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Market Synopsis:The utilization of Petrochemicals in the production process across different industry verticals has been fueling the market growth globally. Market Research Future (MRFR) has stated in its latest report that the Global Petrochemicals Market will grow significantly at 6.7% CAGR throughout the forecast period 2017 to 2023. The market is projected to be valued at USD 1075.19 billion by 2023.
The demand for Petrochemicals has demonstrated an upswing and will persistently proliferate across the projection period due to the increased application in the production of detergents, plastics, soaps, drugs, solvents, paints, pesticides, fertilizers, drugs, synthetic fibers & rubbers, explosives, etc. The growing requirement of Petrochemicals as a key ingredient for products such as televisions, furniture, electronic gadgets, aspirin, clothing, cars, etc. is accelerating the market to expand further.
The initiatives undertaken by the governments for incentivizing Petrochemicals trade will complement the growth of the market across the assessment period. However, the factors such as high demand for bio-based chemicals, fluctuation in the price of petrochemicals, etc. are anticipated to restrain the market growth during the assessment period.
Market Segmentation:
By Product, the Global Petrochemicals Market has been segmented into methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, and, vinyl styrene. Ethylene segment accounted for 30% of the market volume in 2015, and, is expected to retain its influence over the assessment period. The growth in this segment can be ascribed to the low cost and abundance of ethane. Propylene segment is poised to exhibit immense potential for growth due to its processing in the production of a variety of chemicals such as propylene oxide, acrylonitrile, cumene, butyraldehyde, and, acrylic acid. The highest CAGR during the forecast period is projected to be registered by methanol segment owing to its amplified use in the production of gasoline and olefin.
By Application, the global market for Petrochemicals is segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and, solvents.
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Regional Analysis:
By Region, the Global Petrochemicals Market has been segmented into North America, Asia Pacific, Europe, Latin America, and, Middle East & Africa. Asia Pacific region is leading the global market owing to the enormous consumption of Petrochemicals which accounted for 50% of the total consumption in 2014. The growing demand for Petrochemicals in the production of products such as dyes, adhesives, paints & coatings, etc. is fueling growth in the market. China is the primary revenue generator in the market and is projected to captivate significant market share over the projection period.
North America is poised to be the second largest market globally. The rapid expansion of the market is expected over the next few years in the region due to the exploration of shale gas. U.S. Energy Information Administration has estimated in 2016 that the U.S. has about 200 trillion cubic feet of shale gas resources. Furthermore, the widening range of the application of Petrochemicals in the production of plastic resins, synthetic fibers, rubber products, water treatment products, etc. is accelerating the demand in North America market.
Europe holds the third spot in terms of market size and is projected to demonstrate an upward shift across the forecast period. The Middle East & Africa market is expected to play an influential role in the overall development of the global market due to the ample availability of petroleum in the region.
Competitive Dashboard:
Some of the key players of the competitive landscape has been profiled by MRFR in its recently published report which includes ExxonMobil Corporation, Shell Chemical Company, Sinopec Limited, Total S.A., Chevron Phillips Chemical Company LLC, BASF SE, The Dow Chemical Company, SABIC, Lyondell Basell Industries, Sumitomo Chemical Co. Ltd., and, E. I. du Pont de Nemours and Company. The market players strive to gain a competitive edge in the market by strategizing initiatives such as acquisitions & mergers, set-up of technologically advanced processing plants, expansion of product portfolios, agreements, etc.
Industry Developments:
SABIC, a pioneer in diversified chemicals, and ExxonMobil, which is the largest publicly traded international oil and gas company, has announced a joint venture for accelerating the development of Gulf Coast Growth Ventures project.
China National Offshore Oil Corporation (CNOOC), the largest producer of offshore oil & gas in China, has announced a joint venture project with Shell, a major group of energy and petrochemicals companies. The project announced the start-up of the second ethylene cracker which will be based at Nanhai petrochemicals complex in Huizhou, Guangdong Province of China.
Chevron Phillips Chemical, headquartered in Texas (U.S.), has commenced operations of its new ethane cracker at its Cedar Bayou facility in Baytown (U.S.). The new unit will produce around 1.5 million metric tons per year at peak production.
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