TMR Predicts Strong Growth for Petrochemicals Market, to Rise to US$ 7.0 Trillion by 2027-end Amidst Rising Demand
- According to International Energy Agency, the petrochemicals products will make up one-third demand for oil by 2030. The rising prominence of petrochemicals in various new niches will drive strong growth
- The global petrochemicals market will reach US$7.0 trillion in valuation by end of 2027. The market will rise at over 4.0% CAGR during the 2019- 2027 forecast period
- China, and Middle East continue to spur growth of petrochemicals products in the global market. China remains a key prospect as the country continues to witness over 60% new investments in the petrochemical sector
ALBANY, New York, March 4, 2020 /PRNewswire/ -- According to TMR study, the manufacturers in the petrochemicals market continues to invest in diversification of portfolios, and are moving away from traditional varieties of polymer to engineering elastomers, and plastics. The growing volatility in oil prices, and its consequent of feedstock has resulted in a pressing need for players in the petrochemicals market to find reliable, and high margin value propositions. Additionally, IMO bunker fuel regulation will also result in major supply shifts in the petrochemicals market during the forecast period.
According to TMR experts, the ethylene product promises to remain one of the largest petrochemical products in terms of volume during the forecast period. Additionally, the demand for polyethylene remains high in the global market, further providing a boost to ethylene oxide. The demand for propylene will likely expand at 5.0% CAGR during 2019-2027. The growing demand for aromatics will also make way for significant opportunities for growth in the petrochemical market during the forecast period.
The investments in petrochemicals in GCC will help it reach US$140 bn in 2019. Additionally, countries like Saudi Arabia are also witnessing major advancements to diversify petrochemical offerings for new applications.
Recently, the lighter chemical feedstock has made dynamic shifts to manufacturing of C4 chemicals, and aromatics. This is likely to impact production of butadiene, benzene, and paraxylene. The growing investment in petrochemicals in China will likely be focussed on new production of aromatics.
Methanol will likely remain a highly important segment for growth. The segment is expected to grow at 7.0% CAGR during the 2019-2027 period. The growing demand for methanol-based products, and rising demand in Asia Pacific will remain a major growth driver in near future. The Asia Pacific region continues to remain impressive for growth with a colossal 40% share of the total global growth.
The growing demand for shale gas and coal will likely create new opportunities for growth in the petrochemicals market. However, the development of bio-based chemicals, and significant rise in environmental issues remains the key challenge for petrochemicals market.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global petrochemicals Market (Product Type: Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyls, Styrene, and Methanol) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/petrochemicals.html
Key Challenges in the Petrochemicals Market Study:
Increasing initiatives for vehicle efficiency, and growing shift towards electrification of vehicles will remain key challenges for growth for players in the petrochemicals market.
Factors such as vehicle electrification will play a key role in the new development of petrochemical products. Globally, major manufacturers have lined up electric models for sale. The growing shift towards electric along with rising environmental challenge will form a major challenge for players in the petrochemicals market during the forecast period.
The Asia Pacific region will likely drive highest revenue collection in the global petrochemical market in the near future. The region accounted for the highest share in 2018, and tanks to growing demand from India, and China, the region will likely pose higher growth. While soaring trade disputes between US-China continue to create new uncertainties in the global market, however, China is expected to account for a significant share of petrochemicals product in near future. New initiatives by the Saudi government like 'Saudi vision 2030' the country remains a slow cost regime for development of petrochemical products. The growing capital infusion of the Saudi government with new technology, and training labor force, will create new opportunities for growth for players in the global petrochemical market.
Petrochemicals market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Competitive Analysis: Petrochemicals Market
The petrochemicals market remained a highly fragmented landscape in 2018. The growing collaboration between global player, and increased need for fostering relationship continues to play a prominent role in the progress of the petrochemicals market. Some key players in the petrochemicals market are BASF SE, Shell Chemical Company, DuPont, Total S.A., and ExxonMobil
Global Petrochemicals Market: Segmentation
Middle East & Africa
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