Global Petrochemical Market Will Cross Around USD 890 Billion by 2020
Zion Research has published a new report titled “Petrochemical (Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyl, Styrene and Methanol) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020” According to the report, global demand for petrochemical market was valued at USD 550 billion in 2014 and is expected to reach USD 890 billion in 2020, growing at a CAGR of around 6.5% between 2015 and 2020.
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Petrochemicals are chemical products derived from hydrocarbon feedstock. Crude oil and natural gas are the main sources of hydrocarbons feedstock in the production of petrochemicals. Olefins and aromatics are the two major categories of petrochemicals. Olefin includes petrochemicals such as ethylene and propylene. On the other hand aromatics include benzene, xylene, and toluene. Olefins and aromatics are the key building block chemicals in the production of a wide range of materials such as solvents, detergents, and adhesives. Olefins are the basis of polymers and oligomers used in plastics, resins, fibers, elastomers, lubricants, and gels. Aromatics are mainly used in dyes, plastics and synthetic fibers.
At present, petrochemicals market is driven by growth of the end user industries in Asia Pacific region. Rapidly growing population and strong economical growth in China and India has resulted into growing demand for petrochemicals in the region. However, growing environmental concerns, shift towards the use of bio-based materials and rapidly depleting crude oil reserves are expected to present significant challenge to the manufacturers of petrochemicals.
Ethylene, propylene, butadiene, benzene, xylene, toluene, vinyls, styrene and methanol are the key segments of petrochemicals industry. Olefins dominated the global petrochemicals market. Ethylene and propylene are the major product segments of the petrochemicals industry. Ethylene and propylene collectively accounted for around 45% share of the global petrochemicals volume consumed in 2014. Ethylene and propylene are the most widely used building block chemicals. Ethylene and propylene are widely used in the manufacturing of polymers and oligomers. Methanol is expected to be the fastest growing product segment of petrochemicals during the forecast period. Strong demand for methanol from formaldehyde, gasoline, acetic acid, etc. is expected to boost demand for methanol.
Petrochemicals are widely used in host of industries for various applications. Petrochemicals are most commonly used in adhesives, polymers, paints and coatings, dyes, surfactants, etc. With around 50% share in total volume consumption in 2014, Asia Pacific has emerged as leading market for petrochemicals. Growing demand for polymers and solvent, dyes, adhesives, paints and coatings in Asia Pacific is expected to fuel the growth of petrochemicals in the region. Petrochemicals market in Asia Pacific is led by China. Asia Pacific was followed by North America and Europe.
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Certain companies have a very strong impact on the value chain through a higher degree of forward integration. These companies manufacture raw materials as well as the final product and use it in various applications. BASF SE, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, Sinopec Limited, LyondellBasell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and Company are some of the key vendors in the market.
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