According to Market Research Future (MRFR), the global petrochemical market is anticipated to acquire the market value of USD 943.5 billion, expanding at a CAGR of 8.06% by 2023.
The rising demand for petrochemicals from various end-use industries like aerospace, agriculture, food & beverage, electrical and electronics are likely to be a significant factor driving the petrochemical market 2020. Furthermore, the drop in crude oil prices from the past few decades is projected to be another significant factor that can increase the demand for petrochemicals and grow the market during the review period. Development of the transport and electrical sectors due to the increasing trade activities across the globe is anticipated to be a potential factor enhancing the demand for petrochemical and strengthen the market during the review period.
However, the growing concerns pertaining to the application of petrochemical products and its impact on the environment is anticipated to hamper the market growth during the forecast period. However, the favorable regulatory policies, along with above-mentioned factors are likely to counter the obstructing factors and boost market growth.
The renowned players of the global petrochemical market are China Petroleum & Chemical Corporation (China), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell Industries Holdings B.V. (The Netherlands), Indian Oil Corporation Limited (India), TOTAL (France), Chevron Phillips Chemical Company (US), Sumitomo Chemical Company (Japan), BP PLC (UK), Reliance Industries Limited (India), DowDuPont (US), China National Petroleum Corporation (China), and Royal Dutch Shell PLC (The Netherlands).
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The segmental analysis of the global petrochemical market is done by end-use industry, type, and application.
The end-use based segments of the global petrochemical market are Packaging, Healthcare, automotive & transportation, construction, electrical & electronics, and others.
The type-use based segments of the global petrochemical market are ethylene, methanol, propylene, butadiene, benzene, xylene, toluene, and others.
The application-use based segments of the global petrochemical market are polymers, dyes, paints and coatings, surfactants, solvents, adhesives and sealants, rubber, and others.
Based on the region, the global market is segmented into North America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the assessment by MRFR, the APAC region is expected to acquire the largest market share during the forecast period owing to rapid industrialization. The region is anticipated to record a significant CAGR during the forecast period. The emerging nations like India and China are predicted to make significant participation owing to the developing transport and electrical sector. Furthermore, the region has emerged to be the largest exporting hub of petroleum products, and it is anticipated that the region will continue to maintain its position throughout the review period. The fast development of the building and construction sector is projected to significantly contribute to the market growth during the forecast period. China is predicted to remain highly lucrative during the review period owing to the increased production of electrical & electronics and plastic-based products.
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North America is anticipated to acquire significant market value during the forecast period owing to the gas feedstock. Furthermore, the increasing demand for petrochemical due to the rising consumption of petrochemical products in the manufacture of several end-use products can augment the regional market.
Europe is anticipated to acquire significant market share during the forecast period owing to the growing application of petrochemical products in food & beverages, automotive, building & construction, and healthcare regions.
The MEA region is anticipated to acquire significant market value owing to the large scale application of petrochemical products in the region. The Middle East countries like Saudi Arabia, Qatar, and others are projected to play a significant role owing to the presence of oil reservoirs.