Seattle, WA -- (SBWire) -- 09/23/2019 --Petrochemicals are essentially chemical compounds, which are derived from hydrocarbons such as natural gas and crude oil. They are also extracted from various renewable materials including corn and sugar. Petrochemicals are classified on the basis of chemical structure such as aromatics, olefins, and synthesis gas hydrocarbon. Aromatic hydrocarbons include toluene, benzene, and xylene, while olefins include propylene and ethylene. Different processes are utilized to obtain desired product such as fluid catalytic cracking (FCC), catalytic reforming, and steam cracking. Since petrochemicals are vastly used in daily life, which is why it finds major demand in various end-use industries. For instance, petrochemicals find applications in automobiles, tooth brush, clothes, houses, furniture, household items, irrigation, packaging, synthetic detergents, performance products, and medical equipment.
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Global Petrochemicals Market Taxonomy
On the basis of product type, the global market is classified into:
Ethylene
-Polyethylene
-Ethyl benzene
-Ethylene oxide
-Others
Propylene
-Propylene oxide
-Polypropylene
-Isopropanol
-Others
Butadiene
-Styrene
-Acrylonitrile butadiene styrene
-Butadiene
-Others
Benzene
-Cyclohexane
-Nitrobenzene
-Ethyl benzene
-Others
Xylene
Toluene
-Solvents
-Benzene
-Xylenes
-Others
Vinyl
Styrene
-Polystyrene
-Acrylonitrile butadiene styrene
-Unsaturated polyester resins
-Others
Methanol
Gasoline
Acetic acid
Formaldehyde
Others
On the basis of manufacturing processes, the global market is classified into,
Fluid Catalytic Cracking (FCC)
Steam cracking
Catalytic reforming
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Global Petrochemicals Market Outlook – Excessive supply of Crude Oil and Consequent Decline in Prices is Creating Favorable Environment the Market
Availability of sufficient feedstock or raw materials in Organization of Petroleum Exporting Countries (OPEC) coupled with rapid development of shale gas exploration in North America, typically in the U.S. and Canada, is expected to create lucrative environment for growth the global petrochemicals market during the forecast period. China is one of the largest consumers of petrochemical products. Rapid growth various end-use industries in emerging economies in Asia Pacific such as China and India. The US Energy Information Administration (EIA) projects total liquid fuels consumption in the Asia Pacific to rise by 0.9 million barrels per day (bpd) in 2017 to 33.3 million bpd. Furthermore, rapid advancement in shale gas technology such as hydro fracturing technology, which is being explored in the U.S. and Canada to extract petroleum is expected to drive the global petrochemicals market growth.
Global Petrochemicals Market challenges – Fluctuation of raw materials price and transformation towards green energy
Natural gas, coal and crude are the primary building blocks of petrochemicals industry. While, currently the global crude oil production is at an all-time high, the market is subjected to high fluctuations in production and pricing. This volatility is a major challenge for players in the global petrochemicals market. The market is undergoing a trend of oversupply in feed stock due to large production volumes by the OPEC and Russia. This along with the economic crisis in 2009, has led to rapid decline in demand for crude oil in Europe and Japan. Consumer inclination towards green energy from renewable sources such as wind and solar energy, further inhibits market growth.
Key players in the market include BASF SE, Sinopec Limited, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, LyondellBasell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and SNPC, INEOS, and Reliance Industries.
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Key Developments
1. Major companies in the market are involved in various growth strategies such as collaboration and partnership, in order to gain competitive edge in the global market. For instance, in January 2019, BASF SE, the German-based chemicals producers, and Adani Group, an Indian conglomerate, collaborated to form a joint venture of petrochemical production hub in Gujarat, India.
2. Key players in the market are focused on various strategies such as partnership and agreement, in order to enhance their market position. For instance, in May 2019, GAIL Limited, a natural gas processing and distribution company, entered into an agreement with ExxonMobil, a U.S.-based oil and natural gas company, to supply natural gas to power and transportation sector in India.
3. Major companies in the market are adopting various strategies such as capacity. expansion, in order to expand their product portfolio and enhance their market position. For instance, January 2019, Shell Chemical LP (Shell) started the production of fourth alpha olefins unit in its Louisiana, U.S. chemicals manufacturing site.
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Petrochemicals Market Is Expected to Significantly Increase the Revenue Contribution over the Forecast Period 2026