JAKARTA (RambuEnergy.com) – The global petrochemicals market is expected to grow at a compound annual growth rate of 9.0% during 2017 – 2023 to reach US$ 814.30 billion by 2023, according to Energias Market Research report.
Factors propelling the growth of petrochemicals market include growing demand from end-use industries, favorable government policies in Asia-Pacific and abundant availability of raw materials in the Middle East, the report said.
The report segments the petrochemicals market by source – (Crude Oil, Coal, Natural Gas, and Others); by product (Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyls, Styrene, Methanol, and Others); by application (Adhesives , Polymers, Paints and Coatings, Dyes, Surfactants, Rubber, Plastics, Solvents, and Others).
The report studies the global petrochemicals market over the forecast period of 2017 to 2023.
Petrochemicals are the compounds derived from hydrocarbons, mainly crude oil. It can also be obtained from other fossil fuels such as coal, or natural gas, or renewable materials such as sugarcane and corn.
Petrochemical is mainly divided into two classes as on the basis of chemicals structures, olefins and aromatics. Olefins include ethylene and propylene, while aromatic hydrocarbons include benzene, toluene, and xylene.
Various refining processes are employed in chemical plants and refineries such as Fluid Catalytic Cracking (FCC), catalytic reforming and steam cracking, to recover the desired product.
- On the basis of source, crude oil segment was dominating the petrochemicals market, in 2016 in terms of both value and volume and is expected to continue dominating the market throughout the forecast period
- On the basis of product, ethylene was holding the largest share of petrochemicals market in terms of both value and volume, in 2016 and is forecasted to remain the largest market, throughout the forecast period. Low cost and abundance of ethane are the factors driving the demand for ethylene
- Methanol segment of petrochemicals is anticipated to be the fastest growing product of the global petrochemicals market in terms of both value and volume, over the forecast period. The growth of this segment is attributed to increasing usage in methanol to olefin processes and gasoline blending
- Geographically, Asia-Pacific region was leading the petrochemicals market, in 2016 and is anticipated to dominate the petrochemicals market, over the forecast period. China is the major contributor towards the growth of this region’s petrochemical market. Developing infrastructure and automotive industries are the factors driving the growth of petrochemicals market in this region
- Key players in the petrochemicals market are BASF SE, Sinopec, DowDuPont, Exxon Mobil, LyondellBasell, SABIC, Royal Dutch Shell PLC, Mitsubishi Chemical Company, INEOS Group Limited, PetroChina Company Limited, among others