Petrochemicals Market - Technological Advancement & Their Potential In Future

Increase in demand of commodity plastics in emerging economies in Southeast Asia and the Middle East is the prime factor that drives this market. Moreover, growth in construction projects in these regions is further expected to boost the demand of petrochemicals. Also, the elevating demand from end-use industries such as automotive, packaging, electronics & electrical globally are driving the petrochemicals market.

On the basis of types of intermediate chemicals, methanol is expected to have the fastest-growing market, owing to the growing demand of formaldehyde, which is important component that is used during the manufacturing of adhesives along with the increase in gasoline fuel blending application. On the basis of type of polymer, polyethylene is also one of the important type of plastics, which is gaining drive globally because of low oil prices. New variations of polyethylene like ultra-high molecular weight PE and Cross linked PE are used in the market and are expected to grow at a significant pace.

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Globally, Asia-Pacific leads the petrochemicals market, accounted to high economic growth rate, rising demand for construction products, growing health awareness applications and improving standards of living. However, the process of plastic recycling is the major restraint of this market.

The global petrochemicals market can be segmented on the basis of type of petrochemical, type of intermediate chemicals, type of polymer, application and region. On the basis of type of petrochemical, the global petrochemicals market can be segmented into ethylene, propylene, benzene, butadiene, xylenes and toluene. On the basis of type of intermediate chemicals, the global petrochemicals market can be segmented into methanol, ethylene oxide and propylene oxide.

On the basis of type of polymer, the global petrochemicals market can be segmented into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyester (PET) and Acrylonitrile Butadiene Styrene (ABS). On the basis of application, the global petrochemicals market can be segmented into construction, packaging, automotive, electrical & electronics, aerospace, consumer goods and others. On the basis of region, the global petrochemicals market can be segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and Latin America.

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Some of the key players in the global petrochemicals market include BASF SE, British Petroleum, Chevron Phillips, China National Petroleum Corporation, E. I. Dupont De Nemours & Company, Exxonmobil Corporation, Formosa Plastics, Ineos Group, Lyondell Basell, Reliance Industries Ltd., Royal Dutch Shell PLC, SABIC, Sinopec Ltd., The DOW Chemical Company and Total SA.

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