22-Jan-2020 | Facts and Factors
Findings from Facts and Factors report “Petrochemical Market By Product (Propylene, Toluene, Methanol, Ethylene, Benzene, Butadiene, Styrene, Xylene, and Vinyls) and By Application (Automotive, Agriculture, Construction, Electrical & Electronics, Packaging, Pharmaceuticals, and Others): Global Industry Perspective, Comprehensive Analysis): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global petrochemical market in 2019 was approximately USD 554 billion. The market is expected to grow at a CAGR of 4.9% and is anticipated to reach around USD 775 billion by 2026.
Petrochemicals are derived from petroleum stock, used among other items in various end-users such as automotive, electrical, agricultural, and building. Petrochemical has been gaining enormous demand in recent times because of the high demand for petrochemicals from emerging economies due to the massive industrialization. Petrochemical can be loosely categorized as light, medium, and heavy.
Browse the full “Petrochemical Market By Product (Propylene, Toluene, Methanol, Ethylene, Benzene, Butadiene, Styrene, Xylene, and Vinyls) and By Application (Automotive, Agriculture, Construction, Electrical & Electronics, Packaging, Pharmaceuticals, and Others): Global Industry Perspective, Comprehensive Analysis): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/petrochemical-market-by-product-type-ethylene-toluene-propylene-153
Petrochemicals are an essential component of rubber, plastics, and solvent production. This aspect is expected to contribute in the coming years to the splendid growth of the market for petrochemicals. Different government initiatives to expand the petrochemical industry due to the enormous demand for petrochemicals from multiple end-users will fuel market growth in the forecast period. Amongst others, petrochemical is used in automotive, manufacturing, pharmaceutical, and agriculture. Thus, growth is directly proportional to the growth of the petrochemical sector in this end-user industry. But fluctuating prices of raw materials along with growing environmental concerns may act as a constraint on the petrochemicals market. Nevertheless, ongoing research to untapped opportunities for petrochemicals along with heavy demand from emerging economies may offer plenty of prospects for the renewable chemical markets.
The petrochemical industry is generally classifiable into product and end-user. The main petrochemicals products include propylene, toluene, methanol, ethylene, benzene, butadiene, styrene, xylene, and vinyl. In 2018 ethylene held the market's biggest share. Due to low cost and easy accessibility, ethylene is used in most applications. In 2018 propylene was the largest segment of revenue generators. Propylene is used for the manufacture of acrylonitrile, propylene oxide, cumene, butyraldehyde, and acrylic acid. Styrene is expected to grow at an immense pace in the years ahead. Petrochemical is used in various end-user industries such as the automobile, agricultural, manufacturing, electrical& electronics, packaging, pharmaceutical, and other industries.
China curled the petrochemical industry with a notable market share in 2018and expected to gain momentum in the forecast period. It is anticipated that the growth of the petrochemical industry in this area will be hampered due to various initiatives imposed by the government to establish a huge market for petrochemical. India is rising tremendously at the fastest pace in the petrochemical industry. The petrochemical market is expected to be spurred by enormously growing industrialization in India in the near future. North America and Europe are focussing on inventing new technologies to solve the environmental drawbacks caused by petrochemicals. A fast rise in industrialization in Brazil is likely to trigger forecast-period growth in the petrochemical industry. The Middle East is the store for raw petrochemical that is expected to fuel petrochemical market growth in the coming years.
Top Market Players
Some of the key players in the petrochemical industry are BASF AG, British Petroleum PLC, China National Petroleum (CNPC), DuPont de Nemours, Inc., SABIC, The Dow Chemical Company, Chevron Corporation, SINOPEC, INEOS Group Ltd., Lyondell Basell Industries Inc., Royal Dutch Shell PLC, ExxonMobil Corp, and Others.
This report segments the petrochemical market as follows:
Global Petrochemical Market: By Product Segmentation Analysis
Global Petrochemical Market: By Application Segmentation Analysis
- Electrical & electronics
Global Petrochemical Market: Regional Segmentation Analysis
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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