-- Industry News
Iran has inaugurated two petrochemical projects, the Marjan petrochemical plant, with a capacity to make 1.65 million mt/year of methanol, and the third phase of the Pardis petrochemical plant, with a capacity to produce 1.755 million mt/year of urea and ammonia. The plants were launched by President Hassan Rouhani accompanied by the oil minister Bijan Zanganeh.
Market Scenario
The Global Petrochemical Market is predicted to expand at 6.7 % CAGR over the forecast period (2017-2023). The market is expected to touch USD 1075.19 billion by 2023 owing to the growing demand for Petrochemicals in several end-use industries, asserts Market Research Future (MRFR). Petrochemicals are petroleum products which are derived from hydrocarbons. Petrochemicals are classified into two types, aromatics and olefins. Both olefins and aromatics are produced in oil refineries by fluid catalytic cracking of petroleum fraction.
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Drivers Impacting the Market
The Global Petrochemical Market has experienced healthy growth and is expected to maintain its dominance over the assessment period owing to the rising demand for petrochemicals. Petrochemicals are used in several end-use industries ranging from consumer to manufacturing goods. They are extensively used in polymers, paints and coatings, surfactants, dyes, and adhesives. The global market is expected to expand by the growing demand for petrochemicals in major end-use industries coupled with favorable operating conditions. Moreover, the tremendous demand in the developing economies for production of plastics is stimulating the market growth over the review period.
On the flip side, investment in bio-based chemicals in the private and public sector is expected to grow in the future, thus hampering the growth for Petrochemicals globally. Moreover, the rising awareness among the manufacturers and consumers regarding environmental issues is one of the major factors inhibiting the market growth over the years.
Global Petrochemical Market: Segmental Analysis
The Global Petrochemical Market has been segmented on the basis of Application, Product, and Region.
By Mode of Product, the Global Petrochemical Market is segmented into methanol, ethylene, propylene, butadiene, xylene, toluene, benzene, and vinyl styrene. Among these, ethylene leads the product segment with 30 % of the overall market share in the year 2015 owing to the abundance and low-cost ethane availability. Propylene is the prominent segment in terms of value due to the major utilization in production of chemicals including cumene, butyraldehyde, acrylonitrile, propylene oxide, and acrylic acid.
By Mode of Application, the Petrochemical Market is segmented into solvents, surfactants, adhesives, polymers, paints and coatings, plastics, rubber, and dyes.
Regional Insights
Geographically, the Petrochemicals Market spans across regions namely, Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific accounted for the largest market share and is expected to maintain its dominance over the assessment period. China is the largest importer and consumer of Petrochemicals in the Asia Pacific region. India accounts for the second-largest market share by volume and value and is predicted to expand with high annual growth rate. This is attributed to the abundant availability of Petrochemical in the Middle East and favorable regulatory policies.
Regions like North America and Europe have experienced a healthy growth rate in the Petrochemical Market due to the increasing demand for end-user industries in this region.
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