NEW YORK, Jan. 23, 2018 (GLOBE NEWSWIRE) -- The global petrochemicals market is expected to grow at a CAGR of 9.0% during 2017 – 2023 to reach USD 814.30 Billion by 2023. Factors propelling the growth of petrochemicals market include growing demand from end-use industries, favorable government policies in Asia-Pacific and abundant availability of raw materials in the Middle East. The report segments the petrochemicals market by Source (Crude Oil, Coal, Natural Gas, and Others), by Product (Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyls, Styrene, Methanol, and Others), by Application (Adhesives , Polymers, Paints and Coatings, Dyes, Surfactants, Rubber, Plastics, Solvents, and Others) and by Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report studies the global petrochemicals market over the forecast period (2017-2023).
Petrochemicals are the compounds derived from hydrocarbons, mainly crude oil. It can also be obtained from other fossil fuels such as coal, or natural gas, or renewable materials such as sugarcane and corn. Petrochemical is mainly divided into two classes as on the basis of chemicals structures, olefins and aromatics. Olefins include ethylene and propylene, while aromatic hydrocarbons include benzene, toluene, and xylene. Various refining processes are employed in chemical plants and refineries such as Fluid Catalytic Cracking (FCC), catalytic reforming and steam cracking, to recover the desired product.
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Key Findings of the Global Petrochemicals Market
- On the basis of source, crude oil segment was dominating the petrochemicals market, in 2016 in terms of both value and volume and is expected to continue dominating the market throughout the forecast period
- On the basis of product, ethylene was holding the largest share of petrochemicals market in terms of both value and volume, in 2016 and is forecasted to remain the largest market, throughout the forecast period. Low cost and abundance of ethane are the factors driving the demand for ethylene
- Methanol segment of petrochemicals is anticipated to be the fastest growing product of the global petrochemicals market in terms of both value and volume, over the forecast period. The growth of this segment is attributed to increasing usage in methanol to olefin processes and gasoline blending
- Geographically, Asia-Pacific region was leading the petrochemicals market, in 2016 and is anticipated to dominate the petrochemicals market, over the forecast period. China is the major contributor towards the growth of this region’s petrochemical market. Developing infrastructure and automotive industries are the factors driving the growth of petrochemicals market in this region
- Key players in the petrochemicals market are BASF SE, Sinopec, DowDuPont, Exxon Mobil, LyondellBasell, SABIC, Royal Dutch Shell PLC, Mitsubishi Chemical Company, INEOS Group Limited, PetroChina Company Limited, among others
Petrochemicals- Middle East and Asia-Pacific Advantage
The North American petrochemical industry has traditionally held the number one position in the global petrochemical production as well as exports. This region’s petrochemical industry has witnessed several phases in its lifecycle, from its initial growth and capacity expansions to a stage of reduced marginal returns that led to it dealing with a possible slump. The recent slowdown in the North American petrochemical industry has been brought about by the increase in competition from price-competitive producers in the Middle East and Asia-Pacific. The opportunities for the U.S. commodity plastic exports, for instance, have reduced. The reason is a large volume of Middle East plastic export capacity with a significant cost advantage is displacing other exporters in China, the US, Korea and Japan. Additionally, the resource constraints and high feedstock prices in North America are pushing many North American petrochemical producers to reassess their profit margins in comparison to that of global players. The capacity additions in the global petrochemical industry are in favor of Asia-Pacific and Middle East regions. The economies of production are the major reason for this shift such as unparalleled feedstock advantage of Middle East and low labor costs in countries such as China and India compared to North America and Europe.
Petrochemicals Market- Regional Insight
Asia-Pacific was holding the largest market share of the petrochemicals market, in 2016 and is anticipated to dominate the market, throughout the forecast period. Further, Asia-Pacific’s petrochemicals market is anticipated to grow at a significant rate and register the highest CAGR, during the forecast period. China was the leading consumer of petrochemicals in Asia-Pacific’s petrochemicals market. High economic growth rate, improving living standards, and competitive manufacturing costs are fostering the growth of the petrochemicals market in Asia-Pacific. Middle East and Africa is expected to witness a progressive growth owed to the presence of major petroleum reserves which is creating an opportunity for petrochemical companies to increase their production capacities. In North American countries such as the U.S. and Canada are focusing on shale gas exploration which is expected to boost the region’s petrochemical market.
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