PetrochemicalsMarket: Introduction
Interms of value, the global petrochemicals market is anticipated to expand at aCAGR of 4% from 2020 to 2030.Petrochemicals are an important part of commodities that are used in dailylives. Petrochemical products are used in various end-use industries, rangingfrom manufacturing to consumer goods. These chemical compounds are derived frompetroleum as well as other hydrocarbons, which are obtained from natural gasand crude oil. Petrochemical products are primarily used as chemical buildingblocks in various applications and materials. Various organic chemicals aremanufactured in the petrochemicals industry. These include methanol, ethylene,butadiene, propylene, benzene, xylene, and toluene. Ethylene, butadiene, andpropylene, along with butylene, are collectively called olefins. These belong toa class of unsaturated aliphatic hydrocarbons with chemical formula CnH2n.Benzene, xylene, and toluene are commonly referred to as aromatics. These areunsaturated cyclic hydrocarbons containing multiple rings. Olefins, methanol,and aromatics are precursors to various chemical products; and are generallyreferred to as primary petrochemicals.
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SideEffects of Magnesium Stearates to Hamper Petrochemicals Market
Significantsteps are being taken around the world to move from the current fossil-basedeconomy toward a more sustainable economy based on biomass. The transition to abio-based economy has multiple drivers: need to develop environmentally,economically, and socially sustainable global economy; anticipation that oil,gas, coal, and phosphorus would reach peak production in the near future andprices would rise; global issue of climate change; and the need to reduceatmospheric greenhouse gas (GHG) emissions. A large part of the world is slowlytransitioning from a fossil fuel dependent economy to one that is moreenvironmentally sustainable, centered around biomass. Countries are striving tomanufacture bio-based chemicals from various biomass sources in order toachieve this. The U.S. Department of Energy (DoE) has highlighted a dozenplatform or base chemicals that could possibly replace fossil orpetroleum-based building blocks in value-added chemicals. These includecarboxylic acids, isoprene, ethanol, amino acids, vitamins, and industrialenzymes. Thus, rise in use of bio-based chemicals as alternatives topetrochemicals is expected to hamper the petrochemicals market in the nearfuture.
Ethyleneto Offer Lucrative Opportunities for Petrochemicals Market
Interms of product, the global petrochemicals market has been divided intomethanol, ethylene, propylene, c4 stream, benzene, toluene, and xylene.Ethylene is projected to be a highly lucrative segment of the globalpetrochemicals market during the forecast period. It is likely to expand at aCAGR of 4% from 2020 to 2030. Ethyleneis a key petrochemical used in the production of various derivatives andend-use products. The three key chemical processes in ethylene production aredehydration of ethanol, steam cracking of oil and gas-based feedstock, andmethanol-to-olefins. Ethylene is employed in a wide range of end-use industriesand applications such as chemical, food & beverages, medical, and rubber& plastics. This can be ascribed to high usage of petrochemicals as rawmaterials in the manufacture of products mentioned above. This is expected toboost the global petrochemicals market from 2020 to 2030.
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Building& Construction End-use Industry to Dominate Petrochemicals Market
Interms of end-use industry, the global petrochemicals market has been segregatedinto aerospace, agriculture, automotive, building & construction, consumer& industrial goods, electrical & electronics, food & beverages,healthcare, marine, paints & coatings, power & utilities, pulp &paper, textiles & leather, and others. The building & constructionsegment is anticipated to dominate the global petrochemicals market during theforecast period. The building & construction segment accounted for a majorshare of the global petrochemicals market in 2019. In terms of volume, thesegment is anticipated to expand significantly during the forecast period. Thesegment is projected to account for more than 25% share of the globalpetrochemicals market by 2030.This is estimated to boost the global petrochemicals market in the near future.
AsiaPacific to be Key Region of Petrochemicals Market
Theglobal petrochemicals market has been split into North America, Europe, AsiaPacific, Latin America, and Middle East & Africa. Asia Pacific dominatedthe global petrochemicals market in 2019.The trend is projected to continue during the forecast period. The demand forpetrochemicals is high in Asia Pacific, particularly in China, owing toincrease in consumption of petrochemicals in automotive, electrical &electronics, and building & construction industries in the region. China isa prominent consumer of petrochemicals in Asia Pacific. The expansion of thebuilding & construction industry is a major factor propelling thepetrochemicals market in the country. Asia Pacific is anticipated toremain a highly lucrative region of the global petrochemicals market during theforecast period, owing to increase in production of various petrochemical-basedproducts in countries such as China and India in the region.
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CompetitionLandscape of Petrochemicals Market
Theglobal petrochemicals market is highly fragmented. BASF SE, BP Plc, DuPont de Nemours,Inc., Total S.A., Exxon Mobil Corp., China Petroleum & ChemicalCorporation, Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., and Dowcumulatively held more than 50% share ofthe global petrochemicals market in 2019.Leading players have taken initiatives to expand their presence in the globalpetrochemicals market through acquisitions, increase in production capacities,and strategic partnerships.
Otherkey manufacturers operating in the global petrochemicals market are Chevron Phillips Chemical Company,LyondellBasell Industries NV, Mitsubishi Chemical Corporation, INEOS,PetroChina Company Limited, Saudi Basic Industries Corp., Idemitsu Kosan Co.,Ltd., Reliance Industries Limited, Royal Dutch Shell Plc, Indian Oil Corp.Ltd., and Formosa Petrochemical Corporation.
