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Top 15 Petrochemicals Market Boosting the Growth 2019: Key Players BASF SE, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, Sinopec Limited, Lyondell Basell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical
Top 15 Petrochemicals Market
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The major players in the Petrochemical Industry are BASF SE, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, Sinopec Limited, Lyondell Basell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and Company.
The progress in different sectors of the market that are highly dependent on market characteristics, industry chain, and market dynamics are also appearing in higher demand for the Top 15 Petrochemicals market. Due to the increase of new technologies, the Top 15 Petrochemicals market has been assisted in the development of the industry.
Petrochemicals play an important role in the 21st century lifestyle and are utilized in various end use industries. The oil & gas Industry provides the feedstock in the form of crude oil, natural gas and their derivatives. Different kinds of processes employed on crude oil, and natural gas yield different products. The most sought-after product is ethylene, which holds a 25% market share in the global petrochemicals market. It is used as a feedstock for manufacture of polyethylene, polystyrene, ethylene glycol and ethanol. Ethylene is followed by benzene, propylene, xylene, butadiene in terms of market share. Some petrochemicals are used widely around the world in various application includes dyes, detergents, paint, plastic, rubber, textiles and fertilizers. The major drivers are the high dependency and lack of large scale alternatives to petrochemical products. The major competitor to petrochemicals are bio-based chemicals and as environmental consciousness increases, investment in bio-based chemicals is likely to escalate. In addition oil price instability also affects growth.
Top 15 Petrochemicals Market Outlook - Surging demand in Asia-Pacific Augmenting Market Growth
Asia Pacific market is a major processing hub for petrochemicals with India, China, and South Korea being major drivers. Six of the world’s ten largest refineries are in Asia Pacific with the largest being Reliance owned Jamnagar Refinery. This region has recently observed an upturn in consumption due to increased population. China has also claimed to have the world’s largest shale reserves but is unable to develop them due to water shortages. Technological Advancement in shale gas extraction is expected to complement growth.
North America is a major processing hub. Feedstock is obtained from shale gas produced in the various US shale plays (Marcellus, Eagle-Ford, Permian, Barnett, Bakken and Niobrara). In addition, it is also one of the largest consumer of petrochemicals. Also, Middle East and North Africa are major sources of crude oil. There is also a significant presence of petrochemical industry in this region due to close proximity to crude oil source.
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Europe is a consumer market for petrochemicals with heavy dependency on North American and Asian markets. A west to east shift has been observed in the petrochemical market. Maturation in Europe has led to shifting of existing petrochemical infrastructure to countries such as India where labor is cheap.
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