The global
petrochemicals market was valued at USD 472.06 billion in 2011 and is
expected to reach USD 791.05 billion by 2018, growing at a CAGR of
6.7% from 2012 to 2018. In terms of volume, the global petrochemicals
consumption was 436.86 million tons in 2011 and is expected to reach
627.51 million tons by 2018, growing at a CAGR of 5.4% from 2012 to
2018.
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Size, Share, Growth, Trends and Forecast, 2012 - 2018
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Growing consumption
from major end use industries including construction, packaging,
transportation, textile, plastics, healthcare and so on coupled with
favorable operating conditions mainly in the Middle East and Asia
Pacific is expected to drive the global market for petrochemicals
over the next five years. Government initiatives in India and China
to set up petrochemical complexes in the region are also expected to
fuel the market growth. The rapid exploration and development of
unconventional gases such as shale gas is also expected to provide
feedstock advantage to petrochemical producers. However, volatile raw
material prices and growing environmental concerns regarding the
production and usage of various petrochemicals are expected to be a
key challenge for market participants. Regulatory intervention has
resulted in the industry shifting focus towards developing bio-based
alternatives for petrochemicals.
Ethylene dominated
the petrochemical market and accounted for over 28% of the total
consumption in 2011. Growing demand for polyethylene, a major
derivative of ethylene, mainly from packaging industry is expected to
boost the global market for ethylene over the forecast period.
However, widening supply- demand gap due to capacity addition in the
Middle East and Asia Pacific is expected to put pressure on ethylene
prices, globally. In terms of volume, methanol is expected to be
fastest growing petrochemical at an estimated CAGR of 10.3% from 2012
to 2018. The growth of methanol is largely driven by its emerging
application in gasoline blending and conversion of methanol to
olefins (MTO).
China was the
leading consumer of petrochemicals and accounted for over 25% of the
global consumption in 2011. Along with being the largest market,
China is also expected to be fastest growing market, at a CAGR of
6.7% from 2012 to 2018, owing its significant downstream processing
capacity. Asia Pacific including China accounted for over 45% of the
total demand in 2011. North American market for petrochemicals is
expected to be driven by rapid development of shale gas in the U.S.
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The global market
for petrochemicals is highly fragmented in nature. Top ten companies
accounted for just over 49% of the total petrochemicals market in
2011. BASF, Sinopec and Exxon Mobil were the largest petrochemical
manufacturers and together accounted for nearly 20% of the total
market share in 2011. Major industry participants have fully
integrated operations from extraction of crude oil and natural gas to
production of petrochemical derivatives. Some of the other players
operating in the global petrochemical market include Chevron
Phillips, Dow Chemical, Company, Ineos, LyondellBasell, National
Petrochemical Co., PetroChina, SABIC, Shell Chemicals and Total among
some other companies.
Petrochemicals
Market: Product Segment Analysis
Ethylene
Polyethylene
Ethylene
oxide
Ethylene
dichloride
Ethyl
benzene
Other
(including Alpha olefins, vinyl acetate, etc.)
Propylene
Polypropylene
Propylene
oxide
Acrylonitrile
Cumene
Acrylic acid
Isopropanol
Other
(including Polygas chemicals, oxo-chemicals, etc.)
Butadiene
Styrene-butadiene rubber
Butadiene
rubber
Acrylonitrile butadiene styrene
Styrene-butadiene latex
Other
(including Nitrile rubber, mechanical belts, etc.)
Benzene
Ethyl
benzene
Cumene
Cyclohexane
Nitrobenzene
Alkyl
benzene
Other
(including Maleic anhydride, etc.)
Xylene
Toluene
Benzene
Xylenes
Solvents
Toluene
di-isocyanate
Other
(including Pesticides, drugs, nitro toluene, etc.)
Vinyls
Styrene
Polystyrene
Expandable
polystyrene
Acrylonitrile butadiene styrene
Styrene-butadiene latex
Unsaturated
polyester resins
Styrene-butadiene rubber
Other
(including copolymer resins, etc.)
Methanol
Formaldehyde
Gasoline
Acetic acid
Methyl
Tertiary Butyl Ether (MTBE)
Dimethyl
ether
Methanol to
olefins (MTO)
Other
(including biodiesel, solvent, chloromethane, etc.)
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