Petrochemicals Market is expected to witness significant growth with a CAGR of 6.7% over the forecast period to 2023 and reach USD 1075.19 Billion during period by Forecast to 2023.
Petrochemicals Market Key Players:
Petrochemicals Market are: BASF SE, ExxonMobil Corporation, The Dow Chemical Company, Shell Chemical Company, SABIC, Sinopec Limited, Lyondell Basell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and Company.
Petrochemicals Market Abstract:
Petrochemicals are basically petroleum products derived from hydrocarbons. Some other chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal, or natural gas, or renewable sources such as corn or sugar cane.
Petrochemical is mainly classified into two type’s olefins (including ethylene and propylene) and aromatics (including benzene, toluene and xylene isomers). Both of these are produced in oil refineries by fluid catalytic cracking of petroleum fraction. Olefins produced by steam cracking of natural gas liquid such as ethane and propane, whereas aromatics are produced by catalytic reforming of naphtha.
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Petrochemicals Market Segmentation Analysis:
Petrochemicals Market is majorly segmented on the basis of product, application and by region. Market segmentation on the basis of products includes Methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, vinyl styrene. Moreover, Ethylene is the leading product segment and accounted for 30% overall market volume in 2016. Abundance and low-cost ethane availability has made this segment most dominant.
Furthermore, propylene is the prominent segment in terms of value and accounted to bench mark in USD Billion in 2016. Owing to major utilizations in production of variety of chemicals including propylene oxide, acrylonitrile, cumene, butyraldehyde and acrylic acid have made propylene dominant segment in terms of revenue. Methanol product segment projected to be the fastest growing segment over the forecast period of 2018 to 2023. As growth of methanol is directly related to its increasing usage in gasoline blending and methanol to olefins processes.
On the basis of application market segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and solvents. Based on the regions market is segmented into North America, APAC, Europe, Latin America and Middle East and Africa.
Petrochemicals Market Regional Analysis:
Asia Pacific is the dominating market for petrochemicals and accounted for over 50% of market shares in terms of volume followed by North America and Europe in 2015. China and India collectively led the APAC petrochemical market and will contribute majorly in the dominance of this region throughout forecast period. Favourable government regulations in China as well other counties across APAC likely to encourage growth in this market. Owing to increasing urbanization coupled with rapid industrialization has made china leading contributor in the growth of APAC market by accounting 25% regional shares in terms of volume.
In addition, increasing demand from countries such as, Indonesia, Thailand, and Vietnam is anticipated to boost consumption in Rest of Asia Pacific market. India expected to register progressive growth over the forecast period. This is due to initiatives such as PCPIR (Petroleum, Chemical and Petrochemicals Investment Region) by Indian government to promote petrochemical infrastructure in the country giving subsidies.
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Petrochemical Market Competitive Analysis:
Petrochemicals Market appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Key feedstock suppliers have integrated their operations forward to produce petrochemicals via extraction and refining of crude oil. Emerging manufacturing processes have resulted in raw material replacement, shifts in the ratio of coproduces, and cost. Which has resulted in to a supply/demand imbalance, particularly for smaller downstream petrochemical derivatives. Also, growing environmental concerns and higher crude oil prices have expedited the development and commercialization of renewably derived chemical products and technologies previously considered economically impractical.
Petrochemicals Market Table of Content:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Petrochemicals Market
5 Industry Overview of Global Petrochemicals Market
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
5.5 Impact Analysis
Petrochemicals Market Table of Content to be Continue……,
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