Petrochemical Market Overview:
Considering the rapid expansion, the market is witnessing currently; Market Research Future (MRFR) in its recently published study report asserts that the global petrochemicals market is expected to register a CAGR of 8.06% to reach around USD 943.5 billion by the end of 2023.
Petrochemical Market Competitive Landscape:
The MRFR studies the key developments adopted by the companies between 2011 and 2016. Players in this market adopted various strategies to expand their footprint and augment their market share. The key strategies followed by most companies in the global Petrochemical market were agreements and collaborations, mergers and acquisitions, joint ventures and expansion. Due to growing demand of Petrochemical in Asia Pacific region, the manufacturers in European region are using acquisition strategy in the Asia Pacific and global market.
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Petrochemical Market Major Key Players:
Key players leading the global petrochemical market include ExxonMobil Corporation, The Dow Chemical Company, BASF SE, SABIC, Sinopec Limited, Shell Chemical Company, Total S.A., Sumitomo Chemical Co. Ltd., Lyondell Basell Industries, E. I. du Pont de Nemours, and Chevron Phillips Chemical Company LLC., among others.
Petrochemical Market Segmentation:
For ease of understanding, the analysis has been segmented into three key dynamics:
By Product:
Benzene, Xylene, Methanol, Ethylene, Toluene, Propylene, Vinyl Styrene, Butadiene, and others
By Application:
Polymers, Paints & Coatings, Adhesives, Surfactants, Plastics, Rubber, Dyes, and Solvents among others
By Regions:
North America, Asia Pacific, Europe, and the Rest-of-the-World
Petrochemical Market Regional Analysis:
The Asia Pacific region dominates the global petrochemical market, heading with the presence of booming end-user industries such as polymers, solvent, adhesives, and paints & coatings. The APAC region accounts for over 50% consumption of global petrochemical production. China, backed by the presence of a flourishing automotive industry, accounts for the largest contributor to the growth of the regional market, followed by India. Additionally, factors such as augmenting demand for dyes, polymer, solvent, adhesives, and paints & coatings foster the market growth in the APAC region.
The petrochemicals market in the North American region stands second, globally in terms of the size. Rising shale gas exploration in Canada and the US provide impetus to the growth of the regional market. Furthermore, factors positively impacting the market growth include the increasing adoption of petrochemicals in the production of rubber products, plastic resins, synthetic fibers, paints & coatings, lubricants, adhesives & sealants, industrial chemicals, and water treatment products among others.
Petrochemical Market Table of Content to be Continue…….,
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