Global primary petrochemicals market is expected to rise from its initial estimated value of USD 772 billion in 2018 to an estimated value of USD 1311.62 billion by 2026, registering a CAGR of 6.85% in the forecast period of 2019-2026. Increasing demands from various end- users is the major factor for the growth of this market.
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Market Definition: Global Primary Petrochemicals Market
Petrochemicals which are also known as petroleum distillates are chemical compound which are processed from the petroleum and natural gas. Primary petrochemical like benzene and ethylene are made directly from the fossil fuels. They are usually sold to the other chemical plants so that they can be used to form secondary petrochemicals. They are usually produced in oil refineries and chemical plants in large quantities. Aromatics and olefins are the most common petrochemical classes.
- Easy availability of raw materials is driving the market growth.
- Rising governmental support in emerging economies.
- Rising environmental concern towards increasing population and global warming is major factor restraining the growth of this market.
Key Market Competitors: Global Primary Petrochemicals Market
Few of the major competitors currently working in primary petrochemicals market are LyondellBasell Industries Holdings B.V., BASF SE, Total, Royal Dutch Shell, China Petrochemical Corporation., DuPont, The Dow Chemical Company, Reliance Industries Limited, SABIC, BP, Chevron Phillips Chemical Company, Formosa Plastics Corporation, China National Petroleum Corporation, Exxon Mobil Corporation., Ineos.
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Global primary petrochemicals market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of primary petrochemicals market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Segmentation: Global Primary Petrochemicals Market
- By Type
- Ethyl benzene
- Ethylene oxide
- Propylene oxide
- Ethyl Benzene
- Acrylonitrile Butadiene Styrene
- Unsaturated Polyester Resins
- Acetic Acid
- By Applications
- Paints And Coatings
- Plastics, And Solvents
- By Manufacturing processes
- Fluid Catalytic Cracking
- Catalytic Reforming
- By End- User
- Packaging, Automobile
- Electrical and Electronics
- Consumer Goods
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In May 2018, Texmark Chemical has completed their first phase of deployment to create ‘Refinery of the Future’ which uses Internet of Things (IoT) technology to track wireless sensor data on two of its most critical pumps. The camera will be used to manage safety and efficiency and Wi-Fi other wireless technologies will be also used in single platforms. The main aim is to boost the efficiency and safety and to create a new, formal, mechanical integrity plan that could provide an inventory of its assets—such as boilers, tanks, piping and other process equipment
- In October 2018, Hitachi, Ltd announced that they will be offering the predictive maintenance service for petrochemical plants in which they used artificial intelligence to automatically classify and analyse the petrochemical plants operation status in preparation for the real- time detection of changes in conditions and abnormalities that may be signs of failure. The main aim is to reduce the workload of the operators monitoring the plants operation and also increasing efficiency in operation and maintenance.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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