Facts & Factors has published a new report titled “Petrochemical Market By Product Type (Ethylene, Toluene, Propylene, Xylenes, Benzene, and Butadiene), By Polymer Type (Polyethylene (PE), Polyester (PET), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Polyvinyl Chloride (PVC), and Polystyrene (PS)), and By Application (General, Oncology, Gastroenterology, Neurological Disorders, Diabetes, and Hyper-metabolism): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global petrochemical market is predicted to be valued at approximately USD 507.44 billion in 2018 and is expected to reach a value of around USD 875.22 billion by 2027, at a CAGR of around 6.3 % between 2019 and 2027.
Petrochemicals are chemical compounds extracted from feedstock such as natural gas, crude oil, and gasoline. Petroleum is the key raw substance that is utilized for manufacturing olefins like ethylene, propylene, and aromatics, including xylene, benzene, and toluene. These products are used across many sectors like agriculture, construction, automotive, electrical and electronics. All these factors are predicted to substantially leverage the growth of the market over the forecast timeline.
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Escalating demand for the chemical products to steer the market growth
Massive product demand across myriad end-use industries is predicted to steer the growth of the market over the forecast timeline. In addition to this, growing government support witnessed across the evolving economies is projected to contribute majorly towards the market expansion during the forecast timeline.
Furthermore, easy access to raw materials in many countries of the Middle East is predicted to steer the expansion of the petrochemical industry over the forecast timeline. Nonetheless, a growing trend towards the manufacturing of bio-based chemicals is likely to create obstacles in the growth of the industry during the period from 2019 to 2027. Moreover, growing environmental concerns is likely to pose a threat to the market expansion over the forecast period. In addition to this, oscillating crude oil costs will obstruct the business scope over the forecast timeline. However, the availability of shale gas as well as coal as a feedstock for the production of petrochemicals is likely to offer new growth avenues for the industry over the forecast timeline. Additionally, acceptance of analytics and process digitization in refineries will further spur the market expansion over the forecast timeline.
Polyethylene (PE) to dominate the polymer type segment by 2027
The growth of the Polyethylene (PE) segment during the forecast timeline is owing to the massive use of high-density polyethylene in blow molding & injection molding applications including drums, caps, and homemade products.
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Ethylene segment to record highest CAGR over the forecast period
The ethylene segment is predicted to register the highest growth rate of more than 6% during the period from 2019 to 2027. The segmental growth is due to the massive use of ethylene oxide and ethylbenzene in producing agrochemicals, sterilizers, and industrial chemicals.
North America to contribute a major market revenue share by 2027
The growth of the regional market is due to the massive demand for the product in countries like the U.S. over the forecast period. The region is set to contribute over USD 7 billion towards the overall market revenue by 2027.
Some of the key players in the market include China Petroleum & Chemical Corporation, Qatar Petroleum, Saudi Aramco, BP PLC, DowDuPont, Royal Dutch Shell, ExxonMobil, BASF SE, LyondellBasell Industries Inc., Reliance Industries Limited, PetroChina, SABIC, TOTAL, Chevron Phillips Chemical Company, China National Petroleum Corporation, Sumitomo Chemical Company, and INEOS Group.
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This report segments the Petrochemical market as follows:
Petrochemical Market: By Product Type Segment Analysis
Petrochemical Market: By Polymer Type Segment Analysis
- Polyethylene (PE)
- Polyester (PET)
- Polypropylene (PP)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
Petrochemical Market: By Application Segment Analysis
- Neurological Disorders
Petrochemical Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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