The global petrochemicals market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Petrochemicals are generally chemical substances produced from crude oil and natural gas. Several downstream chemicals that act as raw materials for many industries are produced from petrochemicals. Petrochemicals considerably affect the economic and developmental aspects of the manufacturing industry. Therefore, the importance of technology and innovation is key in petrochemicals market. Petrochemicals are primarily used in construction, packaging, automotive and electrical & electronics industries. Thus, growth in these end-use markets, particularly in Asia, is expected to increase the petrochemicals market.
Within the petrochemical industry, the particular organic chemicals with the largest production volume are ethylene, propylene, butadiene, methanol, benzene, toluene, and xylenes. Ethylene, propylene, and butadiene, together with butylenes, constitute olefins, which belong to a category of unsaturated aliphatic hydrocarbons. Benzene, toluene, and xylenes, generally known as aromatics, are unsaturated cyclic hydrocarbons that contain one or more rings. Olefins, aromatics, and methanol are feedstocks to a number of chemical products and are usually known as primary petrochemicals.
Drivers and Restraints of Petrochemicals Market
Abundant availability of crude and natural gas, especially in the Middle East, Latin America and Canada drive the market growth. Many major petrochemical companies are integrated with either upstream or downstream market to improve margins and also to secure raw material supply.
Volatility in prices of crude and natural gas has negatively affected market growth. Also, environmental issues arising due to the usage of various petrochemicals is likely to hinder market growth.
Top players in the market include Sinopec Limited, BASF SE, ExxonMobil, Chevron Phillips Chemical Company LLC, The Dow Chemical Company, Shell Chemical Company, SABIC, LyondellBasell Industries, Total S.A., Sumitomo Chemical Co. Ltd., and E. I. du Pont de Nemours and Company.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth