Market Synopsis:
According to Market Research Future (MRFR)’s latest report, the global petrochemical market is set to strike a CAGR of 6.7% during the forecast period 2017 to 2023. The market is expected to be valued at USD 1075.19 Bn by the end of 2023. The most common applications of petrochemicals include adhesives, paints and coatings, polymers, dyes, and surfactants. These products have inelastic demand across different industry verticals such as construction, automotive, etc. It is anticipated to encourage constant growth of the petrochemical market over the next couple of years.
The drastic rise in the growth of the regional markets of the Asia Pacific and the Middle East & Africa are prognosticated to drive the growth of the global petrochemical market in the forthcoming years. Additionally, the emerging economies signify tremendous potential for growth and development.
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The exploration and abundance of shale gas have revolutionized the market in the past few decades. On the flip side, the adverse effects of petrochemical products on the environment is anticipated to check the growth of the market in the foreseeable future. Furthermore, the shifting focus on the development of bio-based chemicals is forecasted to remain an impediment to the expansion of the petrochemical market across the world.
Market Segmentation:
By product, the global petrochemical market has been segmented into methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, vinyl styrene. Among these, the ethylene segment is expected to dominate the global market owing to the abundance and low cost of ethane. Meanwhile, the methanol segment is likely to emerge as the fastest growing segment in the upcoming years. The growth of the segment is attributable to the increasing use of methanol in gasoline blending process.
By application, the petrochemical market has been segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and solvents.
Regional Insights:
The global petrochemical market, by region, has been segmented into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. Asia Pacific is a global leader in the market and accounts for 50% of the total consumption of petrochemicals. The growth of the petrochemical market in Asia Pacific is led by the growing demand for polymer and solvent, adhesives, dyes, paints, and coatings, etc. It has developed a core application in the construction industry. The growth of the construction industry is likely to reflect on the expansion of the petrochemical market over the next couple of years. China is expected to contribute majorly towards the revenue generation in the regional market.
The growing exploration of shale gas is one of the primary factors responsible for catalyzing the growth of the petrochemical market in North America. Led by the U.S. and Canada, the regional market is likely to benefit from the rising demand for plastic resins, rubber products, paints & coatings, synthetic fibers, adhesives & sealants, water treatment products, lubricants, and other industrial chemicals.
Europe has secured the third position in the global petrochemical market through the projection period. Meanwhile, the Middle East & Africa resonates strong opportunities for growth owing to the availability of petroleum in the region.
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Company Dashboard:
Some of the key players profiled in the report are BASF SE, The Dow Chemical Company, Chevron Phillips Chemical Company LLC, Shell Chemical Company, ExxonMobil Corporation, SABIC, Lyondell Basell Industries, Total S.A., Sinopec Limited, Sumitomo Chemical Co. Ltd., and E. I. du Pont de Nemours and Company.
Industry News:
In November 2018, Oriental Energy Co Ltd, China, has signed a Memorandum of Understanding (MOU) for the establishment of a petrochemical complex in Jiangsu, China.
In November 2018, it has been made official that the companies developing new plants to make petrochemical products in Canada’s Alberta are eligible for double incentives.
In December 2018, Lotte Group, a Korean-Japanese conglomerate, has announced an investment of USD 3.5 Bn in the largest petrochemical plant to be built in Indonesia.
In December 2018, Belarus and Azerbaijan are working on the development of cooperation in the petrochemical industry.
In December 2018, The US Department of Energy (DOE) has extended support for the creation of petrochemical complex in Appalachia.
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