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Petrochemicals Market report categorizes global market by product type, manufacturing process, and geography - Industry trends, Outlook, Challenges and Key Market Players
Petrochemicals Market Report Forecast and
key Players
Petrochemicals are chemical compounds derived from hydrocarbons, mainly
crude oil and natural gas. It can also be obtained from various renewable
materials such as sugarcane and corn Petrochemicals are classified on the basis
of their chemical structure, namely, olefins, aromatics, and synthesis gas
hydrocarbon. Olefin hydrocarbons include ethylene and propylene, while
benzene, toluene and xylene belong to the category of aromatic hydrocarbons.
Various process such as FCC (fluid catalytic cracking), steam cracking, and
catalytic reforming employed in refineries and chemicals plants to obtain the
desired product.
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Global Petrochemicals Market Outlook – Oversupply of Crude and
Subsequent Decline in Prices Creates Favorably Environment for Market
Growth
Large volume of feedstock or raw materials available in the Organization of
Petroleum Exporting Countries (OPEC), and rapid development of shale gas
exploration in the North American region, primarily in the U.S. and Canada, is
expected to create a highly conducive environment for growth of the global
petrochemicals market. China is one of the largest consumers of petrochemical
products. Rampant growth of various end-use industries, in turn fuels demand
for petroleum products, especially in emerging economies of Asia Pacific, such
as India and China.
Key players in the market include BASF SE, Sinopec Limited, ExxonMobil,
The Dow Chemical Company, Shell Chemical Company, SABIC,
LyondellBasell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron
Phillips Chemical Company LLC and E. I. du Pont de Nemours and SNPC,
INEOS, and Reliance Industries.
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pallavi.reddy
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