Petrochemicals Market to Witness CAGR of 6.8% by 2020 Owing to Increasing Application Base

The global petrochemicals market is expected to witness a promising growth in the next few years, especially in developing economies. The rise in the level of competition is projected to enhance the overall competitive scenario of the market in the coming few years.

According to the market research report by Transparency Market Research, the global market for petrochemicals is likely to reach a value of US$885.1 bn by the end of year 2020. The market is likely to register a healthy 6.80% CAGR between 2014 and 2020.

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Rising End Use Industries to Drive Global Petrochemicals Market

The increasing demand from a large number of end use industries and the increasing government support, particularly in developing economies are considered as the major factors that are estimated to encourage the growth of the global petrochemicals market in the near future. Moreover, the easy availability of raw materials in the Middle East and Africa is projected to enhance the overall growth of the market in the near future.

On the flip side, a significant rise in the environmental issues is predicted to restrict the growth of the petrochemicals market in the near future. In addition to this, the increasing shift towards the development of the bio-based chemicals is another key factor projected to hamper the growth of the market in the coming years. Nevertheless, the rising use of coal and shale gas as one of the key feedstock for the production of petrochemicals is expected to encourage the growth of the global market in the next few years.

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Middle East and Africa to Offer Promising Growth Opportunities

In the last few years, Asia Pacific held a major share of the global petrochemicals market and is estimated to continue its dominance in the coming few years. The increasing contribution from China is one of the key factors estimated to encourage the growth of the market in the near future. In addition to this, the rapid development of the automotive and construction industries, especially in emerging economies are estimated to accelerate the growth of the Asia Pacific market in the coming years. Furthermore, the Middle East and Africa is expected to witness a promising growth in the near future, thanks to the easy availability of petroleum. The companies who are operating in the Middle East and Africa are expected to be benefitted substantially in the next few years.

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This release was published on openPR.