The global petrochemicals market size is projected to reach
USD958.8 billion by 2025, according to a new report by Grand View Research,
Inc., expanding at a CAGR of 8.5% over the forecast period. Increasing demand
for ethylene, propylene, methanol, and benzene in different end-use industries
is anticipated to propel the global market demand. Government support and
favorable policies in Asian countries, such as China and India, are expected to
further accelerate market growth.
The methanol product segment is
anticipated to witness robust growth on account of its high demand in the
production of formaldehyde gasoline, methanol olefins, and other chemicals.
They have a high preference in various end-use industries, including plastic
manufacturing, paints and adhesives, construction, automotive, and
pharmaceuticals. It is extensively used in the production of biodegradable lubricants,
which reduce air pollution and are considered safer than other fuels. The
production of biodiesel is supported by regulatory bodies as a measure to
reduce carbon footprint.
Middle East is one of the most
favorable and rapidly growing regional markets in the petrochemical industry.
Abundant natural gas and crude oil availability provides the region with a
strategic advantage in the production of petrochemicals. The strong position
achieved by manufacturers in the production of monoethylene glycol, ethylene
oxide, polyethylene, and methanol is expected to further boost the consumption
of petrochemicals.
Browse full research report on Petrochemicals Market: https://www.grandviewresearch.com/industry-analysis/petrochemical-market
Further key findings from the study suggest:
- In terms of revenue, styrene is projected to expand at a CAGR
of 9.1% from 2019 to 2025, owing to its increasing demand in the
manufacturing of various products, such as acrylonitrile butadiene styrene
(ABS), expanded polystyrene, and polystyrene
- Decline in crude oil prices have helped reduce oil-refining
costs and the weaker yen has made locally sourced naphtha more attractive,
thereby curbing imports and boosting exports
- China is expected to grow significantly over the forecast
period owing to increasing urbanization and rapid industrialization. The
country is investing heavily in manufacturing ventures and is touted to
account for a large part of petrochemical consumption
- Petrochemical manufacturers are involved in developing
bio-based products to address environmental issues and expand their
product portfolio, especially in North America and Europe
- Some of the key industry participants are ExxonMobil, SABIC
INEOS Phenol Gmbh, and Royal Dutch Shell Co. Other prominent players
include LyondellBasell Industries; and Mitshui Chemicals Inc.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/petrochemical-market/request/rs1
Grand View Research has segmented the global petrochemicals market
on the basis of product and region:
Petrochemicals Product Outlook (Volume, Million Tons; Revenue, USD
Billion, 2014 - 2025)
- Ethylene
- Propylene
- Butadiene
- Benzene
- Xylene
- Toluene
- Vinyls
- Styrene
- Methanol
- Others
Petrochemicals Regional Outlook (Volume, Million Tons; Revenue,
USD Billion, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- Italy
- U.K.
- Germany
- France
- Netherlands
- Asia
Pacific
- China
- India
- Japan
- Central
& South America
- Brazil
- Middle
East & Africa
- Saudi
Arabia
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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