Petrochemicals Market Size, Growth Factor, Key Players, Regional Demand, Trends and Forecast To 2027

 Market OVerview

Petrochemicals are chemical compounds derived from hydrocarbons, mainly petroleum and gas . they will even be obtained from various renewable materials like sugarcane and corn. Petrochemicals are classified on the idea of their chemical structure, namely, olefins, aromatics, and synthesis gas hydrocarbon. Olefin hydrocarbons include ethylene and propylene, while benzene, toluene and xylene belong to the category of aromatic hydrocarbons.

Various process like fluid catalytic cracking (FCC), steam cracking, and catalytic reforming employed in refineries and chemicals plants to get the specified product. Petroleum products form an integral aspect of lifestyle and find major demand across various end-use industries. Moreover, petrochemicals products find application in various everyday use products like clothes, houses, automobiles, tooth brush, furniture, irrigation, home items , synthetic detergents, packaging, electronics, performance products, and medical equipment.

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Market Dynamics

Large volume of feedstock or raw materials available within the Organization of Petroleum Exporting Countries (OPEC), and rapid development of shale gas exploration within the North American region, primarily within the U.S. and Canada, is predicted to make a highly conducive environment for growth of the worldwide petrochemicals market. China is one among the most important consumers of petrochemical products. Rampant growth of varied end-use industries is predicted to fuel demand for petroleum products, especially in emerging economies of Asia Pacific, like India and China.

As per data released by the U.S. Energy Information Administration (EIA), in 2017, total liquid fuel consumption in Asia Pacific reached 33.3 million barrels per day (bpd), with China accounting for 80% of the consumption within the region. Moreover, rapid advancement within the shale gas technology like the hydro fracturing technology is being explored within the U.S. and Canada to extract petroleum. These factors, in turn, are projected to supply high growth traction to the worldwide petrochemicals market.

Global Petrochemicals Market Taxonomy

On the basis of product type, the global market is classified into:

Ethylene

Polyethylene

Ethyl benzene

Ethylene oxide

Others

Propylene

Propylene oxide

Polypropylene

Isopropanol

Others

Butadiene

Styrene

Acrylonitrile butadiene styrene

Butadiene

Others

Benzene

Cyclohexane

Nitrobenzene

Ethyl benzene

Others

Xylene

Toluene

Solvents

Benzene

Xylenes

Others

Key players in the market include BASF SE, Sinopec Limited, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, LyondellBasell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and SNPC, INEOS, and Reliance Industries.

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