Petrochemicals Market | BASF SE, Sinopec Limited, ExxonMobil, The Dow Chemical Company, Shell Chemical Company

Petrochemicals are chemical compounds derived from hydrocarbons, mainly crude oil and natural gas. They can also be obtained from various renewable materials such as sugarcane and corn. Petrochemicals are classified on the basis of their chemical structure, namely, olefins, aromatics, and synthesis gas hydrocarbon. Olefin hydrocarbons include ethylene and propylene, while benzene, toluene and xylene belong to the category of aromatic hydrocarbons. Various process such as fluid catalytic cracking (FCC), steam cracking, and catalytic reforming employed in refineries and chemicals plants to obtain the desired product. Petroleum products form an integral aspect of daily life and find major demand across various end-use industries.

Moreover, petrochemicals products find application in various everyday use products such as clothes, houses, automobiles, tooth brush, furniture, irrigation, household items, synthetic detergents, packaging, electronics, performance products, and medical equipment.

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Global Petrochemicals Market Taxonomy

On the basis of product type, the global market is classified into:

Ethylene
Polyethylene
Ethyl benzene
Ethylene oxide
Others

Propylene
Propylene oxide
Polypropylene
Isopropanol
Others

Butadiene
Styrene
Acrylonitrile butadiene styrene
Butadiene
Others

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Key Developments

Major companies in the market are involved in various growth strategies such as collaboration and partnership, in order to gain competitive edge in the global market. For instance, in January 2019, BASF SE, the German-based chemicals producers, and Adani Group, an Indian conglomerate, collaborated to form a joint venture of petrochemical production hub in Gujarat, India.

Key players in the market are focused on various strategies such as partnership and agreement, in order to enhance their market position. For instance, in May 2019, GAIL Limited, a natural gas processing and distribution company, entered into an agreement with ExxonMobil, a U.S.-based oil and natural gas company, to supply natural gas to power and transportation sector in India.

Major companies in the market are adopting various strategies such as capacity. expansion, in order to expand their product portfolio and enhance their market position. For instance, January 2019, Shell Chemical LP (Shell) started the production of fourth alpha olefins unit in its Louisiana, U.S. chemicals manufacturing site.

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This release was published on openPR.