Petrochemicals Market Size And Forecast
The Global Petrochemicals Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Petrochemicals Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Petrochemicals Market was valued at USD 418.9 Billion in 2019 and is projected to reach USD 613.5 Billion by 2027, growing at a CAGR of 4.9 % from 2020 to 2027.
What is Petrochemicals?
Petrochemicals often called as petroleum distillates are the chemical products acquired from petroleum by the refining process, while some of them are also produced from other fossil fuels, such as coal or natural gas, or renewable sources as maize, palm fruit or sugar cane. Olefins and aromatics are the two most usual petrochemical classes. Oil refineries manufacture olefins and aromatics by fluid catalytic cracking of petroleum fractions. Chemical plants produce olefins by steam cracking of natural gas liquids like ethane and propane, whereas aromatics are produced by catalytic reforming of naphtha.
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Aromatics and olefins are the constituents for a wide range of materials such as solvents, detergents, and adhesives. Olefins are the bedrock polymers and oligomers used in plastics, resins, fibers, elastomers, lubricants, and gels. Apart from this, petrochemicals are often used in the manufacturing processes of thousands of varied products that people use daily.
Global Petrochemicals Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
An upsurge is being experienced in the petrochemicals market owing to an escalation in the usage of polymers in the packaging and automotive industries. The Petrochemicals market is expanding notably since the upsurge in the demand for methanol in varied end-use industries is experienced.
However, increasing environmental concerns and shift towards bio-based chemicals are the restraints for the market. The adoption of novel technologies and rapid industrialization and urbanization all over the globe can be enriching opportunities. Unstable raw material prices are a challenge for the market to grow.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Petrochemicals Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Petrochemicals Market Competitive Landscape
The “Global Petrochemicals Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as BASF SE, Shell Chemical Company, DuPont, Total S.A., ExxonMobil, Sinopec Limited, Saudi Arabian Oil Co., Sumitomo Chemical Co. Ltd., Dow Inc., Chevron Phillips Chemical Company LLC, and Others. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Petrochemicals Market, By Type
Petrochemicals Market, By Application
• Adhesives And Sealants
• Paints And Coatings
Petrochemicals Market, By End User
• Automotive & Transportation
• Electricals & Electronics
Petrochemicals Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Rest of the World
o Middle East & Africa
o Latin America