Worldwide petrochemicals market is foreseen to amass over US $1,203.2 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
The petrochemicals market is gaining traction worldwide on account of substantial growth in an array of industries including automobile, healthcare, food & beverages, and construction, coupled with several government initiatives & funding. Other key market drivers include favorable regulatory policies in Asia Pacific, as well as plenteous raw materials in the Middle East region. The rising environmental concerns, price volatility of natural gas and crude oil, and ascending demand for bio-based chemicals, are slated to deter market growth in the future. However, augmented demand for petrochemicals from the emerging nations, combined with technological enhancements, would offer a gamut of market growth opportunities over the predicted timeline.
Depending on the product spectrum, the global petrochemicals market is segmented into benzene, propylene, ethylene, xylene, vinyls, styrene, butadiene, toluene, methanol, and others. Reportedly, the ethylene segment bagged the largest market fragment in the year 2017. Market experts expect the methanol segment to expand at the highest CAGR throughout the predicted period. The burgeoning demand of methanol for gasoline blending and MTO (methanol to olefins) process is likely to increase its adoption in the upcoming years.
The report entails a comprehensive analysis of the worldwide petrochemicals market with regards to the market dynamics, drivers, and present & future market trends. The report also evaluates market restraints and opportunities that influence the commercialization scope of the overall industry over the estimated timeframe.
According to the study, petrochemicals have a wide range of applications in the medical & healthcare sector. Cumene and phenol are deployed in the production of a substance that is used for manufacturing aspirin and penicillin. Petrochemical resins are needed for drug purification, development of artificial limbs and skin, drug manufacturing for AIDS, arthritis, and cancer, as well as for the manufacture of medical equipment like disposable syringes, bottles, etc. Apart from the medical & healthcare sector, petrochemicals find extensive application in the food industry for producing food preservatives, food coloring, candies, chocolates, and more.
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The regional segments of the worldwide petrochemicals market encompass North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. The findings of the report reveal that the Asia Pacific market accounted for the highest market revenue in the global market in the year 2017 and is poised to emerge as the leading revenue contributor over the estimated period. The regional development is likely to be fueled by high economic progress, expansion of the construction and automotive industries, and surging living standards in the region. Also, rising disposable incomes in the developing APAC countries, competitive manufacturing costs, along with rising applications of petrochemicals supplement market expansion in the region. Increasing shale gas explorations, coupled with rapid urbanization, are slated to offer numerous growth prospects to the regional segment.
The leading global petrochemicals market contenders include Chevron Corporation, British Petroleum, Royal Dutch Shell Plc, The DOW Chemical Company, BASF SE, China National Petroleum Corporation, ExxonMobil Corporation, INEOS Group Ltd., LyondellBasell Industries Inc., Sinopec Ltd., E. I. Dupont De Nemours & Company, and Sabic.