Petrochemical Market

Posted by Edward on October 31st, 2019

Petrochemical Market Overview:

Market Research Future (MRFR) in its recently published study report asserts that the global petrochemical market would reach USD 1075.19 BN by 2023, registering a CAGR over 6.7% throughout the forecast period (2018 – 2023).

Market Research Future concludes that over the past few years, the 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.

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Primarily produced chemicals from 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.

Industry/ Innovation/ Related News:

October 2017 – JG Summit Petrochemicals Group, a wholly owned subsidiary of JG Summit Holdings Inc., has done agreement with Fluor Corp. to provide engineering, procurement, and construction management for the utilities, off sites, and infrastructure for an expansion of JGSPG’s petrochemical complex in Philippines. With this agreement, Fluor will also provide program management services for the expansion project, which will increase JG Summit Petrochemicals Group Petrochemical production and cracking. Specifically, ethylene production by 160,000 tons/year and propylene production by 50,000 tons/year.

November 2016 – Lotte Chemical planned the capacity expansion at Yeosu Petrochemical center. The expansion decision by Lotte Chemical came boost competitiveness amid growing competition from China in Asia Pacific region.

January 2016 – Petrobras has agreed a new five-year Petrochemical supply contract with petrochemical producer Braskem. With this agreement, Braskem will pay Petrobras 102.1% of the Amsterdam-Rotterdam-Antwerp benchmark price for 7 million tons per year of Petrochemical. Braskem depends on Petrochemical from Petrobras to feed its petrochemical plants and agreement would further help the company to strengthen its share in Latin America region.

April 2015 – A joint agreement between NuStar and PMI has been expanded and extended in relation to the transportation and storage of Petrochemical. This strategy would help the NuStar to increase the market share in the region.

November 2015 – Indian Oil Corp planned to expand capacity at its Petrochemical cracker in Panipat to 1.2 million tons per year by 2019 end. The expansion would increase the capacity of the cracker in northern India from about 850,000 tons per year.

Petrochemical Market Regional Analysis:

The Asia Pacific region dominates the global petrochemical market, heading with the presence of booming end-user industries such as polymers, solvent, adhesives, and paints & coatings. The APAC region accounts for over 50% consumption of global petrochemical production.  China, backed by the presence of a flourishing automotive industry, accounts for the largest contributor to the growth of the regional market, followed by India. Additionally, factors such as augmenting demand for dyes, polymer, solvent, adhesives, and paints & coatings foster the market growth in the APAC region.

Petrochemical Market Table Of Contents to be Continue…….,

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Edward

About the Author

Edward
Joined: April 9th, 2019
Articles Posted: 128

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