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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 - Industry trends, Outlook,
Challenges and Key Market 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. Petroleum products form an integral aspect of our daily life and
find major demand across various end-use industries. Moreover, petrochemicals
products find application in various everyday use products such as clothes,
houses, automobiles, tooth brush, furniture, irrigation, household items,
synthetic detergents, packaging, electronics, performance products, and medical
equipment, among others.
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Global Petrochemicals Market challenges – Fluctuation of raw materials
price and transformation towards green energy
Natural gas, coal and crude are the primary building blocks of petrochemicals
industry. While, currently the global crude oil production is at an all-time high,
the market is subjected to high fluctuations in production and pricing. This
volatility is a major challenge for players in the global petrochemicals market.
The market is undergoing a trend of oversupply in feed stock due to large
production volumes by the OPEC and Russia. This along with the economic
crisis in 2009, has led to rapid decline in demand for crude oil in Europe and
Japan. Consumer inclination towards green energy from renewable sources such
as wind and solar energy, further inhibits market growth.
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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