Know More About “Petrochemicals Market 2019-2025” Growth Worldwide…..|Grand View Research, Inc.


The global petrochemicals market size is projected to reach USD 651.1 billion by 2027, expanding at a CAGR of 5.0%, according to a new report by Grand View Research, Inc. The market for petrochemicals is largely driven by rising demand for downstream specialty chemicals and plastic manufacturing.
The industry is growing through a transformation with manufacturers focusing on high margin products and trying to optimize raw material costs. Sustainability is the key standpoint driving decision making. The rising plastic waste and pollution resulting from manufacturing facilities have prompted manufacturers to take steps to tackle the rising problem. Going ahead, manufacturers are trying to develop products with widened application scope and minimal environmental impact. In China, technologies are being developed to recycle plastic waste into crude oil. Commercialization of these technologies will not only reduce pollution but also ensure the supply of raw materials to the petrochemical industry.
Capacity additions are expected to be a major feature of the market for petrochemicals. Passing through the consolidation phase in 2012 - 2016, the market for petrochemicals witnessed a large number of strategic divestments and acquisitions. Currently, a large number of projects are being constructed in North America, China, and the Middle East. China is expected to be a major player with more than 6.9 million metric tons of cumulative capacity expected to be operational by 2021. The Middle East is expected to face a lot of problems with manufacturers viewing China as a favorable destination. However, with its current rate of construction, the region is expected to add around 12 million metric tons of cumulative capacity between 2018 and 2022.
Technological integration across the value chain is expected to be major factor influencing market competition. The adoption of technologies such as drones, Internet of Things (IOT), robotics, blockchain, artificial intelligence, and cloud computing is expected to transform petrochemical manufacturing. It will help in improving safety monitoring and improve reliability and efficiency across the supply chain.
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https://www.grandviewresearch.com/industry-analysis/petrochemical-market/request/rs4
Further key findings from the report suggest:
·         The demand for butadiene is anticipated to reach USD 19.8 billion tons owing to rising applications in chemical manufacturing and monomers for tire production
·         The demand for methanol is expected to witness a CAGR of 4.7% in terms of revenue over the forecast period owing to growing application scope in end-use industries such as pharmaceuticals, pesticides, and paints
·         The petrochemicals market in Canada recorded a revenue of USD 10.1 billion driven by rising oil exploration activities and development of integrated facilities
·         The demand for petrochemicals in Belgium is expected to grow at a CAGR of 2.9% in terms of revenue from 2020 to 2027 on account of the presence of large number of specialty chemical manufacturers and steady growth exhibited by the manufacturing sector
·         The major industry participants are Royal Dutch Shell, Chevron, Sinopec, Exxon Mobil, and BP PLC.
The petrochemical industry is a vital component of numerous industrial processes as it provides raw materials for a wide array of products that find application in automotive, construction, and manufacturing. Some of the products derived from petrochemicals are tires, detergents, industrial oil, fertilizers, plastics, medical devices. The basic chemicals and plastic derived from the petrochemicals act as a building block for numerous non-durable and durable consumer goods.
U.S. recorded an investment of more than USD 217 billion in petrochemical downstream operations since 2013. The significant growth of the industry is driven by shale gas revolution and has led to decrease in feedstock prices. The country witnessed a significant rise in the consumption of ethane surpassing the other petroleum products such as gasoline and jet fuel. Capital investments in the U.S. petrochemical industry rose from USD 97 billion in 2013 to USD 317 billion by 2017.
The development of new technologies based on feed stocks such as light crude and mixed crude is expected to positively impact the supply. The adoption of Crude Oil to Chemical Technology (COTC) by manufacturers is expected to gain popularity as it provides high yields in the range of 40% to 45%. Industrial complexes with COTC technology are being constructed in the Middle East and China and expected to be operational by 2020. The development of such technologies will enable companies to manufacture chemicals on a refinery scale.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-petrochemical-market
Grand View Research has segmented the global petrochemicals market on the basis of product and region.
Petrochemicals Product Outlook (Volume, Million Tons; Revenue, USD Million, 2016 - 2027)
·         Ethylene
o    Polyethylene
o    Ethylene oxide
o    EDC
o    Ethyl benzene
o    Other (including alpha olefins, vinyl acetate etc.)
·         Propylene
o    Polypropylene
o    Propylene oxide
o    Acrylonitrile
o    Cumene
o    Acrylic acid
o    Isopropanol
o    Other
·         Butadiene
o    SB Rubber
o    Butadiene rubber
o    ABS
o    SB latex
o    Other (nitrile rubber, mechanical belts etc.)
·         Benzene
o    Ethyl benzene
o    Phenol/cumene
o    Cyclohexane
o    Nitrobenzene
o    Alkyl benzene
o    Other (including alkyl benzene, maleic anhydride)
·         Xylene
·         Toluene
o    Benzene
o    Xylenes
o    Solvents
o    TDI
o    Others (including pesticides, drugs, nitro toluene etc.)
·         Methanol
o    Formaldehyde
o    Gasoline
o    Acetic acid
o    MTBE
o    Dimethyl ether
o    MTO/MTP
o    Other
Polypropylene is widely utilized in the automotive industry owing to its superior mechanical properties and moldability and is expected to witness a volume-based CAGR of 4.0% from 2020 to 2027. Increasing demand for injection molded polypropylene from the electronics manufacturing industry is expected to boost its consumption significantly. It is also used in other applications such as housewares, bottle caps, toys, and luggage. Acrylonitrile derived from propylene is used in the manufacturing of acrylic fibers along with a variety of elastomeric polymers.
Benzene is expected to witness increased demand owing to increasing demand for manufacturing of inks, rubber, adhesives, paints, and varnishes. The advent of shale gas has changed the dynamics of the market for petrochemicals in North America, significantly. It has largely affected the supply of benzene in the region with the availability of ethane and lesser light cracking, resulting in low yields of benzene. It has resulted in increased dependency on imports from China and other Asian countries.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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