Global Petrochemical Market – Overview
Petrochemicals are consumed in various end-user industries ranging from the manufacturing to consumer goods. They are most commonly used in the production of polymers, adhesives, paints and coatings, surfactants, and dyes among others. Main olefins of petrochemical – ethylene, and propylene are used in the manufacturing processes for some of the important substrates used across the industries today.
For instance; Ethylene is predominantly used in the production of substrates like polyethylene, ethylene chloride, and ethylene oxide, which are extensively used in the packaging, plastic processing, construction, and textile industry. While, propylene is majorly used in the manufacturing of polypropylene, propylene oxide, acrylic acid and several other derivatives, widely used in some of the burgeoning industries like plastic processing, packaging, furnishing and most importantly in the automotive industry. Owing to the augmented demand from the already growing industries, petrochemical Market perceives enormous growth, garnering substantial prominence worldwide.
Considering the rapid market expansion, & the growth potential the market holds, Market Research Future recently published a study report, giving out a complete market insight for the period 2017 – 2023. In its analysis MRFR asserts that the global Petrochemical market is forecasted to reach USD 1075.19 Billion by 2023, registering a CAGR of ~6.7% during the review period (2017 – 2023).
Rising demand for petrochemicals in major end-user industries linked with favorable operating conditions, especially in the Middle East and the Asia Pacific are expected to drive the market growth in the years to come. Moreover, recent shale gas discoveries, mainly in North America is benefitting petrochemical producers mostly as shale gas is considered as a substitute feedstock for the production of petrochemicals.
On the other hand, demand for bio-based chemicals is increasing owing to the advantages they offer and consumer awareness towards the benefits associated with their usage. This will resultantly increase the market growth of bio-based chemicals, increasing the investment put in the development of bio-based chemicals in public and private sector. Further leading to impede the market growth of Petrochemicals considerably.
Additionally, volatility in prices of feedstock such as crude oil & natural gas affects the market growth to an extent.
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Global Petrochemical Market – Competitive Landscape
The Petrochemical market is fiercely competitive with the several large and small players along with the new entrants forming a competitive landscape. Growing product innovations and technologies in the market are creating substantial investment opportunities for the market players. These market players are focused on improving their market performance and increasingly acquire promising companies to expand in the fast-growing markets.
Industry/ Innovation/ Related News:
April 30, 2018 – SABIC (Saudi Arabia) a diversified manufacturing company and Exxon Mobil Corporation (US Gulf coast) a leading global O&G corporation announced the establishment of a joint venture to advance the development of the Gulf Coast Growth Ventures project petrochemical industries.
May 02, 2018 – China National Offshore Oil Corp. (CNOOC, China) and Royal Dutch Shell Plc. Shell (China) announced the beginning of their JV – the second ethylene cracker at their Nanhai petrochemicals complex. The new units constructed by CNOOC are owned and operated by the CSPC (JV).
Global Petrochemical Market – Segments
For the convenience of the report and enhanced understanding; MRFR has segmented the market into 3 key dynamics.
By Product: Comprises Benzene, Methanol, Xylene, Ethylene, Propylene, Toluene, Vinyl Styrene and Butadiene among others
By Application: Polymers, Adhesives, Paints & Coatings, Surfactants, Rubber, Dyes, Plastics, and Solvents among others
By Regions: North America, Europe, APAC and Rest of the World.
Segment Ethylene by products accounts for the leading segment with the largest market, owing to the abundant availability of the product at the low cost.
Segment Propylene, another prominent segment on the basis of products is estimated to be the major revenue pocket for the global Petrochemical market owing to the owing to the wide adoption in the production of various chemicals including acrylonitrile, propylene oxide, cumene, acrylic acid, and butyraldehyde
Segment Methanol by products is projected to be the fastest growing segment over the forecast owing to the increasing usage in the gasoline blending and methanol to olefins derivation processes.
Global Petrochemical Market – Geographical Analysis
The Asia Pacific accounted for the largest market owing to 50% of consumption of Petrochemical, globally. China backed by the flourishing automotive industry, accounts for the largest contributor to the regional market growth. Other factors such as augmenting demand for dyes, polymer and solvent, adhesives, paints and coatings in APAC fosters the market growth in the region.
North America market for Petrochemicals stands second in terms of the market size, globally. Rising shale gas exploration in the US & Canada provide impetus to the market growth. Furthermore, increasing adoption of the product in the production of plastic resins, rubber products, synthetic fibers, paints & coatings, lubricants, adhesives & sealants, industrial chemicals, and water treatment products impact the regional market growth positively.
Emerging as the fastest growing market for petrochemicals, Europe stands the third largest market globally. Continuing with the same growth trends the region is expected to register a moderate growth over the forecast period.
Attributing to the easy availability of petroleum in the region, Middle East, and Africa is anticipated to play an essential role in the development of the overall petrochemical market, accounting for the key producer of the product.
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