The Organization of Petroleum Exporting Countries (OPEC) has a large volume of feedstock or raw materials available, and the rapid development of shale gas exploration in the North American region, primarily in the United States and Canada, is expected to create a highly conducive environment for growth of the global petrochemicals market. China is one of the world's top petrochemical consumers. The rapid rise of numerous end-use sectors is predicted to boost demand for petroleum products, particularly in Asia Pacific growing nations like India and China. According to the Energy Information Administration (EIA) of the United States, total liquid fuel consumption in Asia Pacific reached 33.3 million barrels per day (bpd) in 2017, with China accounting for 80% of the region's consumption. Furthermore, significant advancements in shale gas technologies, such as hydraulic fracturing, are being investigated in the United States and Canada to extract petroleum. As a result of these reasons, the global petrochemicals market is expected to rise rapidly.
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