Petrochemicals Market Size Hit US$ 600 Bn by 2027 With 4.7% CAGR: Acumen Research and Consulting
The global petrochemicals market is expected to reach the market value of around US$ 600 Bn by 2027 and is anticipated to grow at a CAGR of around 4.7% in terms of revenue during the forecast period 2020 to 2027
LOS ANGELES, May 27, 2020 /PRNewswire/ -- The rising demand for polymers in the packaging and automotive is a key driver of the petrochemicals market. The growth of the global market is impeded by volatility in raw material prices.
Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Petrochemicals Market (By Type: Propylene, Ethylene, Benzene, Methanol, Butadiene, Toluene, Xylene, Others; By Application: Solvents, Polymers, Paints and Coatings, Surfactants, Rubber, Adhesives and Sealants, Dyes, Others; By End User: Construction, Healthcare, Packaging, Electrical & Electronics, Automotive & Transportation, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027."
Growth in the global market for petrochemicals is due to growing demand for polymers in the packaging and automotive sectors, as petrochemicals are commonly used in the manufacturing of a variety of monomers and polymer products. Similarly, the rising demand for paints and coatings across the globe will also fuel global petrochemicals industry growth over the projected period. The growing demand for methanol is also projected to lead to the growth of the drug market in various end-use industries. Moreover, rapid industrialization and the use of emerging technology mainly in Asia-Pacific are expected to generate competitive opportunities for global players in the projected timeframe. However, instability in the costs of raw materials would be a big problem for multinational manufacturers. Moreover, rising environmental issues and demand for bio-based chemicals are likely to impede world-wide production.
Ethylene finds broad application reach as feedstock in manufacturing, packaging and transport industries. It is primarily used in the synthesis of various compounds including polyethylene, ethylene oxide, ethylene dichloride EDC, and styrene. Rapid industrialization, along with automobile and manufacturing sectors, is projected to fuel demand in developing economies.
Owing to its superior mechanical properties and moldability, polypropylene is commonly used in the automobile industry and is predicted to grow at a steady CAGR amid the forecast period. The anticipated demand from the electronics manufacturing industry for injection molded polypropylene is expected to substantially rise. Propylene based acrylonitrile is used with a number of elastomeric polymers for the manufacture of acrylic fibre.
North America held significant market share in 2019 due to rising shale gas exploration activities. The Middle East is expected to be a promising petrochemical market zone during the forecast era. Factors such as merger deals and joint partnerships, GCC's assets in the petrochemicals sector in 2019 reached US$ 140 BN. According to the nation's dream to reduce crude oil dependence, the Saudi Government is pushing for an even greater presence in downstream industries, particularly petrochemicals.
About the Market
Petrochemicals and natural gas are chemical compounds derived from chemicals composed of hydrocarbons. This can be derived from various green sources, including sugar cane and maize. Petrochemicals, including olefines, flavors and synthesizer gas hydrocarbons, are categorized by their chemical structure. The olefin hydrocarbons are ethylene and propylene, while the group of aromatic hydrocarbons contains benzene, toluene and xylene. Methods such as fluid catalytic cracking, catalytic reforming, and steam cracking are used for the desired products in refineries and chemical plants. Petroleum goods are an important factor in the everyday lives of multiple end-use industries and are strongly requested.
The global market for petrochemicals was strongly competitive in 2018 and the trend will continue over the forecast period. It will certainly boost the profitability of the petrochemical world industry in the near future by promoting collaborations across the entire value chain.
Participants include major global players such Shell Chemical Company, BASF SE, Total S.A., DuPont, Sinopec Limited, ExxonMobil, Sumitomo Chemical Co. Ltd., Saudi Arabian Oil Co., Dow Inc, Others.
In order to boost their business share, petrochemical firms look at acquisition and mergers and joint partnerships with other main players. Thus businesses aim to meet the most possible consumers at reduced prices with these operating integrations.
2019, In order to strengthen its oil business in Africa, the China National Petroleum Corporation has signed an agreement with the Republic of Benin to develop the pump from Niger to the Atlantic Coast in Benin.
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