The global petrochemicals market is expected to grow at a compound annual growth rate (CAGR) of 9 percent during 2017-2023 to reach $814.3 billion by 2023. Factors propelling the growth of the petrochemicals market include growing demand from end-use industries, favorable government policies in the Asia-Pacific region and the abundant availability of raw materials in the Middle East. The report, "Global Petrochemicals Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2023," segments the petrochemicals market by source (crude oil, coal, natural gas and others), by product (ethylene, propylene, butadiene, benzene, xylene, toluene, vinyls, styrene, methanol and others), by application (adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, solvents and others) and by region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report studies the global petrochemicals market over the forecast period (2017-2023).
Petrochemicals are the compounds derived from hydrocarbons, mainly crude oil. They can also be obtained from other fossil fuels such as coal or natural gas, or renewable materials such as sugarcane and corn. A petrochemical is mainly divided into two classes on the basis of chemicals structures, olefins and aromatics. Olefins include ethylene and propylene, while aromatic hydrocarbons include benzene, toluene and xylene. Various refining processes are employed in chemical plants and refineries, such as fluid catalytic cracking, catalytic reforming and steam cracking, to recover the desired product.
Key findings of the "Global Petrochemicals Market" report include:
- On the basis of source, the crude oil segment was dominating the petrochemicals market in 2016 in terms of both value and volume and is expected to continue dominating the market throughout the forecast period.
- On the basis of product, ethylene was holding the largest share of the petrochemicals market in terms of both value and volume in 2016 and is forecasted to remain the largest market throughout the forecast period. Low cost and abundance of ethane are the factors driving the demand for ethylene.
- The methanol segment of petrochemicals is anticipated to be the fastest-growing product of the global petrochemicals market in terms of both value and volume over the forecast period. The growth of this segment is attributed to increasing usage in methanol to olefin processes and gasoline blending.
- Geographically, the Asia-Pacific region was leading the petrochemicals market in 2016 and is anticipated to dominate the petrochemicals market over the forecast period. China is the major contributor to the growth of this region's petrochemical market. Developing infrastructure and automotive industries are the factors driving the growth of the petrochemicals market in this region.
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