New York
City, 25 January 2019: The Report Petrochemicals Market is anticipated to reach over USD 1,203.2
billion by 2026. In 2017, the ethylene segment dominated the global market, in
terms of revenue. Asia-Pacific is expected to be the leading contributor to the
global market revenue during the forecast period.
A significant growth in industries such
as healthcare, automobile, construction, food and beverages, along with
government initiatives and funding is expected to support the growth of this
market. Other driving factors include abundance of raw materials in Middle East
and favorable regulatory policies in Asia-Pacific. However, increasing
environmental concerns, growing demand for bio-based chemicals, and price volatility
of crude oil and natural gas are expected to restrict the growth of the market.
Increasing demand from developing nations, and technological advancements are
expected provide numerous growth opportunities to the market players during the
forecast period.
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Petrochemicals are used in a wide
range of applications in medical and healthcare sector. Phenol and Cumene are
used for creation of a substance used for manufacturing of penicillin and
aspirin. Petrochemical resins are used in drug purification, drug manufacturing
for treatment of AIDS, cancer, and arthritis, development of artificial skin
and limbs, and manufacturing of medical equipment such as bottles, and
disposable syringes among others. In the food industry petrochemicals are used
in manufacturing of food preservatives, chocolates and candies, and food
coloring among others.
The different types of
petrochemicals include propylene, benzene, ethylene, butadiene, xylene,
styrene, toluene, vinyls, methanol, and others. In 2017, ethylene accounted for
the highest market share. However, adoption of methanol is expected to grow at
the highest CAGR during the forecast period. The increasing demand of methanol
for gasoline blending, and MTO (methanol to olefins) processes is expected to
support its adoption in the coming years.
Competitive Landscape and Key Vendors:
Asia-Pacific generated the highest
revenue in the market in 2017, and is expected to lead the global market
throughout the forecast period. The high economic growth in the region, growth
in automotive and construction industries, and rising standards of living are
expected to drive the market growth. Increasing disposable incomes in
developing countries of this region, increasing applications of petrochemicals,
and competitive manufacturing costs are further expected to support market
growth. Rapid urbanization, and rising shale gas explorations in the
region are expected to further provide growth opportunities during the forecast
period.
The well-known companies profiled in
the report include include Royal Dutch Shell PLC, BASF SE, British Petroleum,
The DOW Chemical Company, China National Petroluem Corporation, Chevron
Corporation, ExxonMobil Corporation, LyondellBasell Industries Inc., INEOS
Group Ltd., E. I. Dupont De Nemours & Company, Sabic, and Sinopec Ltd
among others. These companies launch new products and collaborate with other market
leaders to innovate and launch new products to meet the increasing needs and
requirements of consumers.
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