Petrochemical Market Rising Trends, Growth Rate and Comprehensive Research Report, 2025

Felton, Calif., USA, Dec. 02, 2020 — /EPR Network/ —

The global Petrochemical Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global petrochemical market was valued at USD 419.4 billion in 2015. Rise in demand of petrochemical from end use industries such as consumer goods and manufacturing along with favourable government regulations specifically in Asia Pacific is expected to fuel the market growth over the forecast period.

Key Players:

  • The Dow Chemical Company
  • BASF
  • Chevron Corporation
  • ExxonMobil
  • China Petroleum & Chemical Corporation (SINOPEC)
  • INEOS Group Ltd.
  • I. DuPont de Nemours & Company
  • LyndollBasell Industries Inc.
  • BDR Thermea Group
  • China National Petroleum Corporation
  • Royal Dutch Shell PLC

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Product Insights

Ethylene was valued over USD 140 billion in 2014 and emerged was the largest product segment. High demand for polymers such as PVC and Polyethylene from the plastic industry for polymers is projected to drive demand over the forecast period. Rising shale gas exploration is projected to be a key driving factor for market penetration. Propylene is projected to grow at a CAGR of over 3.7% during the forecast period. It accounted for over 15% of the total volume in 2014. Rise in demand for propylene derivative along with adoption of lighter steam cracker is projected to fuel market growth. Propylene is used for production of other propylene derivatives such as ispropanol, cumene, acrylic acid and propylene oxide along with copolymerization of propylene.

Methanol is projected to be the fastest growing product segment at a CAGR of over 7.5% over the forecast period. Methanol is widely used in manufacture of biodiesel which is safe, biodegradable and helps reduce air pollution as compared to other fuels. Moreover, with supporting government initiatives aimed at reducing global carbon footprint is projected to augment biodiesel demand which in turn is projected to fuel market growth.

Regional Insights

China had a valuation of over USD 120 billion in 2014 and hence was the largest regional market. It is expected to witness strong growth owing to a strong demand from end use industries including packaging, construction and transportation. Growing commercialization and rapid industrialization is expected fuel growth.

With major players shifting their manufacturing bases to China owing to the conducive business environment. Some of the major domestic players in China are CNPC and SINOPEC. Rest of Asia is estimated to grow at a CAGR of over 9% during the forecast period. With increase in population base along with booming industrial sector in aforementioned countries, the market is expected to witness substantial growth.

North America accounted for over 13% of the total market volume in 2014. With high shale gas exploration activities in Canada and US, the region is projected to witness substantial growth. Growing demand of Benzene and Xylene from end-use industries such as lamination and packaging is expected to fuel growth for the industry over the forecast period.

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