NEW YORK, Aug. 31, 2016 /PRNewswire/ -- Petrochemicals are chemicals products derived from petroleum. They are also called petroleum distillates. Some of the same chemicals compounds as petrochemicals are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as corn or sugar cane but, but these are not included in the petrochemicals industry.
Petrochemicals was the largest segment in the chemicals sector with a XX% share of the global market. (The USA, China, the Middle East and Europe were the largest producers of petrochemicals, accounting for XX%, XX%, XX% and XX% of production respectively). Petrochemicals cover ethylene, propylene, and butylene made from refined petroleum and hydro carbons. Ethylene is the most widely used chemical compound, used in creating polyethylene films and as a plant hormone.
Asia was the largest geographic market in the petrochemicals market in 2015, accounting for $XX billion or XX% of the global market. Asia is the largest market because of its robust manufacturing Industry, a major user of petrochemicals, in China and India. Europe was the second largest geographic market, accounting for $XX billion or XX% of the global market. The Americas was the third largest geographic market, accounting for $XX billion or XX% of the global market.
Global per capita petrochemicals consumption grew from $XX in 2011 to $XX in 2015 at a CAGR of XX% and is expected to grow to $XX in 2019 at a CAGR XX%. Per capita consumption is increasing because of increased demand for polyethylene, polypropylene and ethylene in industries such as the automotive, industrial manufacturing and packaging industries.
Petrochemical companies are increasingly using automation and instrumentation solutions to control the production process more effectively. Automation instruments include control valves, temperature transmitters, level transmitters, flow transmitters and pressure transmitters that help to improve an organizations operational efficiency. For example, Siemens process instrumentation and gas analytics solutions increases productivity and efficiency during plant operations.
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