Petrochemical Market Outlook 2018, Industry Share, Size Estimation, Growth Opportunity and Informative Data 2023

Market Segmentation:

By Product, the Global Petrochemicals Market has been segmented into methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, and, vinyl styrene. Ethylene segment accounted for 30% of the market volume in 2015, and, is expected to retain its influence over the assessment period. The growth in this segment can be ascribed to the low cost and abundance of ethane. Propylene segment is poised to exhibit immense potential for growth due to its processing in the production of a variety of chemicals such as propylene oxide, acrylonitrile, cumene, butyraldehyde, and, acrylic acid. The highest CAGR during the forecast period is projected to be registered by methanol segment owing to its amplified use in the production of gasoline and olefin.

By Application, the global market for Petrochemicals is segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and, solvents.

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Market Synopsis:

The utilization of Petrochemicals in the production process across different industry verticals has been fueling the market growth globally. Market Research Future (MRFR) has stated in its latest report that the Global Petrochemicals Market will grow significantly at 6.7% CAGR throughout the forecast period 2017 to 2023. The market is projected to be valued at USD 1075.19 billion by 2023.

Competitive Dashboard:

Some of the key players of the competitive landscape has been profiled by MRFR in its recently published report which includes ExxonMobil Corporation, Shell Chemical Company, Sinopec Limited, Total S.A., Chevron Phillips Chemical Company LLC, BASF SE, The Dow Chemical Company, SABIC, Lyondell Basell Industries, Sumitomo Chemical Co. Ltd., and, E. I. du Pont de Nemours and Company. The market players strive to gain a competitive edge in the market by strategizing initiatives such as acquisitions & mergers, set-up of technologically advanced processing plants, expansion of product portfolios, agreements, etc.

Industry Developments:

SABIC, a pioneer in diversified chemicals, and ExxonMobil, which is the largest publicly traded international oil and gas company, has announced a joint venture for accelerating the development of Gulf Coast Growth Ventures project.

China National Offshore Oil Corporation (CNOOC), the largest producer of offshore oil & gas in China, has announced a joint venture project with Shell, a major group of energy and petrochemicals companies. The project announced the start-up of the second ethylene cracker which will be based at Nanhai petrochemicals complex in Huizhou, Guangdong Province of China.

Chevron Phillips Chemical, headquartered in Texas (U.S.), has commenced operations of its new ethane cracker at its Cedar Bayou facility in Baytown (U.S.). The new unit will produce around 1.5 million metric tons per year at peak production.

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This release was published on openPR.