Petrochemicals are often known as petroleum distillates. They are chemical compounds derived from the hydrocarbons, mainly crude oil & natural gas. They can also be obtained from different renewable materials for instance sugarcane and corn. They are generally classified on the basis of their chemical structure, olefins, namely, aromatics, and synthesis gas hydrocarbon. Olefin hydrocarbons contain ethylene and propylene, whereas benzene, toluene and xylene belong to the aromatic hydrocarbons category. Various process including steam cracking, fluid catalytic cracking (FCC), and catalytic reforming employed in the refineries and chemicals plants for obtaining the desired product. Petroleum products form an integral feature of daily life and find foremost demand across various end-use industries. Furthermore, petrochemicals products find application in many everyday use products like clothes, tooth brush, furniture, houses, automobiles, performance products, irrigation, household items, packaging, electronics, synthetic detergents, and medical equipment. Some of the key properties of petrochemicals include flexibility in designing, durability, lightweight and others.
As per analysis, “Petrochemicals Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global petrochemicals market include Sinopec; INEOS AG; Royal Dutch Shell Plc; Saudi Basic Industries Corporation (SABIC); LyondellBasell Industries and among others. Renowned players in the global market are introducing novel innovative products in the market to cater to the clients. Key players are entering new markets in the developing regions to increase their customer base and fortify market presence.
Based on type, petrochemicals market can be segmented as Propylene-Petrochemicals, Xylene, Ethylene-Petrochemicals, Benzene-Petrochemicals, Toluene, Styrene-Petrochemicals and others. Ethylene petrochemicals segment dominates the global market owing to rise in use in the synthesis of various derivatives for instance polyethylene, ethylene dichloride (EDC), ethylene oxide, ethylbenzene, and styrene. In addition, based on end-user industry, market can be segmented as packaging, healthcare, construction, electrical & electronics, automotive & transportation and others.
The petrochemicals market is driven by increase in use of polymeric resins in the manufacturing of automotive components, followed by favorable regulatory policies, growth in government initiatives & support and wider application of petrochemicals in automotive, construction, packaging, electrical & electronics, and healthcare industries. Apart from this, rise in demand for bio-based chemicals, growth in environmental concerns regarding the use of petrochemicals and high price volatility of crude oil & natural gas are major hindering factors for market. Moreover, growth in demand from emerging economies is a leading opportunity for market.
Based on geography, the Asia-Pacific is the leading region in global petrochemicals market owing to growth in consumption of petrochemical products in manufacture of different end-use products in applications such as consumer & industrial goods, electrical & electronics, automotive, building & construction, food & beverages, and healthcare across the region. The Europe and North-America regions are estimated to witness higher growth rate due to rise in demand from construction & automotive industries and significant capacity expansions over the forecast period. It is projected that future of the global petrochemicals market will be bright as a result of rise in demand for downstream products from the end-use industries and capacity additions in the base chemical industry during the forecast period.
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Ankur Gupta, Head Marketing & Communications