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Top 15 Petrochemicals Market

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Top 15 Petrochemicals Market report categorizes global market on the basis of type of Petrochemical, type of Intermediate Chemicals, type of polymer, and end-user industry - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2
Top 15 Petrochemicals Market - Global Industry
Insights, Trends, Outlook, and Opportunity Analysis,
2018-2026
Petrochemicals play an important role in the 21st century lifestyle and are utilized in
various end use industries. The oil & gas Industry provides the feedstock in the form
of crude oil, natural gas and their derivatives. Different kinds of processes employed
on crude oil, and natural gas yield different products. The most sought-after product
is ethylene, which holds a 25% market share in the global petrochemicals market. It
is used as a feedstock for manufacture of polyethylene, polystyrene, ethylene glycol
and ethanol. Ethylene is followed by benzene, propylene, xylene, butadiene in terms
of market share. Some petrochemicals are used widely around the world in various
application includes dyes, detergents, paint, plastic, rubber, textiles and fertilizers.
The major drivers are the high dependency and lack of large scale alternatives to
petrochemical products. The major competitor to petrochemicals are bio-based
chemicals and as environmental consciousness increases, investment in bio-based
chemicals is likely to escalate. In addition oil price instability also affects growth.
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Ethylene, propylene are the most dominant chemicals in terms of market share, and
are major feedstock for the manufacture of polyethylene, polypropylene and
polypropylene oxide. Xylene is projected to be the fastest growing petrochemical
market due to demand for polyester fibers. Furthermore, chemicals such as
methanol, ethylene oxide and propylene oxide are used as reaction intermediates for
light olefins, ethylene glycol, and polyurethane plastics respectively. Moreover,
ethylene Oxide is also used as a fumigant and disinfectant. All the end user
industries are majorly dependent on polymers with polystyrene being the most widely
used. PVC is commonly used for pipes, furniture, and flooring application; and
polyethylene for plastic bottles to consume edible and non-edible liquids.
The packaging industry is the largest end use market of petrochemicals. As the
disposable incomes in the developing world rise, consumer demand for packaged
materials rises as they seek quality assurance. The packaging industry is directly
affected by consumerism. Other end use industries such as automobile,
construction, electrical and consumer goods require petrochemicals for product
manufacture, and the healthy growth of these industries directly affect petrochemical
market growth.
Top 15 Petrochemicals Market Outlook - Surging demand in Asia-Pacific
Augmenting Market Growth
Asia Pacific market is a major processing hub for petrochemicals with India, China,
and South Korea being major drivers. Six of the world’s ten largest refineries are in
Asia Pacific with the largest being Reliance owned Jamnagar Refinery. This region
has recently observed an upturn in consumption due to increased population. China
has also claimed to have the world’s largest shale reserves but is unable to develop
them due to water shortages. Technological Advancement in shale gas extraction is
expected to complement growth.
North America is a major processing hub. Feedstock is obtained from shale gas
produced in the various US shale plays (Marcellus, Eagle-Ford, Permian, Barnett,
Bakken and Niobrara). In addition, it is also one of the largest consumer of
petrochemicals. Also, Middle East and North Africa are major sources of crude oil.
There is also a significant presence of petrochemical industry in this region due to
close proximity to crude oil source.
Europe is a consumer market for petrochemicals with heavy dependency on North
American and Asian markets. A west to east shift has been observed in the
petrochemical market. Maturation in Europe has led to shifting of existing
petrochemical infrastructure to countries such as India where labor is cheap.
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apeksha motghare
apeksha motghare533   documents Email
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