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.
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.
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.
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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 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 2017. 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.
Petrochemicals Market Segment Analysis:
Petrochemicals market is majorly segmented on the basis of products, application and region. On the basis of product, market has been divided into Methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, vinyl styrene. As of 2017, Ethylene was the most dominant product segment and accounted for around 30% overall volume. Owing to low cost ethane availability from shale gas in the U.S. has made this product segment dominant.
In terms of value, propylene dominated the market and accounted to bench mark in Billion in 2015. Owing to use in production of verity of chemicals including propylene oxide, acrylonitrile, cumene, butyraldehyde and acrylic acid have made propylene dominant segment in terms of revenue. Furthermore, 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.
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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