The largest market and most dominant region in the global petrochemicals market in 2016 has been observed as Asia due to the presence of a robust manufacturing industry in China and South East Asia which have prolonged the usage of petrochemicals on a large scale. Europe and America have turned out to be the second and third largest markets for petrochemicals respectively after Asia.
One of the key drivers that are expected to drive the petrochemicals industry in the period 2016-2020 is the expected increase in demand of the products by the Packaging industry. The growth in the demand for plastics packaging globally has been recorded, mainly due to the growth in those industries which consume products of plastic packaging. Due to the increasing keenness on the side of the producers to have an enhanced packaging of their products, the packaging industry is growing considerably, both in terms of revenue growth and in product innovation. Also, Asia is a leading end-user market for many products of petrochemicals industry, which is resulting in the growth of the industry significantly.
The report titled, “Petrochemicals Market Global Report 2017”, focuses on the global petrochemical market and covers various characteristics of the market like its shape and size. The report also lays forth the competitive landscape of the global petrochemicals market and gives a detailed analysis of the key players in the market, their revenues, descriptions and market shares. The main products involved in the petrochemical industry are Benzene, Propylene, Ethylene, Toluene, Xylene, Styrene, and Cumene and the various dominant regions are Asia, Europe, Middle East, Oceania, Africa etc.
Today, the petrochemical industry has become indispensable owing to the enormous role it plays in the manufacturing and various consumption sectors which roll out products like plastics, paint, dyes, rubber, fertilizers, detergents, textiles and solvents. In the beginning of the 21st century, Middle East has emerged as a production hub for petrochemical products due to availability of the low cost feedstock for the industry and due to the rapid growth in demand in China for petrochemical products, the major consumption centers are shifting from Europe and America to Asia.
The chemical intensive and export driven manufacturing industries of China are demanding petrochemical products like never before and thereby giving rise to increased consumption in those regions. India has also emerged as a high consumption region globally.
The emergence of state-run National Chemicals and Oil Companies as important players in the global petrochemical market has forced the established companies of the West to exit or shrink themselves in size or realign themselves by partnering with the National companies being established in the Eastern regions so that they can mark their presence in the areas with large consumption centers and not lose out the opportunities to cater to them. The partnerships and strategic alliances are the only way these companies can catch up to the Asian companies which are profiting from the Asian Petrochemical boom.
However, apart from opportunities, several challenges also lay in the path, notably relating to carbon emissions, climate change in the wake of increasing environmental concerns globally. This calls for a well-planned out and efficient roadmap for these companies to follow in the uncertain future tackling the challenges and exploiting the opportunities. It can thereby be concluded that undoubtedly the market will prosper in the coming years but it also has to face a lot of hurdles that may intervene in the overall expansion.
Key Factors Considered in the Report
Global Petrochemicals Market Research Report
Global Petrochemicals Import Value
Global Petrochemicals Export Value
Global Petrochemicals Market Size
Global Ethylene Market Trends
Global Petrochemicals Industry Future Outlook
Global Benzene Industry Analysis
Global Chemical and Petrochemical Market Trends
Global Refining Petrochemicals Market Analysis
Global Petrochemical Industry Services
Asia Petrochemicals Market Research Report
Europe Petrochemicals Market Research Report
Saudi Arabia Petrochemicals Market Research Report
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Ankur Gupta, Head Marketing & Communications