Petrochemicals Market Overview:
Petrochemicals Market is expected to witness significant growth with a CAGR of 6.7% over the forecast period to 2023 and reach USD 1075.19 Bn during period by Forecast to 2023.
Petrochemicals from key industries including construction, transportation, packaging, textile, and transportation, and plastics, healthcare coupled with favourable operating conditions anticipated to drive global market growth for petroleum market.
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Petrochemical such as ethylene, styrene, and butadiene have registered considerable amount of usage in rubber, plastics, and solvents production and hence expected to give additional drive the Petrochemical market. Overall, Asia Pacific Petrochemical demand is likely to witness significant growth over the forecast period. Over the past few years, the region has emerged as the largest exporting hub of petroleum products and this trend is expected to remain continue over near future. Huge development of the transport and electrical sectors in the region on account of increasing trade activities along with use of technological advancement by consumers is expected to drive demand of Petrochemical market in the region.
Petrochemicals Market Key Players:
Petrochemicals Market are 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.
Petrochemicals Market Segmentation Analysis:
Petrochemicals Market is majorly segmented on the basis of product, application and by region. Market segmentation on the basis of products includes Methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, vinyl styrene. Moreover, Ethylene is the leading product segment and accounted for 30% overall market volume in 2018. Abundance and low-cost ethane availability have made this segment most dominant.
Furthermore, propylene is the prominent segment in terms of value and accounted to bench mark in USD billion in 2018. Owing to major utilizations in production of variety of chemicals including propylene oxide, acrylonitrile, cumene, butyraldehyde and acrylic acid have made propylene dominant segment in terms of revenue. Methanol product segment projected to be the fastest growing segment over the forecast period of 2018 to 2023. As growth of methanol is directly related to its increasing usage in gasoline blending and methanol to olefins processes.
On the basis of application market segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and solvents. Based on the regions market is segmented into North America, APAC, Europe, Latin America and Middle East and Africa.
Petrochemicals Market Regional Analysis:
Asia Pacific is the dominating market for petrochemicals and accounted for over 50% of market shares in terms of volume followed by North America and Europe in 2018. China and India collectively led the APAC petrochemical market and will contribute majorly in the dominance of this region throughout forecast period. Favourable government regulations in China as well other counties across APAC likely to encourage growth in this market. Owing to increasing urbanization coupled with rapid industrialization has made china leading contributor in the growth of APAC market by accounting 25% regional shares in terms of volume.
In addition, increasing demand from countries such as, Indonesia, Thailand, and Vietnam is anticipated to boost consumption in Rest of Asia Pacific market. India expected to register progressive growth over the forecast period. This is due to initiatives such as PCPIR (Petroleum, Chemical and Petrochemicals Investment Region) by Indian government to promote petrochemical infrastructure in the country giving subsidies.
Petrochemical Market Competitive Analysis:
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.
Petrochemicals Market Table of Content:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Petrochemicals Market
Petrochemicals Market Table of Content to be Continue……,
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Petrochemicals Market Overview: