- A new report by Grand View Research, Inc. observes the petrochemical market to have garnered profits around USD 515 billion in 2014. The market would be valued USD 759 billion by 2022. This expansion will result from booming end-users like transportation and construction, primarily in BRIC countries. Favorable regulations in Asia Pacific are also estimated to contribute to the market. Shale gas explorations in Canada, China, and the U.S. are another key driver.
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Middle East countries including Saudi Arabia and U.A.E. have abundant raw material supply. They can meet the demands of Asia Pacific. However, the global market will be negatively affected by few factors. One of these is fluctuations in the prices of crude oil and naphtha due to unstable political environments in OPEC – Organization of the Petroleum Exporting Countries. A gap in demand and supply could also pose a challenge.
This study segregates the petrochemical market on the basis of products and regions. Product segments are benzene, ethylene, butadiene, propylene, xylene, toluene, styrene, vinyl, and methanol. Ethylene, at USD 141 billion, was the largest product in 2014. Its future growth will be fuelled by plastics.
Propylene contributed about 16% of the total volumes in 2014. It would grow at a CAGR of 3.6% from 2015 to 2022. Propylene finds wide usage in the copolymerization of polypropylene and synthesis of cumene, acrylic acid, propylene oxide, isopropanol, and some other derivatives.
Methanol, with a CAGR of 8% over the next seven years, is projected to be the fastest growing product. It is used to make biodiesel and profits from stringent environmental regulations. The regional segments include North America, Europe, China, Rest of Asia, Middle East & Africa, and Latin America. The China petrochemical market dominated globally in 2014.
It was valued USD 122 billion in 2014. This may be credited to robust demand from its packaging, construction, and transportation sectors. Swift urbanization is the other regional driver. Rest of Asia would grow at a CAGR of 9.2% from 2015 to 2022. North America accounted for 16% volume share in 2014.
Future expansion of this region is predicted to occur from xylene and benzene usage in packaging and lamination sectors. Leading participants of the global petrochemical market comprise ExxonMobil, Chevron Corporation, and BASF. The trend of smaller companies being acquired by larger ones is on the rise.
Information Source: Grand View Research
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