Petrochemicals Market Strong Investment Worth Analysis by Forecast to 2023
Posted by Moin Patni on August 28th, 2018
Petrochemicals Market Abstract:
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 Billion Dollar 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.
Petrochemicals are organic compounds derived from hydrocarbons. Some other chemical compounds made from petroleum are also made from other fossil fuels, such as coal, or natural gas, or renewable sources such as corn or sugar cane. Olefins and aromatics are two most common lasses of petrochemicals and are produced in oil refineries by fluid catalytic cracking of petroleum fraction. Aromatics are produced by catalytic reforming of naphtha, whereas, olefins are produced by steam cracking of natural gas liquids.
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Petrochemicals Market Application:
Petrochemical Market of the world has witnessed a healthy growth and as per the analysis, the growth will remain continue in near future. The growth of the market is attributed towards the growing demand for petrochemicals. Presently, plastics is seen as the building blocks for the infrastructure of a country. One of the main drivers for the Petrochemical market is the tremendous demand the developing economies have for petrochemicals, mainly ethylene and propylene for production of plastics. The regulatory policies by Asian governments that are aimed at motivating chemicals manufacturing will also play a vital role to attract investments from the companies from North America and Europe region.
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. Moreover, Demand for bio-based chemicals is increasing due to growing consumer awareness as we all benefits associated with their usage. Consequently, investment in bio based chemicals in public and private sector is likely to increase in near future and will hamper the growth of petrochemical market globally. Simultaneously. Volatility in prices of crude oil & natural gas is anticipated to hinder market growth. Alternatively, rising shale gas discoveries, primarily in North America is benefitting petrochemical producers, since shale gas is considered a substitute feedstock that is used in the manufacture of petrochemicals.
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 Opportunities:
Petrochemicals Market is anticipated to be driven by rising demand from several end user industries as well as rising governmental support in emerging economies over the forecast period. In addition, easy availability raw material in several nations of the Middle East likely to contribute growth of the overall market throughout the forecast period. However, rising environmental concerns owing to rapidly increasing pollution and global warming concern will have serious effect on the growth of global this market. Also shift towards the use of bio based chemicals is expected to hold the growth of global petrochemicals market.
Petrochemicals are basically petroleum products derived from hydrocarbons. Some other chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal, or natural gas, or renewable sources such as corn or sugar cane. Petrochemical is mainly classified into two type’s olefins (including ethylene and propylene) and aromatics (including benzene, toluene and xylene isomers). Both of these are produced in oil refineries by fluid catalytic cracking of petroleum fraction. Olefins produced by steam cracking of natural gas liquid such as ethane and propane, whereas aromatics are produced by catalytic reforming of naphtha.
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 2015. 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 2015, 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 2017 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.
Petrochemical Market Information-by Product (Methanol, Benzene, Xylene, Toluene, Ethylene, Propylene, Butadiene, Vinyl Styrene), by Application (Adhesives, Polymers, Paints and Coatings, Dyes, Surfactants, Rubber, Plastics, and Solvents) and by Region - Forecast till 2023
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About the AuthorMoin Patni
Joined: February 20th, 2018
Articles Posted: 412
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