Petrochemicals Market Characteristics
The petrochemicals market consists of the sales of petrochemicals by entities (organizations, sole traders or partnerships) that produce acyclic (i.e., aliphatic) hydrocarbons such as ethylene, propylene, and butylene made from refined petroleum or liquid hydrocarbons and/or produce cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene made from refined petroleum or liquid hydrocarbons.
Competitive Landscape of the Petrochemicals Market
Major players in the global petrochemicals market include Saudi Basic Industries Corporation (SABIC), Sinopec, Royal Dutch Shell Plc, LyondellBasell Industries, INEOS AG.
Petrochemicals Market Size
The petrochemicals market size is expected to reach $560 billion by 2022, significantly growing at a CAGR of around 0.5% during the forecast period. The steady growth in the petrochemicals market is due to stability in oil prices.
However, the market for petrochemicals is expected to face certain restraints from several factors such as oil price volatility and stringent government regulations.
Petrochemicals Market Segmentation
The global petrochemicals market is further segmented based on type and geography.
By Type - The petrochemicals market is segmented into ethylene-petrochemicals, propylene-petrochemicals, benzene-petrochemicals, xylene, styrene-petrochemicals, toluene, cumene, others - petrochemicals. Among these segments, ethylene-petrochemicals market accounts for the largest share in the global petrochemicals market.
By Geography - The global petrochemicals is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific accounted for the largest region in the global petrochemicals market
Trends in the Petrochemicals Market
Petrochemical companies are increasingly using automation and instrumentation solutions to control the production process more effectively. Automation instruments include control valves, temperature transmitters, level transmitters, flow transmitters and pressure transmitters that help to improve an organizations operational efficiency. For example, Siemens process instrumentation and gas analytics solutions increases productivity and efficiency during plant operations.
Potential Opportunities in the Petrochemicals Market
With stability in oil prices and growing demand of petrochemicals in end user industries, the scope and potential for the global petrochemicals market is expected to significantly rise in the forecast period.