Top 15 Petrochemicals Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis,

Petrochemicals play an important role in the 21st century lifestyle and are utilized in various end use industries. The oil & gas Industry provides the feedstock in the form of crude oil, natural gas and their derivatives. Different kinds of processes employed on crude oil, and natural gas yield different products. The most sought-after product is ethylene, which holds a 25% market share in the global petrochemicals market. It is used as a feedstock for manufacture of polyethylene, polystyrene, ethylene glycol and ethanol. Ethylene is followed by benzene, propylene, xylene, butadiene in terms of market share. Some petrochemicals are used widely around the world in various application includes dyes, detergents, paint, plastic, rubber, textiles and fertilizers. The major drivers are the high dependency and lack of large scale alternatives to petrochemical products. The major competitor to petrochemicals are bio-based chemicals and as environmental consciousness increases, investment in bio-based chemicals is likely to escalate. In addition oil price instability also affects growth.

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Ethylene, propylene are the most dominant chemicals in terms of market share, and are major feedstock for the manufacture of polyethylene, polypropylene and polypropylene oxide. Xylene is projected to be the fastest growing petrochemical market due to demand for polyester fibers. Furthermore, chemicals such as methanol, ethylene oxide and propylene oxide are used as reaction intermediates for light olefins, ethylene glycol, and polyurethane plastics respectively. Moreover, ethylene Oxide is also used as a fumigant and disinfectant. All the end user industries are majorly dependent on polymers with polystyrene being the most widely used. PVC is commonly used for pipes, furniture, and flooring application; and polyethylene for plastic bottles to consume edible and non-edible liquids.The packaging industry is the largest end use market of petrochemicals. As the disposable incomes in the developing world rise, consumer demand for packaged materials rises as they seek quality assurance. The packaging industry is directly affected by consumerism. Other end use industries such as automobile, construction, electrical and consumer goods require petrochemicals for product manufacture, and the healthy growth of these industries directly affect petrochemical market growth.

Top 15 Petrochemicals Market Outlook - Surging demand in Asia-Pacific Augmenting Market Growth

Asia Pacific market is a major processing hub for petrochemicals with India, China, and South Korea being major drivers. Six of the world’s ten largest refineries are in Asia Pacific with the largest being Reliance owned Jamnagar Refinery. This region has recently observed an upturn in consumption due to increased population. China has also claimed to have the world’s largest shale reserves but is unable to develop them due to water shortages. Technological Advancement in shale gas extraction is expected to complement growth.North America is a major processing hub. Feedstock is obtained from shale gas produced in the various US shale plays (Marcellus, Eagle-Ford, Permian, Barnett, Bakken and Niobrara). In addition, it is also one of the largest consumer of petrochemicals. Also, Middle East and North Africa are major sources of crude oil. There is also a significant presence of petrochemical industry in this region due to close proximity to crude oil source.

Europe is a consumer market for petrochemicals with heavy dependency on North American and Asian markets. A west to east shift has been observed in the petrochemical market. Maturation in Europe has led to shifting of existing petrochemical infrastructure to countries such as India where labor is cheap.

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