Petrochemicals Market Research Report 2017-2026|By Types (Propylene, Benzene, Ethylene, Xylene, Vinyls, Methanol, Others) and Global Industry Forecast by Players (Royal Dutch Shell, BASF, British Petroleum, DOW, China National Petroluem, Chevron, ExxonMob
Significant growth in industries such as healthcare, automobile, construction, food, and beverages, along with government initiatives and funding is expected to support the growth of this market. Other driving factors include an abundance of raw materials in the Middle East and favorable regulatory policies in Asia-Pacific. However, increasing environmental concerns, the growing demand for bio-based chemicals, and price volatility of crude oil and natural gas are expected to restrict the growth of the market. Increasing demand from developing nations and technological advancements are expected provide numerous growth opportunities to the market players during the forecast period.
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Petrochemicals are used in a wide range of applications in the medical and healthcare sector. Phenol and Cumene are used for the creation of a substance used for manufacturing of penicillin and aspirin. Petrochemical resins are used in drug purification, drug manufacturing for treatment of AIDS, cancer, and arthritis, development of artificial skin and limbs, and manufacturing of medical equipment such as bottles, and disposable syringes among others. In the food industry petrochemicals are used in the manufacturing of food preservatives, chocolates and candies, and food coloring among others.
Asia-Pacific generated the highest revenue in the market in 2017 and is expected to lead the global market throughout the forecast period. The high economic growth in the region, growth in the automotive and construction industries, and rising standards of living are expected to drive the market growth. Increasing disposable incomes in developing countries of this region, increasing applications of petrochemicals, and competitive manufacturing costs are further expected to support market growth. Rapid urbanization and rising shale gas explorations in the region are expected to further provide growth opportunities during the forecast period.
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The different types of petrochemicals include:
Methanol, and others.
In 2017, ethylene accounted for the highest market share. However, adoption of methanol is expected to grow at the highest CAGR during the forecast period. The increasing demand of methanol for gasoline blending, and MTO (methanol to olefins) processes is expected to support its adoption in the coming years.
The well-known companies profiled in the report include:
Royal Dutch Shell PLC,
The DOW Chemical Company,
China National Petroleum Corporation,
LyondellBasell Industries Inc.,
INEOS Group Ltd.,
E. I. Dupont De Nemours & Company,
Sinopec Ltd among others.
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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