Petrochemical Market Overview of Global Skin Lightening Products Market Size, Demand, Trends, Share and Growth Forecast till 2023

Petrochemical Market Overview:

The global petrochemicals market is expected to witness significant growth with a CAGR of 6.7% over the forecast period of 2017-2023 and reach USD 1075.19 billion by 2023.

Petrochemicals are basically petroleum products derived from hydrocarbons. Some other chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal, or natural gas, or renewable sources such as corn or sugar cane. Petrochemical is mainly classified into two type’s olefins (including ethylene and propylene) and aromatics (including benzene, toluene and xylene isomers). Both of these are produced in oil refineries by fluid catalytic cracking of petroleum fraction. Olefins produced by steam cracking of natural gas liquid such as ethane and propane, whereas aromatics are produced by catalytic reforming of naphtha.

Petrochemicals are used in various end user industries ranging from manufacturing to consumer goods. However, they are most commonly used in adhesives, polymers, paints and coatings, dyes, surfactants. The global petrochemical market is expected to be driven by rising demand for petrochemicals in major end-user industries linked with favorable operating conditions, especially in the Middle East and Asia Pacific over the forecast period. Moreover, Demand for bio-based chemicals is increasing due to growing consumer awareness as we all benefits associated with their usage. Consequently, investment in bio based chemicals in public and private sector likely to increase in near future and will hamper the growth of petrochemical market globally.

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Market Influence / Trend:

Data integration and capabilities are analyzed to support the findings and study the predicted geographical segmentations. Various key variables and regression models were considered to calculate the trajectory of Petrochemicals market. Detailed analysis is explained and given importance to with best working models.

Geographically, the segmentation is done into several key regions like North America, Middle East & Africa, Asia Pacific, Europe and Latin America. The production, consumption, revenue, shares in mill UDS, growth rate of Petrochemicals market during the forecast period of 2017 to 2023 is well explained.

The ongoing market trends of Petrochemicals market and the key factors impacting the growth prospects are elucidated. With increase in the trend, the factors affecting the trend are mentioned with perfect reasons. Top manufactures, price, revenue, market share are explained to give a depth of idea on the competitive side.

Each and every segment type and their sub types are well elaborated to give a better idea about this market during the forecast period of 2017 to 2023 respectively.

Regional Analysis:

Asia Pacific emerged as leading market for petrochemicals, and accounted for around 50% for shares in volume consumption as of 2014. China majorly contributed in the growth of Asia Pacific market, owing to flourishing automotive industry. Growing demand for polymer and solvent, dyes, adhesives, paints and coatings in APAC anticipated to boost growth of petrochemicals across the region. North America is the second largest market for petrochemicals after APAC petrochemical market. U.S. and Canada led the North American petrochemical market owing to rising shale gas exploration. Furthermore, growth in this region anticipated to encourage by vast number of product performance such as plastic resins, synthetic fibers, rubber products, paints & coatings, adhesives & sealants, lubricants, water treatment products, and industrial chemicals.

Segmentation:

The global petrochemicals market is majorly segmented on the basis of product, application and by region. Market segmentation on the basis of products includes Methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, vinyl styrene. Moreover Ethylene is the leading product segment and accounted for 30% overall market volume in 2015. Abundance and low cost ethane availability has made this segment most dominant. Furthermore, propylene is the prominent segment in terms of value and accounted to bench mark in USD billion in 2015. Owing to major utilizations in production of variety of chemicals including propylene oxide, acrylonitrile, cumene, butyraldehyde and acrylic acid have made propylene dominant segment in terms of revenue. Methanol product segment projected to be the fastest growing segment over the forecast period of 2017 to 2023. As growth of methanol is directly related to its increasing usage in gasoline blending and methanol to olefins processes

On the basis of application market segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and solvents. Based on the regions market is segmented into North America, APAC, Europe, Latin America and Middle East and Africa.

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