New York, NY Dec 31 2019: According
to a new report published by Polaris Market Research the petrochemicals market is
anticipated to reach over USD 1,203.2 billion by 2026. In 2017, the ethylene
segment dominated the global market, in terms of revenue. Asia-Pacific is
expected to be the leading contributor to the global market revenue during the
forecast period.
A significant growth in industries such as healthcare,
automobile, construction, food and beverages, along with government initiatives
and funding is expected to support the growth of this market. Other driving
factors include abundance of raw materials in Middle East and favorable
regulatory policies in Asia-Pacific. However, increasing environmental
concerns, growing demand for bio-based chemicals, and price volatility of crude
oil and natural gas are expected to restrict the growth of the market.
Increasing demand from developing nations, and technological advancements are
expected provide numerous growth opportunities to the market players during the
forecast period.
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Petrochemicals are used in a wide range of applications in
medical and healthcare sector. Phenol and Cumene are used for creation of a
substance used for manufacturing of penicillin and aspirin. Petrochemical
resins are used in drug purification, drug manufacturing for treatment of AIDS,
cancer, and arthritis, development of artificial skin and limbs, and
manufacturing of medical equipment such as bottles, and disposable syringes
among others. In the food industry petrochemicals are used in manufacturing of
food preservatives, chocolates and candies, and food coloring among others.
Asia-Pacific generated the
highest revenue in the market in 2017, and is expected to lead the global market
throughout the forecast period. The high economic growth in the region, growth
in automotive and construction industries, and rising standards of living are
expected to drive the market growth. Increasing disposable incomes in
developing countries of this region, increasing applications of petrochemicals,
and competitive manufacturing costs are further expected to support market
growth. Rapid urbanization, and rising shale gas explorations in the
region are expected to further provide growth opportunities during the forecast
period.
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The different types of petrochemicals include propylene,
benzene, ethylene, butadiene, xylene, styrene, toluene, vinyls, methanol, and
others. In 2017, ethylene accounted for the highest market share. However,
adoption of methanol is expected to grow at the highest CAGR during the
forecast period. The increasing demand of methanol for gasoline blending, and
MTO (methanol to olefins) processes is expected to support its adoption in the
coming years.
The well-known companies profiled in the report include
include Royal Dutch Shell PLC, BASF SE, British Petroleum, The DOW Chemical
Company, China National Petroluem Corporation, Chevron Corporation, ExxonMobil
Corporation, LyondellBasell Industries Inc., INEOS Group Ltd., E. I.
Dupont De Nemours & Company, Sabic, and Sinopec Ltd among others. These
companies launch new products and collaborate with other market leaders to
innovate and launch new products to meet the increasing needs and requirements
of consumers.
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