Skip to main content

Global Petrochemicals Market: Concerns Regarding Environmental Hazards of Petroleum-based Products to Drive Development of Bio-based Products

The global petrochemicals market features a highly fragmented vendor landscape and is intensely competitive, with the top three vendors, namely BASF SE, Sinopec Limited, and The Dow Chemical Company collectively accounting for a mere 20% of the market in 2013, observes Transparency Market Research in a recent report. Operations of these top vendors are spread across the entire value chain in order to gain economies of scale and undertake production at low costs to sustain in the highly competitive market.

International firms are adopting the strategy of acquiring the several small manufacturers producing petrochemical derivatives in Asia Pacific and are expanding their existing production and operation bases in the region. ExxonMobil has recently increased the production capacity of its olefins and aromatic units in Singapore. BASF and Sinopec have also invested heavily in Asia Pacific through frequent joint ventures and mergers and acquisitions in the past few years.
Request for Sample of This Report: http://bit.ly/2iMddON
Transparency Market Research estimates that the global petrochemicals market will exhibit a healthy single-digit growth rate over the report’s forecast period and expand from a valuation of US$635.9 bn in 2015 to US$885.1 bn by 2020.
China to Continue to be Leading Regional Market for Petrochemicals
Geographically, china emerged as the leading petrochemicals consumer and accounted for nearly 27% of the global market in 2013. The vast initiatives taken by the Chinese government and the healthy growth in end-use industries are expected to significantly drive the China petrochemicals market during the forecast period as well. Apart from being the leading consumer, China is also the market to witness the most significant growth for the petrochemicals industry, expanding at a CAGR of close to 7% over the forecast period.
Of the key products in the global petrochemicals market, the segment of ethylene presently leads, accounting for a massive chunk of revenues of the global market and is expected to continue to command a prominent position in the market over the forecast period as well. The segment of methanol will lead in terms of growth rate over the forecast period and witness a vast rise in its share in the global market by the end of the forecast period.
Browse Full Market Research Report TOC: http://www.transparencymarketresearch.com/petrochemicals.html
Mounting Demand from End-use Industries and Slew of Government Initiatives in Asia Pacific to Drive Market
Petrochemicals and their derivatives find extensive usage across industries such as packaging, construction, chemicals, automotive, and textiles. Emerging economies across Asia Pacific are leading to vast demand for products and services provided by these industries owing to improved standards of living and rise in disposable incomes of the population.
Apart from this factor, the market for petrochemicals is driven in the region owing to the vast initiatives taken by governments across countries such as India and China to encourage development in the petrochemicals industry. In India, for instance, Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) have been established to promote the growth of the country’s petrochemicals industry in domestic as well as international markets. Under this, special economic zones, export oriented units, industrial parks, free-trade, and warehousing zones have been established in the country.
Rising Global Demand for Environment-friendly Bio-based Chemicals to Arrest Market Growth
Rising concerns regarding the environmental hazards associated with petroleum-based petrochemicals is a key factor expected to hamper the overall development of the global petrochemicals market in the next few years. In addition to this, the volatile prices of petroleum-based petrochemicals have also compelled petrochemical companies to seek viable alternatives. The scenario has driven development across the bio-based petrochemicals sector in the past few years. Advancements in the field of biotechnology have also significantly enriched the field of bio-based chemicals and many new and highly viable bio-based chemicals have entered the global market.
Increased preference to these environment-friendly and economical alternatives will have a significant negative impact on the growth prospects of the global petrochemicals market in the next few years.
This review of the market is based on a Transparency Market Research report, titled “Petrochemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
Labels:
Location: Albany, NY, USA

Comments

Post a Comment

Popular posts from this blog

Superabrasives (Turning, Cutting, Buffing, Drilling, Boring, Grinding) Market Research Report 2025

An abrasive is a material which molds or provides finishing to a work piece through a process which includes buffing, grinding, cutting, as well as polishing. Abrasion typically depends on the difference in the hardness of the material and the abrasive (with the latter being the harder of the two). Unlike regular abrasion where any two solid materials that repeatedly rub against each other tend to wear away, superabrasives possess the kind of hardness that enables them to stay usable for a longer period of time. On the basis of hardness, the top two superabrasives include diamond and cubic boron nitride (CBN). Industrial diamonds used as superabrasives are exceptionally hard materials. However, they display several technological limitations. For instance, when a diamond comes in contact with a ferrous alloy such as steel or a nickel superalloy, the resulting formation of carbide leads to its abrasion. Also, a diamond-containing tool can only be used at moderate temperatures a...
Post a Comment
Read more

Industrial Lubricants Market: Strong Demand Across Automotive Industry, Trends To 2025

Lubricants refer to the organic or inorganic material primarily being use to decrease friction between two surfaces in contact. Lubricants play a key role in several industries as well as in commercial and residential sectors. One of their most common uses is in the lubrication of bearings and gears, allowing for their easy movement at high speeds, without loss in energy, prevent excessive generation of heat, or most importantly, prevent damage that would be caused otherwise. Industrial lubricants are, therefore, essential in enhancing the overall efficiency of a machine that contains moving parts in contact with one another. The global industrial lubricants market is currently expanding at a solid growth rate, driven by several factors and spearheaded by the likes of BP, Total, Chevron Corporation, ExxonMobil, and Shell. Browse Market Research Report @  http://www.transparencymarketresearch.com/industrial-lubricants-market.html What Impact has the Oil and Gas Industry ...
Post a Comment
Read more

Rapid Prototyping Market - Rapidly Gaining Importance in Aerospace Sector, Research By 2024

Rapid prototyping is a technique in which the physical modeling of a design is done with the help of specialized machining technology. It was developed initially in the mid-1980s, the principle used in this technology is of solid modeling with the help of computer programs (i.e. CAD). Solid modeling makes use of computer aided-design (CAD) data to completely describe not just the external shape of parts or equipment, but its interior volume as well as the outside surfaces. The computer model is sliced into thin layers and the part of the product or commodity to be modelled or developed as per the requirement, is eventually fabricated by adding layers onto each other. Obtain Report Details @   http://www.transparencymarketresearch.com/rapid-prototyping-market.html The primary benefit of the system is that almost any shape can be manufactured using computerized programs. Time and money savings vary from 50% to 90% compared to conventional systems. Types of rapid proto...
Post a Comment
Read more