Petrochemical Market Overview:
Petrochemicals refer to compounds derived from petroleum refinery products such as methane, acetylene, and ethylene. Oil and natural gas are the main raw materials for most petrochemicals. Petrochemicals are used in the production of a myriad of products ranging from plastics, fertilizers, packaging to detergents, tyres, or medical equipments. Owing to their wide-ranging application range, petrochemicals have become an integral part of diverse industries in modern society. Market Research Future (MRFR) has deemed the global petrochemical market to register a CAGR of 6.7% over the forecast period of 2018-2023 and attain a valuation of USD 1075.19 Bn by the end of 2023 in an extensive study.
The global petrochemical market is growing in tandem with various other large scale, highly interconnected industries. Growth and investments within such interconnected industries are likely to propel the growth of the global petrochemical market.
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Petrochemical Market Major Key Players:
- BASF SE,
- ExxonMobil Corporation,
- The Dow Chemical Company,
- Shell Chemical Company,
- Sinopec Limited,
- Lyondell Basell Industries,
- Total S.A.,
- Sumitomo Chemical Co. Ltd.,
- Chevron Phillips Chemical Company LLC,
- I. du Pont de Nemours Company,
among others are some of the prominent players at the forefront of competition in the Global Petrochemical Market that are profiled in MRFR Analysis.
Petrochemical Market Regional Analysis:
Geographically, Asia Pacific region accounted largest market share in the global petrochemical market and expected to dominate during the forecast period due growing petrochemical processing industry in the region. China being largest consumer and importer of Petrochemical in Asia Pacific region.
India accounted second largest market share by value and volume in the region and expected to grow with high annual growth rate due to favorable regulatory policies in the country and abundant availability of Petrochemical in Middle East. In addition to this, North America & Europe have witnessed healthy growth in Petrochemical market owing to growing demand of end user industries in the region.
Petrochemical Market Segmentation:
The global petrochemical market has been segmented based on product and application.
By product, the global petrochemical market has been segmented into Methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, vinyl styrene. The Ethylene segment is leading the market and accounted for almost 30% of the overall market volume in 2018.
Availability in abundance and low cost of ethylene can be credited for the growth of the segment. The propylene segment also makes up for a major share of the revenue owing to its application in the production of a variety of chemicals such as propylene oxide, acrylonitrile, cumene, butyraldehyde, and acrylic acid. However, the Methanol segment is projected to be the fastest growing segment over the forecast period on account of growing usage in gasoline blending and methanol to olefins processes.
By application, the global petrochemical market has been segmented into paints and coatings, dyes, surfactants, adhesives, polymers, rubber, plastics, and solvents.
Petrochemical Market Table of Content to be Continue…….,
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