Petrochemicals are chemicals products derived from petroleum. They are also called petroleum distillates. Some of the same chemicals compounds as petrochemicals are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as corn or sugar cane but, but these are not included in the petrochemicals industry.
The global petrochemicals market was valued around $573 billion in 2017. Western Europe was the largest region in the petrochemicals market in 2017, accounting for around 54% of the total market. Germany was the largest country in the market accounting for around 18% of the total 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.
The top five companies covered are Saudi Basic Industries Corporation (SABIC), Sinopec, Royal Dutch Shell Plc, LyondellBasell Industries, and INEOS AG. Saudi Basic Industries Corporation (SABIC) was the largest company in the petrochemicals market.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The petrochemicals market is segmented into Ethylene, Propylene, Benzene, Xylene, Styrene, Toluene, and Cumene.
Ethylene is the raw material used in the manufacture of polymers such as polyethylene (PE), polyethylene terephthalate (PET), polyvinyl chloride (PVC) and polystyrene (PS) as well as fibres and other organic chemicals.
Propylene is a building block for the addition polymer, poly (propene) and is also used in the manufacture of epoxy propane and propenal.
Benzene is used as an intermediary chemical in the manufacture of plastics, resin, nylons and synthetic fibers.
Xylene is a chemical compound having isomers used in printing, rubber and leather industries.
Styrene is a fragrant liquid used for making synthetic rubber, resins, and plastics and improving drying oils.
Toluene is a colorless flammable liquid obtained from coal tar or petroleum.
Cumene is a colorless, flammable liquid and has a penetrating gasoline-like odor.