The global petrochemicals market is growing at a significant pace and is likely to witness a healthy competition in the next few years. The increasing focus on the expansion of the product portfolio and the rising application areas are anticipated to encourage the growth of the global market throughout the forecast period. The market is likely to witness a substantial demand from emerging economies worldwide. Furthermore, the development of the automotive sector and the increasing construction activities are predicted to supplement the growth of the market across the globe.
According to the research study, the global market for petrochemicals is expected to reach a value of US$885.1 bn by the end of 2020. The market is likely to exhibit a progressive 6.80% CAGR between 2014 and 2020.
Rising Government Support to Bolster Global Petrochemicals Market
The rising demand from several end use industries and the rising government support in emerging economies are the key factors that are estimated to encourage the growth of the global petrochemicals market throughout the forecast period. In addition, the easy availability of raw materials in several nations of the Middle East is anticipated to accelerate the development of the overall market in the next few years.
On the flip side, a tremendous rise in the environmental issues and the rising shift towards the development of bio-based chemicals are expected to hamper the growth of the global petrochemicals market in the coming years. Nonetheless, the increasing use of shale gas and coal as a major feedstock for petrochemicals production is predicted to contribute towards the overall development of the market in the near future.
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Flourishing Automotive Industry in China to Augment Petrochemicals Market in Asia Pacific
Among the key regional segments, Asia Pacific led the global petrochemicals market in the last few years, thanks to the substantial contribution from China. The developing construction and automotive industries in China is likely to encourage the growth of the Asia Pacific market throughout the forecast period. Furthermore, India is predicted to register a progressive growth rate in the next few years and contribute significantly towards the growth of the Asia Pacific market. The robust growth of this nation can be attributed to the rising demand for several products containing petrochemicals and the rapid development of the manufacturing sector in the last few years.
Furthermore, the petrochemicals market in the Middle East and Africa is anticipated to play a significant role in the development of the overall market. This region is considered as one of the major petroleum producer, thanks to the easy availability of petroleum. The leading companies operating in this region are expected to be benefitted substantially throughout the forecast period. Europe and North America petrochemicals market are anticipated to grow at a moderate pace in the next few years.
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Rising Mergers and Acquisitions to Contribute Towards Market Growth
The global petrochemicals market has been divided on the basis of product segment into xylene, butadiene, ethylene, styrene, toluene, benzene, methanol, propylene, and vinyls. In the last few years, the ethylene segment accounted for a large share of the global market. This segment is estimated to remain in the leading position throughout the forecast period.
Some of the prominent players operating in the petrochemicals market across the globe are Chevron Phillips Chemical Company LLC, Sinopec Limited, Shell Chemical Company, E. I. du Pont de Nemours and Company, Sumitomo Chemical Co. Ltd., Total S.A., LyondellBasell Industries, SABIC, BASF SE, ExxonMobil, and The Dow Chemical Company. These companies are focusing on collaborations and mergers with regional and small-size companies in order to attain a leading position and enhance their presence across the globe.