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April 13, 2020, 10:44 a.m. EDT

Petrochemical Market – Size, Share, Analysis, Outlook, Growth Trends, Key Players, Competitive Strategies and Forecast 2023

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Apr 13, 2020 (Heraldkeepers) -- Petrochemicals are derived specially from natural gas or crude oil. They are derived from naphtha part of crude oil or steam cracking of paraffins in natural gas. The growing demand for synthetic materials across all industries is the primary demand for its production. The Global Petrochemical Market Report by Market Research Future (MRFR) analyzes upstream and downstream processes with an eye on feedstock prices. It outlines important trends and opportunities for end-users for the period between 2018 to 2023 (forecast period).

Competition Outlook:

SABIC, China Petroleum & Chemical Corporation, Reliance Industries Limited, China National Petroleum Corporation, BASF SE, Sumitomo Chemical Company, Chevron Phillips Chemical Company, TOTAL, LyondellBasell Industries Holdings B.V., DowDuPont, Indian Oil Corporation Limited, Royal Dutch Shell PLC, and BP PLC are major players in the Global Petrochemical Market.

Industry News:

ExxonMobil has decided to invest close to USD 2 billion in constructing a new facility for petrochemicals. This will assist the company in producing 400,000 tons of polymers annually.

PetroChina Guangdong Petrochemical Company has procured heavy oil processing equipment for its petrochemical plant in China. The plant is expected to possess a capacity of 20 million tons.

Market Scope:

The Global Petrochemical Market Size can reach USD 943.5 billion by 2023. It can register a CAGR of 8.06% over the forecast period. Huge demand for polymers across automotive and packaging industries is expected to drive market demand exponentially. Petrochemicals are used in the making of monomers, a precursor for the manufacture of polymers. Soft and pliable polyethylene is a prime ingredient for flexible packaging. Rising demand for flexible and rigid packaging can bode well for the Petrochemical Market.

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Manufacture of plastic components in the automotive industry can fuel the demand for Petrochemicals. Some of the components include gas cans, carpet fibers, foam insulation panels, and electrical potting compounds. Rising demand for automobiles can trigger the need for polymeric resins for the fabrication of components will create an uptick for Petrochemicals in the coming years.

But fluctuating prices of raw materials such as crude oil and shift to biochemical amid rising environmental concerns can hamper market growth.

Segmentation:

The Global Petrochemicals Market has been segmented by Type, Application, End-Use Industry and Region.

By Type, the ethylene segment accounted for the largest market share of around 26% in 2017 and is expected to register a remarkable CAGR during the forecast period.

By Application, the polymers segment held the largest market share in 2017 and is expected to exhibit a CAGR of over 8% during the forecast period.

On the basis of End-Use Industry, the packaging segment accounted for the largest share of 32% in 2017 due to the increasing use of petrochemicals in the packaging industry across the globe.

Browse Key Industry Insights spread across 236 pages with 232 market data tables & 21 figures & charts from the report, "Petrochemical Market Information: By Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), Application (Polymer, Paints and Coatings, Solvent), End-Uses Industry (Packaging, Automotive, Construction) and Region - Growth Potential, Price Trends, Competitive Market Share & Forecast 2023" in detail along with the table of contents: https://www.marketresearchfuture.com/reports/petrochemical-market-3164

Regional Analysis:

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