The global petrochemical market is anticipated to grow at 8.06% CAGR during the forecast period 2018-2023. Growing technological advancements and adoption of petrochemicals in numerous end-use industries will be the key factors determining the growth potential of the petrochemical market, suggest analysts. The petrochemical market report suggests that economic recession as well as impact of the pandemic will affect the market growth. During the forecast period 2018-2023 the market for petrochemical will reach US$943.5 billion by 2023. The growth in the petrochemical market to remain positive across all the application, end-use industry, region, and type segments, however, segments like aviation, building and construction have experienced increased growth during the forecast period 2018-2023.
Growing demand from a number of end-use industries and expansion of the petrochemical industry are said to be the key petrochemical market growth factors. Although, during the forecast period 2018-2023, the factors like the rising worries about the use of plastic and demand for plastic goods could hamper the petrochemical market growth. The global petrochemical market report also covers application, end-use industry, region, and type segments and in-depth analysis of Europe, Asia-Pacific, North America, and the Middle East and Africa regions.
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The global petrochemical market is segmented based on application, end-use industry, region, and type. The petrochemical market is further segmented based on application into adhesives and sealants, dyes, paints and coatings, polymers, rubber, solvents, surfactants, and others. The petrochemical market is also segmented into automotive & transportation, construction, electrical & electronics, healthcare, packaging, and others on the basis of end-use. Furthermore, the petrochemical market is categorized based on type into Benzene, Butadiene, Ethylene, Methanol, Propylene, Toluene, Xylene, and Others.
Economic recession may hinder the petrochemical market growth. The market research report suggests that companies in the petrochemical market could be supported by expansion of the petrochemical industry as well as demand from building & construction industries during the forecast period. The petrochemical market is set to register growth at a high CAGR owing to these key factors. The application, end-use industry, region, and type segments along with regional markets have been analyzed in the global petrochemical market research report. The research analysts studying the petrochemical market have put out market forecasts in the petrochemical market research report in order to support petrochemical market-based companies. The petrochemical market research report provides an extensive understanding of the petrochemical market based on the information and forecasts till 2023.
The petrochemical market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global petrochemical market research report reveals that APAC, North America, and Europe regional petrochemical markets will dominate the global market for petrochemical during the forecast period 2018-2023. As per petrochemical market analysts, the market is set to witness tremendous growth across aviation, building & construction segments in North America which covers petrochemical markets across the United States, Canada, Mexico and several other regional markets. Companies active in the petrochemical market are also analyzed and studied in the petrochemical market research report.
Growth factors such as innovations in the transport and energy sectors as well as growing trading activities are set to drive the market growth across the European regional market for petrochemical. This region covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the petrochemical market research report covers the Asia-Pacific region covering petrochemical markets from India, China, Japan, Australia, and others. The petrochemical market is also spread across the rest of the world. The petrochemical market report covers all such regions including the Middle East, Africa, Brazil, and others.
The demand for petrochemicals has increased significantly over the years, due to use of technical advances by customers and a boom in the extraction of shale gas. Companies functioning in the global petrochemical market are also being challenged due to the effect on the environment and growing likelihood of an economic recession. Mergers and acquisitions by petrochemical market companies are anticipated to help the market during the forecast period 2018-2023. As the petrochemical market is set to register a high CAGR of 8.06% and is also anticipated to reach a US$943.5 billion by 2023, the report highlights key areas companies need to focus on. Based on SWOT analysis and petrochemical market’s analysis based on Porters’ Five Force Model presented in the petrochemical market report
Presence of major players, as per the petrochemical market research report will support the growth. The global petrochemical market might face slow growth due to the slowdown in demand. The report suggests that the petrochemical market will see a healthy growth in the long run till 2023. The petrochemical market research report offers detailed analysis of major organizations across the petrochemical market. The global petrochemical market research report offers analysis based on data collected from the petrochemical market’s decision makers as well as primary and secondary sources. The petrochemical market research report presents analysis based information for companies functioning in the petrochemical market.
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BP has decided to distribute the aromatic oils and acetyls firm for $5 billion to Ineos, a former buyer of BP operations, for all of the remainder of his once spreading chemicals base. BP is one of the leading world manufacturers of refined terephthalate (PTA), also classified as polyester, as being the most significant raw material in the production of polyethylene terephthalate. It is also a significant acetic acid maker. PTA is operated in South Carolina, Belgium, and Asia. The oil company manages its PTA plants. It works in Hull, England an acetic acid plant and has smaller acetic plants in the entire region of Asia. Most PTA production of the firm has been returned to p-xylene as a raw material.