Petrochemicals Market SWOT Analysis With Innovative Growth
Petrochemicals Market: Introduction
In terms of value, the global petrochemicals market is anticipated to expand at a CAGR of 4.3% from 2020 to 2030. Petrochemicals are an important part of commodities that are used in daily lives. Petrochemical products are used in various end-use industries, ranging from manufacturing to consumer goods. These chemical compounds are derived from petroleum as well as other hydrocarbons, which are obtained from natural gas and crude oil. Petrochemical products are primarily used as chemical building blocks in various applications and materials. Various organic chemicals are manufactured in the petrochemicals industry. These include methanol, ethylene, butadiene, propylene, benzene, xylene, and toluene. Ethylene, butadiene, and propylene, along with butylene, are collectively called olefins. These belong to a class of unsaturated aliphatic hydrocarbons with chemical formula CnH2n. Benzene, xylene, and toluene are commonly referred to as aromatics. These are unsaturated cyclic hydrocarbons containing multiple rings. Olefins, methanol, and aromatics are precursors to various chemical products; and are generally referred to as primary petrochemicals.
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