Petrochemicals Market is expected to witness significant growth with a CAGR of ~6.7% over the forecast period of 2017-2023 and reach USD 1075.19 billion by 2023

(IT-NEWSWIRE.COM, October 14, 2017 ) Synopsis of Petrochemical Market:

The Global Petrochemicals Market is expected to witness significant growth with a CAGR of ~6.7% over the forecast period of 2017-2023 and reach USD 1075.19 billion by 2023.

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.

Petrochemicals are used in various end user industries ranging from manufacturing to consumer goods. However, they are most commonly used in adhesives, polymers, paints and coatings, dyes, surfactants. The Global Petrochemical Market is expected to be driven by rising demand for petrochemicals in major end-user industries linked with favorable operating conditions, especially in the Middle East and Asia Pacific over the forecast period. Moreover, Demand for bio-based chemicals is increasing due to growing consumer awareness as we all benefits associated with their usage. Consequently, investment in bio based chemicals in public and private sector likely to increase in near future and will hamper the growth of Petrochemical Market globally.

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Key Players:

Key players of the Global 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.

Regional Analysis:

Asia Pacific emerged as leading market for Petrochemicals, and accounted for around 50% for shares in volume consumption as of 2014. China majorly contributed in the growth of Asia Pacific market, owing to flourishing automotive industry. Growing demand for polymer and solvent, dyes, adhesives, paints and coatings in APAC anticipated to boost growth of Petrochemicals across the region. North America is the second largest market for petrochemicals after APAC petrochemical market. U.S. and Canada led the North American Petrochemical Market owing to rising shale gas exploration. Furthermore, growth in this region anticipated to encourage by vast number of product performance such as plastic resins, synthetic fibers, rubber products, paints & coatings, adhesives & sealants, lubricants, water treatment products, and industrial chemicals. Europe is also an attractive market for Petrochemicals and stood third in Global Petrochemicals Market by having moderate growth over the last few years, on the other hand, Middle East and Africa is anticipated to play crucial role in the development of overall Petrochemicals Market. This is due to easy availability of petroleum and this region is also considered as key producer of petroleum.

Segmentation:

The Global 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 2015. 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 2015. 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 2017 to 2023. As growth of methanol is directly related to its increasing usage in gasoline blending and methanol to olefins processes.

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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.

Geographic Analysis:

The report covers brief analysis of geographical region such as: North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

The report about Global Petrochemicals Market by Market Research Future comprises of extensive primary research along with detail analysis of qualitative as well as quantitative aspects by various industry experts and key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of the current market scenario which includes past and estimated future market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report further provides detail information about strategies used by top key players in the industry. It also gives a broad study about different market segments and regions.

Key Points from Table of Content:

12. Company Profiles

12.1 BASF SE

12.1.1 Company Overview

12.1.2 Product/Business Segment Overview

12.1.3 Financial Updates

12.1.4 Key Developments

12.2 ExxonMobil Corporation

12.2.1 Company Overview

12.2.2 Product/Business Segment Overview

12.2.3 Financial Updates

12.2.4 Key Developments

12.3 The Dow Chemical Company

12.3.1 Company Overview

12.3.2 Product/Business Segment Overview

12.3.3 Financial Updates

12.3.4 Key Developments

12.4 Shell Chemical Company

12.4.1 Company Overview

12.4.2 Product/Business Segment Overview

12.4.3 Financial Updates

12.4.4 Key Developments

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Petrochemicals Market is expected to witness significant growth with a CAGR of ~6.7% over the forecast period of 2017-2023 and reach USD 1075.19 billion by 2023