Petrochemical Market Estimated To Be Rigged With a Significant Growth By 2023 | Size, Share, Trends, Demand | Impact of COVID-19

Market Research Future Published a Research Study on Petrochemical Market Research Report, Size, Share and Industry Analysis- Forecast to 2023

Market Research Future concludes that over the past few years, the Petrochemical market of the world has witnessed a healthy growth and as per the analysis, the growth will remain continue in near future. The growth of the market is attributed towards the growing demand for petrochemicals. Presently, plastics is seen as the building blocks for the infrastructure of a country. One of the main drivers for the Petrochemical market is the tremendous demand the developing economies have for petrochemicals, mainly ethylene and propylene for production of plastics. The regulatory policies by Asian governments that are aimed at motivating chemicals manufacturing will also play a vital role to attract investments from the companies from North America and Europe region. Primarily produced chemicals from Petrochemical such as ethylene, styrene, and butadiene have registered considerable amount of usage in rubber, plastics, and solvents production and hence expected to give additional drive the Petrochemical market. Overall, Asia Pacific Petrochemical demand is likely to witness significant growth over the forecast period. Over the past few years, the region has emerged as the largest exporting hub of petroleum products and this trend is expected to remain continue over near future. Huge development of the transport and electrical sectors in the region on account of increasing trade activities along with use of technological advancement by consumers is expected to drive demand of Petrochemical market in the region.

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In North America, the boom in exploiting shale gas from the reservoirs have caused production low cost ethane gas, hence lowering the production cost of ethylene to 60% on comparing with Petrochemical as a feedstock is one of the factor that may restrain the global 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.

Industry/ Innovation/ Related News:

October 2017 – JG Summit Petrochemicals Group, a wholly owned subsidiary of JG Summit Holdings Inc., has done agreement with Fluor Corp. to provide engineering, procurement, and construction management for the utilities, off sites, and infrastructure for an expansion of JGSPG’s petrochemical complex in Philippines. With this agreement, Fluor will also provide program management services for the expansion project, which will increase JG Summit Petrochemicals Group Petrochemical production and cracking. Specifically, ethylene production by 160,000 tons/year and propylene production by 50,000 tons/year.

November 2016 – Lotte Chemical planned the capacity expansion at Yeosu Petrochemical center. The expansion decision by Lotte Chemical came boost competitiveness amid growing competition from China in Asia Pacific region.

January 2016 – Petrobras has agreed a new five-year Petrochemical supply contract with petrochemical producer Braskem. With this agreement, Braskem will pay Petrobras 102.1% of the Amsterdam-Rotterdam-Antwerp benchmark price for 7 million tons per year of Petrochemical. Braskem depends on Petrochemical from Petrobras to feed its petrochemical plants and agreement would further help the company to strengthen its share in Latin America region.

April 2015 – A joint agreement between NuStar and PMI has been expanded and extended in relation to the transportation and storage of Petrochemical. This strategy would help the NuStar to increase the market share in the region.

November 2015 – Indian Oil Corp planned to expand capacity at its Petrochemical cracker in Panipat to 1.2 million tons per year by 2019 end. The expansion would increase the capacity of the cracker in northern India from about 850,000 tons per year.

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Petrochemical Market   – Regional Analysis

Geographically, Asia Pacific region accounted largest market share in the global petrochemical market and expected to dominate during the forecast period due growing petrochemical processing industry in the region. China being largest consumer and importer of Petrochemical in Asia Pacific region. India accounted second largest market share by value and volume in the region, and expected to grow with high annual growth rate due to favorable regulatory policies in the country and abundant availability of Petrochemical in Middle East. In addition to this, North America & Europe have witnessed healthy growth in Petrochemical market owing to growing demand of end user industries in the region.

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