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Worldwide Pygas Market Business Report Includes Top Players Shell, Chevron Phillips Chemical Company, The Dow Chemical Company, Hip–Petrohemija, Haldia Petrochemicals Limited and others

07-29-2019 03:00 PM CET | Energy & Environment

Press release from: Kenneth Research

Pygas Industry by Future Growth Prospects

Pygas Industry by Future Growth Prospects

Pygas, also known as pyrolysis gasoline, refers to the by-product obtained during ethylene production. It consists of benzene and other hydrocarbon compounds. Pyrolysis gasoline is used as a booster in motor fuels. Moreover, pygas are extensively utilized in petrochemical production.

Market Size and Forecast

Global Pygas market is anticipated to flourish at a significant CAGR during the forecast period 2017-2024. Further, the market is anticipated to grow on the account of the growth of the automotive industry across the globe. Similarly, widening use of pyrolysis gasoline in petrochemical production is opening the opportunities for the growth of the market.

North America accounted for substantial portion of market share in overall pygas market in 2016. Rising utilization of pygas as a motor fuel booster is expected to intensify the growth of North America pygas market during the forecast period. Further, rise in the number of petrochemical plants in U.S. is envisioned to strengthen the demand for pyrolysis gasoline in the years ahead. Moreover, increasing investment by major petrochemical companies such as Dow and Exxon Mobil in the region bodes well for the growth of pygas market in the region.

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Asia Pacific is believed to showcase to witness lucrative growth over the forecast period. Expansion of petrochemical industries in the region is anticipated to garner the growth of pygas market in Asia Pacific during the forecast period. Moreover, growth of automotive and increased motor fuel oil is anticipated to support the growth of the market in the upcoming years. Further, rise in number of affluent middle class population in the region is fuelling the growth of automotive industry which further is envisioned to bolster the growth of pygas market. Europe market is projected to grow at significant CAGR during the forecast period. Increasing ethylene demand and production in the region is anticipated to impetus Europe Pyrolysis Gasoline market.

Middle East & Africa market is anticipated to likely to contribute significantly to the growth of the market. The market of the pygas is mainly expanding on the back of the growth and expansion of oil & gas industries in the region.

Based on application, global Pyrolysis Gasoline market is segmented into aromatic extraction, refinery feedstock, benzene processing, motor fuels and other, out of which, benzene processing dominated the overall market in 2016.

Worldwide Key Players:

Shell, Chevron Phillips Chemical Company, The Dow Chemical Company, HIP–Petrohemija, Haldia Petrochemicals Limited, Saudi Basic Industries Corporation, Jam Petrochemical Company, ONGC Petro Additions Limited, Ras Laffan Olefins Company Limited, Süd-Chemie, Scope and Context

Growth Drivers & Challenges

Rise in number of petrochemical plants all across the globe is one of the major factors driving the market of global pygas market. For instance, in April 2017, ExxonMobil, a leading oil and gas company, announced the initiation of petrochemical plant construction in Texas. Similarly, Dow chemical also announced their USD 4 Billion investment plan to expand their petrochemical manufacturing business in U.S. These market activities are opening a gateway of opportunities for the growth of the pyrolysis gasoline market.

Further, pyrolysis gasoline finds their use in various petrochemical applications such as feedstock to aromatic extraction, benzene processing and other such application. These factors are expected to substantially raise the demand for the pyrolysis gasoline market during the forecast period.

Further, pyrolysis gasoline is also used in motor fuels. Apart from this, automotive industry is witnessing positive growth in the world. These factors are anticipated to spearhead current and future growth prospects of pyrolysis gasoline market.

In contrast, fluctuating oil prices is anticipated to negatively impact the growth of the global pygas market.

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About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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