According to a new report published by Reports Monitor titled, “ Global Petrochemical Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global petrochemical market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
The global petrochemical market is attributed to grow due to its increase in consumption in automotive, textile, construction, medical, industrial, pharmaceuticals, Fast Manufacturing Consumer Goods (FMCG) & Fast Manufacturing Consumer Durables (FMCD) industry. There are two common classes of petrochemicals on the basis of their chemical composition.
The first is olefins which has ethylene, ethanol, vinyl acetate, butane and propylene and another class is aromatics which has benzene, toluene, cumene, phenol, acetone and xylene isomers. These common classes are produced by oil refineries by fluid catalytic cracking of petroleum. The production of ethylene and propylene globally is about 115 million tonnes and 70 million tonnes per annum, respectively. Aromatics production is approximately 70 million tonnes. The fluctuations oil prices have a projecting impact on petrochemical products.
According to CEO of South Korea’s largest chemical company, LG Chem the global petrochemical market is expected to remain stable in 2018.
The growing demand in various industry sectors is a prominent driver for the global petrochemical market. Exploration of the shale gas in North American regions have complimented the market growth.
Petrochemical manufactured products such as ethylene, propylene, benzene, xylene, butadiene, methanol, are used in abundance as chemical building blocks in rubber, electronics, plastics and packaging industries.
The manufacturing of petrochemical products requires a large scale of infrastructure which is a restraint in the market. Furthermore, the constant development in automotive sector can supplement the market. Convenient accessibility of raw materials can accelerate the market growth.
The market can be bifurcated on the basis of the classes which are olefins and aromatics.
Furthermore the segmentation could be done on the basis of the source which could be crude oil, fossil fuels and renewable sources.
The market can also be divided on the basis of petrochemical products manufactured such as propylene, ethylene, benzene, xylene etc.
Another way for segmentation could be the type of industry using petrochemical products such as manufacturing, packaging, electronics etc.
The market is rising in America, Europe, Asia Pacific and The Middle East & Africa. North America commands for the dominant share in the market with largest petrochemical industries in USA (Texas and Louisiana).
European market shares the same potential majorly in Western European regions (Northeast England and Netherland). On the other hand, the LAMEA & APAC region holds the least share in the market however, they have major growth in the production capacity.
The major industry leaders include BASF AG, China National Petroleum (CNPC), British Petroleum PLC, Chevron Corporation, SINOPEC, E.I. du Pont de Nemours & Company, INEOS Group Ltd. and Lyondell Basell Industries Inc. Other players operating in petrochemical market include The Dow Chemical Company, Royal Dutch Shell PLC, SABIC and ExxonMobil Corp.
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