Petrochemical Companies Shifting Towards The Middle East
Posted by sainath on October 22nd, 2018
Many North American and European petrochemicals companies are moving their manufacturing facilities to low-cost countries in the Middle East and Asia such as China and India to reduce operational costs and increase margins. The recent slowdown in the North American petrochemicals industry has been brought about by the increase in competition from price-competitive producers in the Middle East and Asia. The opportunities for US commodity plastics exports, for instance, have reduced. Another major reason is the resource constraints and relatively high feedstock prices in North America. Rising feedstock prices are forcing many North American petrochemicals producers to shift their production facilities to low-cost countries in the Middle East and Asia.
THE BUSINESS RESEARCH COMPANY EXPECTS THE PETROCHEMICALS MARKET TO GROW TO USD 570 BILLION BY 2021
Western Europe was the largest region in the petrochemicals market in 2017, accounting for more than half the market share.
According to The Business Research Company’s Consultant, Nitin Gianchandani, coal gasification as feedstock is being widely used to increase petrochemicals production. Petrochemical companies in China developed coal-based liquid fuels as a raw material to reduce its dependency on imported oil. The Chinese government is also encouraging petrochemical companies to use coal as feedstock to reduce oil and gas imports.
Saudi Basic Industries Corporation (SABIC) was the largest competitor with 7.4% of the market. Its growth strategy aims at diversifying its product portfolio, increasing focus on R&D and creating joint ventures with major industry players.
Petrochemicals are chemical products derived from petroleum. They are also called petroleum distillates. Some of the same chemical compounds as petrochemicals are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as corn or sugar cane but these are not included in the petrochemicals industry.
Petrochemicals Market Global Briefing 2018 is a detailed report giving a unique insight into this market. The report is priced at USD1000 for an individual user. To use across your office, the price is USD1500 and USD2000 if you wish to use across a multinational company.
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About the Authorsainath
Joined: June 13th, 2018
Articles Posted: 1,123
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