(MENAFN- America News Hour) The global pygas market is segmented into application such as aromatics extraction, refinery feedstock, benzene processing, motor fuels and others. Among these segments, benzene processing segment is anticipated to occupy top position. Moreover, wide scale utilization of pyrolys is gasoline for recovering benzene and other hydrocarbons is anticipated to intensify the growth of the benzene processing market. Additionally, rise in the number of petrochemical plants in the word is anticipated to supplement the growth of the benzene processing segment.
Global pygas market is expected to flourish at a significant CAGR during the forecast period. Growing oil and gas industry and is the major key factor driving the growth of the pygas market. Further, increasing sale of automotive and growing utilization of pygas in motor fuels is likely to aid the growth of the global pygas market. Moreover, the global pygas market is expected to garner noteworthy revenue by the end of 2024.
In 2016, North America grabbed significant market share in overall pygas market. Rising number of petrochemical plants, increasing production capacity of ethylene and presence of major companies in the region are some of the factors which are expected to behold the positive growth of the North America pygas market in the upcoming years. Asia Pacific is expected to witness lucrative growth during the forecast period. China's dominance as a petrochemical producer is believed to amplify the growth of pyrolys is gasoline market during the forecast period. Europe market is anticipated to showcase significant growth in global pygas market during the forecast period.
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Positive Growth of Petrochemical Industry
Growth in the petrochemical industry is anticipated to impel the demand for pyrolysis gasoline in the upcoming years. Moreover, increasing investment in the construction of new petrochemical plants by major chemical companies is expected to fuel the growth of the global pygas market.
Wide Scale Application
Wide scale utilization of pyrolys is gasoline in petrochemical industry such as benzene recovery and others is anticipated to fuel the growth of the global pygas market. Moreover, rising use of pyrolys is gasoline in motor fuels is likely to spearhead future market growth.
Although, volatility in the price of oils is likely to dampen the growth of pygas market during the forecast period.
The report titled “ Pygas Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation ” delivers detailed overview of the global pygas market in terms of market segmentation by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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This report also provides the existing competitive scenario of some of the key players of the global pygas market which includes company profiling of Shell, Chevron Phillips Chemical Company, The Dow Chemical Company, HIP–Petrohemija, Haldia Petrochemicals Limited, Saudi Basic Industries Corporation, Jam Petrochemical Company, ONGC Petro Additions Limited, Ras Laffan Olefins Company Limited and Süd-Chemie. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pygas market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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