San Francisco, Oct. 14, 2015 (GLOBE NEWSWIRE) -- The global petrochemical market is expected to reach USD 758.3 billion by 2022, according to a new report by Grand View Research, Inc. Growth of key end-use industries such as construction and transportation particularly in BRIC nations is expected to remain a key driving factor for global petrochemical market. Abundant raw material availability in the Middle East is also expected to have a positive impact on the market growth. Shale gas boom in North America and rapid E&P activities in China is further anticipated to drive the global market. Volatile crude oil and naphtha prices on account of political instability in OPEC and supply demand gap are expected to remain a key challenge for market participants.
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Ethylene was the leading product segment and accounted for 28.4% of total market volume in 2014. Growing polyethylene demand particularly from packaging industry is expected to drive this segment over the forecast period. Propylene accounted for over 15% of the total market volume in 2014. Methanol is expected to witness highest growth of 8.1% from 2015 to 2022. Growth of methanol to olefins (MTO) industry is expected to drive methanol demand over the forecast period.
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Further key findings from the report suggest:
- Global petrochemical market size was 490.5 million tons in 2014 and is expected to grow at an estimated CAGR of 5.1% from 2015 to 2022.
- China emerged as the leading consumer and accounted for 26.7% of global consumption in 2014. Growing demand for various plastic products such as polyethylene, polypropylene, polyethylene terephthalate (PET) and engineering plastics from domestic automotive, packaging and construction industry is expected to drive the regional market over the forecast period. China is also expected to witness the highest growth of 6.2% from 2015 to 2022.
- Other Asian countries such as India, Indonesia, Thailand and Vietnam are also expected to witness significant gains in their market sizes on account of rapid industrialization and government support to increase FDI inflow.
- The global petrochemical market share is dominated by multinational corporations which are integrated along the value chain. Key players with global presence include Chevron Corporation, BASF, The Dow Chemical Company and ExxonMobil.
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Grand View Research has segmented the petrochemical market on the basis of product and region:
Petrochemical Product Outlook (Volume, Million Tons; Revenue, $Billion, 2012 - 2022)
Petrochemical Regional Outlook (Volume Million Tons; Revenue, $Billion, 2012 - 2022)
- North America
- Rest of Asia
- Middle East & Africa
- Latin America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research