Petrochemical Market by Technology, Application & Geography-Analysis & ForecastPosted by Moin Patni on March 5th, 2018 Market Overview: The global petrochemicals market is expected to witness significant growth with a CAGR of 6.7% over the forecast period of 2018-2023 and reach USD 1075.19 billion by 2023. The market witnessed a significant growth over the forecasted period owing to growing applications such as into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and solvents. Global petrochemicals market is anticipated to be driven by rising demand from several end user industries as well as rising governmental support in emerging economies over the forecast period. In addition, easy availability raw material in several nations of the Middle East likely to contribute growth of the overall market throughout the forecast period. However, rising environmental concerns owing to rapidly increasing pollution and global warming concern will have serious effect on the growth of global this market. Also shift towards the use of bio based chemicals is expected to hold the growth of global petrochemicals market.
Sample Copy Pages@ https://www.marketresearchfuture.com/sample_request/3164 Regional Analysis: Asia Pacific is the dominating market for petrochemicals, and accounted for over 50% of market shares in terms of volume followed by North America and Europe in 2015. China and India collectively led the APAC petrochemical market and will contribute majorly in the dominance of this region throughout forecast period. Favorable government regulations in China as well other counties across APAC likely to encourage growth in this market. Owing to increasing urbanization coupled with rapid industrialization has made china leading contributor in the growth of APAC market by accounting 25% regional shares in terms of volume. In addition, increasing demand from countries such as, Indonesia, Thailand, and Vietnam is anticipated to boost consumption in Rest of Asia Pacific market. India expected to register progressive growth over the forecast period. This is due to initiatives such as PCPIR (Petroleum, Chemical and Petrochemicals Investment Region) by Indian government to promote petrochemical infrastructure in the country giving subsidies. Market Highlights: Petrochemicals are organic compounds derived from hydrocarbons. Some other chemical compounds made from petroleum are also made from other fossil fuels, such as coal, or natural gas, or renewable sources such as corn or sugar cane. Olefins and aromatics are two most common lasses of petrochemicals and are produced in oil refineries by fluid catalytic cracking of petroleum fraction. Aromatics are produced by catalytic reforming of naphtha, whereas, olefins are produced by steam cracking of natural gas liquids. Segmentation: The global petrochemicals market is majorly segmented on the basis of product, application and by region. Market segmentation on the basis of products includes Methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, vinyl styrene. On the basis of application market segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and solvents. Based on the regions market is segmented into North America, APAC, Europe, Latin America and Middle East and Africa. Key Players: ü BASF SE, ü ExxonMobil Corporation, ü The Dow Chemical Company, ü Shell Chemical Company, ü SABIC, ü Sinopec Limited, ü Lyondell Basell Industries, ü Total S.A., ü Sumitomo Chemical Co. Ltd., ü Chevron Phillips Chemical Company LLC, ü E. I. du Pont de Nemours and Company Browser Copy Pages@ https://www.marketresearchfuture.com/reports/petrochemical-market-3164 About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members. Contact: Market Research Future Office No. 524/528, Amanora Chambers Magarpatta Road, Hadapsar Pune - 411028 Maharashtra, India +1 646 845 9312 Like it? Share it! More by this author |