Petrochemicals are the chemical products derived from petroleum. These derivatives are widely used in various sectors such as automotive, construction, textile, industrial, medical, electronics, pharmaceuticals and consumer goods industries.
Market Research Future has recently availed a detailed report asserting the Global Petrochemical Market is anticipated to expand at a noteworthy CAGR of 6.7% for the forecast period of 2017-2023 and reach USD 1075.19 Bn by 2023.
Market Drivers and Restraints:
The rising demand for petrochemicals in various end-use industries is considered to be the major factor driving the Global Petrochemicals Market. The rapid development of automotive and construction industry and booming exploration activities for shale gas and other fossil fuels is further driving the expansion of the global petrochemical market. The increase in application areas and focus on the expansion of the product portfolio are generating demand for petrochemicals in the global market. The high investment for research and development by the product manufacturers and rising support from the government in emerging economies to boost chemical manufacturing are fueling the expansion of the Global Petrochemical Market. The widespread application of petrochemicals in textile, medical, electronics, pharmaceuticals and other industries is one of the major factors leading to the expansion of the Global Petrochemical Market.
However, the volatile crude oil prices due to political instabilities in the OPEC countries and supply/demand gap are anticipated to hamper the growth of the Global Petrochemical Market. The rise in environmental issues and emergence of bio-based substitutes are likely to project negative impact on the expansion of the Global Petrochemical Market.
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The Global Petrochemical Market has been segmented on the basis of product, application and region. On the basis of products, the Global Petrochemicals Market has been segmented into methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, and vinyl styrene. Among these products, the ethylene segment accounted for 30% of overall market share in 2015, making it a leading product in the Global Petrochemicals Market owing to the abundant availability of low-cost ethane. In terms of revenue, propylene segment dominates the global petrochemicals market due to the major utilization of this product in the production of various chemicals such as propylene oxide, acrylonitrile, cumene, butyraldehyde and acrylic acid. However, the methanol product segment is anticipated to be the fastest growing segment during the forecast period as it is extensively being used in gasoline blending and methanol to olefins derivation processes.
On the basis of Application, the Global Petrochemical Market has been segmented into adhesives, polymers, paints and coatings, dyes, rubber, surfactants, plastic and solvents.
Detailed Regional Analysis:
Geographically, the Global Petrochemicals Market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
The Asia-Pacific region accounts for the largest petrochemicals market as 50% of global petrochemical consumption is in this region. The flourishing automotive industry in the developing economy, such as China, is considered to be the largest contributor to the expansion of the petrochemical market in this region. The augmenting demand for polymer and solvents, dyes, adhesives, industrial chemicals, water treatment products and others is positively impacting the growth of the petrochemical market in Asia-Pacific region.
In terms of market size, the petrochemical market in North America stands second after Asia-Pacific. The proliferation of exploration activities for shale gas in the U.S. and Canada and increasing adoption of petrochemicals for production of industrial chemicals, plastic resins, lubricants, water treatment products and others are further driving the petrochemicals market in this region.
The European region is considered to be the fastest growing market in the global petrochemicals market. However, it is anticipated to project moderate growth over the forecast period.
The easy availability of petroleum in the Middle East and the presence of prominent producers in the Middle East and African region are playing an essential role in the expansion of the petrochemical market in this region.
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