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(I-AutoNewsWire.com, October 05, 2021 ) The report "Top 15 Petrochemicals Market (Ethylene, Propylene, Benzene, Butadiene, Toluene, Xylenes, Ethylene Oxide, Propylene Oxide, Methanol, PE, PP, PVC, PS, PET, ABS), Applications, and Region - Global Forecast to 2021", The basic petrochemicals market is projected to grow from 250.3 Million tons in 2016 to 310.3 Million tons by 2021 at a CAGR of 4.4% from 2016 to 2021.
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This growth is fueled by the growth in end-use industries such as packaging which comprises of soft drink bottling, water bottling, food packaging and general packaging, along with steady demand from the construction industry, globally.
Ethylene – The largest market among top 15 petrochemicals
Ethylene is primarily a petrochemical used as a feedstock in the manufacturing of polymer plastics, fibers and other organic chemicals that are ultimately consumed in the packaging, transportation, and construction industries. Ethylene constituted about 25% share of the total petrochemical market in 2016, in terms of volume and is projected to maintain its share during the forecast period. With advent of abundant shale gas in North America, the majority of global players in the ethylene business have shifted their production facilities to North America to churn out low cost ethylene from ethane.
Packaging- The fastest-growing market for basic polymers
The packaging industry especially in developing markets of India, Thailand, Malaysia, Vietnam and countries of Middle East such as UAE, Oman, Qatar, Kuwait is expected to grow by more than 20% year-on-year during the forecast period. The growth is driven by rise in health awareness among people, decreasing quality of tap water, and increase in tourism globally. The GGC (Gulf Cooperation Council) market for bottled water is projected to grow by about 50% each year driven by scarcity of water and rise in population. With rise in disposable income in the emerging economies, the demand of juices, nutrition drinks is projected to grow at high rates in the forecast period.
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Browse in-depth TOC on "Top 15 Petrochemicals Market”
62 - Market Data Tables
85 - Figures
232 - Slides
Asia-Pacific – The largest market for petrochemicals
Asia-Pacific is the largest market for top 15 petrochemicals accounting for almost 50% share in terms of volume, globally because of presence of large number of packaging, construction products, and textile industries in China and India. This region is expected to dominate the market till 2021 driven by huge investments in construction projects related to affordable housings and infrastructure. This high growth is attributed to expansion of production capacity, competitive manufacturing costs, and others.
Major players such as Lyondell Basell (Netherlands), Dow Chemicals Company (U.S.), SABIC (Saudi Arabia), Exxon Mobil (U.S.), and BP (U.K.) have adopted expansion as the most important strategy especially in the U.S. region to produce low cost ethylene from shale gas.
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