NEW YORK, Jan. 30, 2017 /PRNewswire/ -- The global petrochemicals market is expected to reach USD 958.8 billion by 2025, according to a new report by Grand View Research, Inc. Increasing shale gas exploration coupled with abundant availability of cheap indigenous crude oil in Middle East & Africa is projected to drive demand.
Increasing demand for petrochemical products from end-use industries such as automotive, construction, textile, electronics, and pharmaceutical is expected to foster consumption. Government support and favorable policies in Asia Pacific countries such as China and India are anticipated to promote industry growth.
Infrastructure development coupled with transportation industry growth in BRICS nation is likely to propel demand.New capacity additions in Middle Eastern countries such as UAE and Saudi Arabia along with low feedstock prices is expected to positively impact supply demand scenario.
Advent of technologies such as fluid catalytic cracking and residuum crackingis anticipated to promote the usage of bio-based raw materials. Commercialization of renewable sources such as corn and lignin is projected to capture market share and adversely impact industry growth.
Ethylene was the dominant product segment and accounted for over 25% of the overall revenue in 2015. Increasing use of polyethylene in the packaging industry is projected to drive demand for ethylene.
Further key findings from the report suggest:
The global petrochemicals market was estimated at over 512.8 million tons in 2015 and is projected to reach 861.9 million tons by 2025
Middle East emerged as the fastest growing region with an estimated CAGR of 9.9% in terms of revenue from 2016 to 2025. Increasing construction sending in countries such as UAE and Qatar is anticipated to augment growth
Methanol is estimated to grow at a CAGR of 8.3% from 2016 to 2025.Methanol is widely used as a direct fuel for automobile engines due to superior properties such as volatile, colorless, and flammable
Major companies operating in the industry include BASF SE, BP PLC, Chevron Corp., CNPC, Sinopec, DuPont, ExxonMobil Corp., INEOS Group Ltd., LyondellBasell Industries Inc., Royal Dutch Shell PLC, SABIC and Dow Chemical Company
BASF has announced plans for large scale methane to propylene (MTP) plant in the U.S. Gulf Coast with an annual production capacity of 475,000 metric tons
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