(MENAFN - GetNews) According to report published by Grand View Research, increasing shale gas exploration coupled with abundant availability of cheap indigenous crude oil in Middle East & Africa is projected to drive petrochemicals market demand. Increasing demand for petrochemical products from end-use industries such as automotive, construction, textile, electronics, and pharmaceutical is expected to foster consumption.
According to a report, "Petrochemicals Market Analysis By Product (Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyls, Styrene, Methanol) By Region (North America, Europe, China, Middle East, Africa, Latin America) And Segment Forecasts, 2018 - 2025.", published by Grand View Research, Inc., the global petrochemicals market is expected to reach USD 958.8 billion by 2025.Increasing shale gas exploration coupled with abundant availability of cheap indigenous crude oil in Middle East & Africa is projected to drive demand.
Key Takeaways from the report:
The global petrochemicals market was estimated at over 512.8 million tons in 2015 and is projected to reach 861.9 million tons by 2025
Middle East emerged as the fastest growing region with an estimated CAGR of 9.9% in terms of revenue from 2016 to 2025. Increasing construction sending in countries such as UAE and Qatar is anticipated to augment growth
Methanol is estimated to grow at a CAGR of 8.3% from 2016 to 2025.Methanol is widely used as a direct fuel for automobile engines due to superior properties such as volatile, colorless, and flammable
Major companies operating in the industry include BASF SE, BP PLC, Chevron Corp., CNPC, Sinopec, DuPont, ExxonMobil Corp., INEOS Group Ltd., LyondellBasell Industries Inc., Royal Dutch Shell PLC, SABIC and Dow Chemical Company
BASF has announced plans for large scale methane to propylene (MTP) plant in the U.S. Gulf Coast with an annual production capacity of 475,000 metric tons
North America petrochemicals market revenue, by product, 2014 - 2025 (Million Tons)
Increasing demand for petrochemical products from end-use industries such as automotive, construction, textile, electronics, and pharmaceutical is expected to foster consumption. Government support and favorable policies in Asia Pacific countries such as China and India are anticipated to promote industry growth.
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Infrastructure development coupled with transportation industry growth in BRICS nation is likely to propel demand.New capacity additions in Middle Eastern countries such as UAE and Saudi Arabia along with low feedstock prices is expected to positively impact supply demand scenario.
Advent of technologies such as fluid catalytic cracking and residuum crackingis anticipated to promote the usage of bio-based raw materials. Commercialization of renewable sources such as corn and lignin is projected to capture market share and adversely impact industry growth.
Benzene market volume by derivative, 2015
Access complete Petrochemicals Report Portfolio By Grand View research, Inc.
Ethylene was the dominant product segment and accounted for over 25% of the overall revenue in 2015. Increasing use of polyethylene in the packaging industry is projected to drive demand for ethylene.
Grand View Research has segmented the petrochemicals market on the basis product and region:
Global petrochemicals outlook by product (Volume, Million Tons; Revenue, USD Billion; 2014 - 2025)
Petrochemicals outlook by region (Volume, Million Tons; Revenue, USD Billion; 2014 - 2025)
Rest of Asia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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