Global demand for petrochemical market was valued at USD 550 billion in 2014 and is expected to achieve USD 890 billion in 2020, at a CAGR of around 6.5% between 2015 and 2020.
Zion Research has published a new report titled “Petrochemical (Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyl, Styrene and Methanol) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 2020In line with the report, global demand for petrochemical market was valued at USD 550 billion in 2014 and is predicted to reach USD 890 billion in 2020, growing at a CAGR of around 6.5% between 2015 and 2020.
Petrochemicals are basically derived from hydrocarbons. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources reminiscent of corn or sugar cane. Petrochemical is mainly classified into two type comparable to olefin (including ethylene and propylene) and aromatics (including benzene, toluene and xylene isomers). Olefins and aromatics are produced in oil refineries by fluid catalytic cracking of petroleum fractions. Chemical plants produce olefins by steam cracking of natural gas liquids like ethane and propane. Aromatics are produced by catalytic reforming of naphtha. Olefins and aromatics are the building-blocks for a variety of materials similar to solvents, detergents, and adhesives. Olefins are the basis for polymers and oligomers used in plastics, resins, fibers, elastomers, lubricants, and gels.
Browse the total “Global Petrochemical Market: Industry Perspective, Comprehensive Analysis and Forecast 2014 2020” report at http://www.marketresearchstore.com/report/global-petrochemical-market-z37559
Growing demand from key end user inductees including construction, packaging, transportation, textile, plastics, healthcare etc., coupled with favorable operating conditions mainly in the Middle East and Asia Pacific is predicted to drive the global marketplace for petrochemicals over the subsequent five years. Strong growth of those end-use industries is the major driving factor for global petrochemical market.
However, manufacturers are expected to face major challenges reminiscent of growing environmental concerns. Owing rapidly growing pollution and global warming concerns, use of petrochemicals is anticipated to decline. Nevertheless, rapidly depleting crude oil reserves is anticipated to present major challenge to the manufacturers. Moreover, growing awareness about environment safety and shift towards use of bio-based chemicals is predicted to carry the expansion of this market.
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On the idea of product segment petrochemicals market is segmented into ethylene, propylene, butadiene, benzene, xylene, toluene, vinyl, styrene and methanol. Ethylene was probably the most dominating petrochemical product, accounting for about 25% of the worldwide petrochemicals market in 2014. Ethylene is primarily used within the manufacture of polypropylene and propylene oxide. Methanol is projected to be the fastest growing segment from 2014 to 2020. Growth of methanol is directly related to its increasing usage in gasoline blending and methanol to olefins (MTO) processes. Other petrochemicals corresponding to butadiene, benzene, xylene, toluene, vinyl and styrene accounted for a major portion of the worldwide petrochemicals market share in 2013.
With around 50% share in total volume consumption in 2014, Asia Pacific has emerged as leading market for petrochemicals. Growing demand for polymers and solvent, dyes, adhesives, paints and coatings in Asia Pacific is predicted to fuel the growth of petrochemicals in the region. Petrochemicals market in Asia Pacific is led by China. Asia Pacific was followed by North America and Europe.
The manufacturing companies of petrochemicals have a big impact on the worth chain through the next degree of forward integration. These companies manufacture raw materials as well as the ultimate product and use it in various product types resembling ethylene, propylene, butadiene, benzene, xylene, toluene, vinyl, styrene and methanol. BASF SE, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, Sinopec Limited, Lyondell Basell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and Company are some important competitors in petrochemicals market. The report covers detailed competitive outlook including the market share and company profiles of the important thing participants operating in the worldwide market.
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Global Petrochemicals Market: Product Segment Analysis
Other (Including alpha olefins and vinyl acetate)
Other (Including polygas chemicals and oxo-chemicals)
Other (Including nitrile rubber and mechanical belts)
Other (Including maleic anhydride)
Other (Including pesticides, drugs and nitrotoluene)
Acrylonitrile butadiene styrene
Unsaturated polyester resins
Other (Including copolymer resins)
Methyl Tertiary Butyl Ether (MTBE)
Methanol to olefins (MTO)
Other (Including biodiesel, solvent and chloromethane)
Global Petrochemicals Market: Regional Segment Analysis