Major companies in the petrochemicals market include Saudi Basic Industries Corporation (SABIC); Sinopec; Royal Dutch Shell Plc; LyondellBasell Industries and INEOS AG. The global petrochemicals market is expected to grow from $365.
New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Petrochemicals Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018810/?utm_source=GNW
01 billion in 2020 to $429.11 billion in 2021 at a compound annual growth rate (CAGR) of 17.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $477.85 billion in 2025 at a CAGR of 3%.
The petrochemicals market consists of the sales of petrochemicals by entities (organizations, sole traders or partnerships) that produce acyclic (i.e., aliphatic) hydrocarbons such as ethylene, propylene, and butylene made from refined petroleum or liquid hydrocarbons and/or produce cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene made from refined petroleum or liquid hydrocarbons. The petrochemicals market is segmented into ethylene; propylene; benzene; xylene; styrene; toluene; cumene and other petrochemicals.
Asia Pacific was the largest region in the global petrochemicals market, accounting for 45% of the market in 2020. Middle East was the second largest region accounting for 21% of the global petrochemicals market. Eastern Europe was the smallest region in the global petrochemicals market.
Many petrochemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment’s’ and smart devices to obtain real time insights and identify inefficiencies in the manufacturing process. The data obtained is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns.
Oil price volatility is likely to have a negative impact on the petrochemicals market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in spurt in inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly imports oil. For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil process is further expected to negatively impact the market going forward.
The petrochemicals market is expected to benefit from growth in the automobiles industry during the forecast period. There is a drive for production of automobiles which is leading to an increase in demand for petrochemical products which are used in manufacturing of brake parts, radiator and other components. For instance, the global motor vehicles market increased from $1,793.8 billion in 2014 to $2,323.9 billion in 2019, at a CAGR of 6.7% , thus increased use of plastics in automobiles is expected to increase the demand for petrochemicals during the forecast period.
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