth of Asia Pacific market, owing to flourishing automotive industry. Growing demand for polymer and solvent, dyes, adhesives, paints and coatings in APAC anticipated to boost growth of petrochemicals across the region. North America is the second largest market for petrochemicals after APAC petrochemical market. U.S. and Canada led the North American petrochemical market owing to rising shale gas exploration. Furthermore, growth in this region anticipated to encourage by vast number of product performance such as plastic resins, synthetic fibers, rubber products, paints & coatings, adhesives & sealants, lubricants, water treatment products, and industrial chemicals. Europe is also an attractive market for petrochemicals and stood third in global petrochemicals market by having moderate growth over the last few years, on the other hand, Middle East and Africa is anticipated to play crucial role in the development of overall petrochemicals market. This is due to easy availability of petroleum and this region is also considered as key producer of petroleum.

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