Petrochemicals Market Analysis Report, Share, Trends and Overview 2021-2029
The global petrochemicals market will derive growth from the increasing applications of the product across diverse industry verticals. The increasing investments in product R&D will have a massive impact on the growth of the overall market. According to a report by Fortune Business Insights, the market will rise considerably driven by the increasing number of company mergers and acquisitions by large scale companies across the world.
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Petrochemicals are oil and gas derivatives that are used in a variety of industrial as well as domestic applications. Accounting to the increasing applications of the product across diverse industry verticals, massive investments are being made in extraction as well as manufacturing of the product. The increasing investments in product R&D will emerge in favor of the growth of the overall market in the coming years. The product is also used in manufacturing as well as development of widely used products such as fertilizers, plastics and a few packaging materials. Moreover, due to favorable properties, these products are deemed as a part of the modern energy systems such as solar, wind, and batteries. In addition to this, the massive investments in production of petrochemicals pertains to a huge amount of oil consumption; a factor that will also constitute an increase in the overall market size.
Increasing Investments in Manufacturing Plants will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the massive investments in the production and manufacturing have made the highest impact on the growth of the market in recent years. Besides advances in raw materials associated with the manufacturing of petrochemicals, the deployment of advanced systems in manufacturing plants has also contributed to the growth of the market. In November 2019, BASF announced that it has initiated the construction of a new petrochemical manufacturing plant in Zhejiang, China. The company announced that it has invested around $10 billion in this plant; a figure that clearly indicates the potential held by the product.
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Asia Pacific Likely to Emerge Dominant; Massive Production as well as Use of Petrochemicals Will Aid Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing production facilities as well as the massive investment in the development of these facilities will have a direct impact on the growth of the market in this region. China is currently the largest consumer of petrochemicals in the region. The market in North Americawill derive growth from the focus of major companies towards emerging economies.The market in Europe, however, will benefit from the presence of several large scale manufacturers in several countries across this region.
List of companies profiled in the report:
- BASF S.E.
- The Dow Chemical Company
- ExxonMobil Corporation
- LyondellBasell Industries N.V.
- Ineos Ltd.
- Saudi Basic Industries Corporation (SABIC)
- Formosa Plastics Corporation
- Sumitomo Chemical Co., Ltd
- DuPont de Nemours, Inc.
- Chevron Phillips Chemical Company LLC.
- China Petroleum & Chemical Corporation (Sinopec)
- Mitsubishi Chemical Corporation
- LG Chem
- Reliance Industries Limited
- Toray Industries, Inc.
- Evonik Industries AG
- Lotte Chemical Corporation
November 2019: The Saudi Arabian General Investment Authority (SAGIA) announced that it has invested over USD 2 billion for the construction of new petrochemical plants.
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