The Global Petrochemicals Market Is Witnessing High Growth Owing To the High Prevalence of Oil and Gas Companies in the World

 

Petrochemicals Market
Petrochemicals Market

Petrochemicals Market - Global Size, Shares, Trends, Outlook, and Opportunity Analysis, 2022-2028.

Market Overview:

Petrochemicals are a large category of chemicals that can be made from petroleum, natural gas, coal, and a variety of other materials. They are used in many types of products, including plastics, dyes, and fertilizers. These products are essential to the production of modern goods and manufacturing processes. Petroleum is a very important source of the chemicals that make up the petrochemical industry. It is a by-product of the refining process. Other raw materials are aromatic hydrocarbons, olefins, and synthetic fibers. In addition, methanol is used as a chemical intermediate. The main goal of the industry is to create a variety of well-defined chemicals. Petrochemicals are a major component of the global energy system. They are the building blocks for a variety of modern products, including plastics, solar panels, and space suits.

Competitive Landscape:

Major players operating in the global petrochemicals market include Sibur, Maruzen Petrochemical Co., Ltd., China National Petroleum Corporation, Chevron Phillips Chemical Company LLC., LG Chem, Dow Chemical Company, Mitsubishi Chemical Corporation, Reliance Industries Limited, SABIC, Royal Dutch Shell Plc., INEOS, LyondellBasell Industries Holdings B.V., and BASF SE.

Key Market Drivers:

Increasing developments by investment groups in the world is expected to augment the growth of the global petrochemicals market. For instance, in September 2021, the National Petrochemical Company and the Saudi Industrial Investment Group signed a non-binding partnership agreement. After Saudi Aramco purchased around 70% share of Saudi Basic Industries in 2020, both the companies initiated the merger. Most petrochemicals are produced on a massive scale. Large-scale facilities share utilities, storage tanks, and port facilities. Moreover, they often share a common manufacturing infrastructure. Often, a petrochemical plant may produce a number of related products, such as petrochemical oil, benzene, and toluene. One of the key factors affecting overall demand growth is the difficulty of finding alternatives to petrochemical products. Moreover, increasing prevalence of petrochemical companies in the world is estimated to enhance the growth of the global petrochemicals market. 

Covid-19 Impact Analysis:

During the COVID-19 pandemic, there has been several restraints in the global petrochemicals market. However, gradual developments in the market has successfully boosted the growth in the later phases. For instance, in June 2021, Reliance Industries and Abu Dhabi National Oil Company agreed the construction of a new petrochemical complex in Ruwais, Abu Dhabi. 

Key Takeaways:

North America is expected to dominate the growth of the global petrochemicals market, owing to the high prevalence of petrochemical facilities in the region. For instance, according to the American Fuel and Petrochemical Manufacturers, there are around 311 petrochemical facilities in the United States.

The Asia Pacific is estimated to witness high growth in the global petrochemicals market, owing to the increasing expansion of oil and gas companies in the region. For instance, according to the Federation of Indian Petroleum Industry (FIPI), there are around 5,000 oil and gas companies in India.

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