****** Petrochemical Market study offers detail overview of industry with all the requisite data to support tactical business decisions and come up with strategic growth plans. This study also proposes a comprehensive insight into the development policies and plans in addition to manufacturing processes and cost structures.
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The ****** Petrochemical market was valued at USD 419.4 billion in 2015. Rise in demand of Petrochemical from end use industries such as consumer goods and manufacturing along with favourable government regulations specifically in Asia Pacific is expected to fuel the market growth over the forecast period.
Petrochemicals are important to products used in day to day life. Petrochemicals are mainly utilized as chemical building blocks in a lot of materials and applications. Propylene, ethylene, benzene are widely used in various end use industries such as plastics, rubber, electronics and packaging.Major industries such as automobiles, chemicals, textile and packaging have shifted their manufacturing base from western countries to countries in Asia Pacific such as India, China, Thailand and Indonesia owing to low labour cost and favourable government regulations. This is expected to drive growth for the market.
Large amount of money spent on construction in Asia Pacific region for developing commercial and residential building is projected to drive growth for the industry. Product applications in construction industry include manufacturing of adhesive, concrete, fibres, resins and plastics. These materials require products such as polyurethane, polyethylene, methanol and styrene. Moreover, with high construction spending particularly in emerging markets of Latin America and Asia Pacific for building non-residential buildings such as institutions and offices are expected to fuel growth over the forecast period. Rise in demand of derived products such as insulation materials and synthetic rubber owing to properties such as durability, flexibility, light weight and strength are expected to drive growth for the industry. Insulation materials are made up of polyethylene and polyurethane and are used in fuel tank manufacturing. Synthetic rubber is used in tire manufacturing.
Furthermore, with capacity additions made in Middle Eastern countries such as UAE and Saudi Arabia, the region is expected to cater to rising demand for Petrochemicals emerging from regions such as Asia Pacific. Middle Eastern countries benefit from low feedstock prices used for production. India and China due to its proximity to Middle East and relatively subsidized price of feedstock, import nearly 70% of their total demand from these countries. However, with the shift in preference towards bio-based chemicals along with strict government regulations is projected to hinder market growth. With rise in shale gas exploration in countries such as China, Canada and US is projected to provide lucrative opportunities to industry players.
****** Petrochemicals outlook by product (Volume, Million Tons; Revenue, USD Billion; 2014 – 2025)
Petrochemicals outlook by region (Volume, Million Tons; Revenue, USD Billion; 2014 – 2025)
- North America
- Asia Pacific
- Rest of Asia
- Middle East
- Latin America
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