Press release
Malaysia Chemical and Petrochemical Market to Reach 150,375.8 Tons by 2025
Transparency Market Research delivers key insights on the chemical and petrochemical market in Malaysia. In terms of volume, the chemical and petrochemical market in Malaysia is estimated to expand at a CAGR of 4.2% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the chemical and petrochemical market in Malaysia.
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The chemical and petrochemical market in Malaysia is generally affected by numerous factors such as rise usage of chemicals petrochemicals in several end-use industries, including pharmaceuticals, food & beverages, and automotive.
Chemicals and petrochemicals are an integral part of the chemical industry due to their increasing usage in the manufacture of synthetic materials. Petrochemicals are primarily made from hydrocarbons such as ethane, butane, propane, and other components of natural gas or petroleum. They are produced by catalytic reforming, fluidized bed catalytic cracking (FCC), and steam cracking processes.
Propylene, ethylene, toluene, benzene, and methanol are petrochemicals that are widely utilized around the world. This is expected to drive the chemical and petrochemical market in Malaysia during the forecast period.
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Malaysia Chemical and Petrochemical Market: Dynamics
Chemical plants convert natural gas, oil, air, metals, water, and minerals into chemicals products. Chemicals derived from petroleum or natural gas are known as petrochemicals and are typically extracted during the refining process, as crude oil and natural gas liquids are cracked or distilled.
Polymers are chemical chains made of numerous repeating elements. Often made of hydrogen, carbon, sulfur, oxygen, and even fluoride, these chemical chains are strong, resilient, and versatile. The dispersion of nanofillers in polymeric matrices is known to improve the physical, mechanical, and barrier properties of the material. These improved properties make them further advantageous for usage in industrial sectors such as packaging, construction, electricity, and electronics.
Rise in usage of polymer nanocomposites in packaging and automotive industries and stringent government regulations on automotive emissions in several countries, including Malaysia, are driving the chemical and petrochemical market in the country.
A wide variety of polymers is employed in the commercial manufacture of elastomers, plastics, synthetic fibers, adhesives, and surface coatings. There are several ways to classify these compounds. Industrial polymers and chemistry of polymers are classified according to chain growth or step growth reactions.
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Thousands of polymeric plastics are regularly used in the automotive industry. Every chemical compound, ranging from polypropylene to acrylonitrile butadiene styrene, offers something different. Therefore, increasing demand for polymers in different industries in Malaysia is anticipated to propel the market for chemical and petrochemical during the forecast period.
Additionally, increase in international trade is anticipated to boost the demand for chemical and petrochemicals for transportation of chemicals in Malaysia. Manufacturers of chemical and petrochemicals are focusing on automotive and healthcare industries, as the shares held by the end-use industries in the chemical and petrochemical market in Malaysia is projected to increase during the forecast period.
Malaysia Chemical and Petrochemical Market: Key Players
The chemical and petrochemical market in the Malaysia is consolidated, with the presence of various key players.
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Prominent players operating in the chemical and petrochemical market in the Malaysia include Petronas, ConocoPhillip, Malaysia Hengyuan International Ltd., Kemaman Bitumen Company, Vito, Pengerang Energy, Petron, San Miguel, BASF Malaysia, Eastman Malaysia, Suka Chemicals, and Mapei Malaysia.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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