PETROLEUM LIQUID FEEDSTOCK MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Growth in petrochemical industry

The petrochemical industry has emerged as a major driver of global growth in demand for petroleum liquid feedstock. Petrochemicals form the building blocks for innumerable everyday products ranging from plastics, fibers, solvents to rubber and lubricants. Rapid industrialization and rising disposable incomes have led to tremendous increases in the consumption of petrochemical products worldwide. In particular, the demand for plastics has grown exponentially given its versatility, light weight, and durability which lends it use across many manufacturing industries as well as packaging. Many developing economies are also industrializing their manufacturing sectors aggressively and expanding their usage of plastics.

Given its ease of conversion to petrochemical feedstock through cracking and other refining processes, crude oil has served as the primary raw material supporting the petrochemical industry's growth. With rising requirements for petrochemicals and their extensive suite of derivative goods, petroleum refineries specializing in generating naphtha, aromatics and other petrochemical grade liquid feeds are undergoing capacity additions. Many national oil companies as well as global majors have made large investments in the construction of grassroot petrochemical units integrated with refineries. They aim to capitalize on projected high future petrochemical demand driven by Asia and other developing economies undergoing industrialization. The synergies between refining and petrochemical operations also offer attractive margins. Hence, growth in petrochemical consumption is a major driver propping up global demand for petroleum liquid feedstock.

• ExxonMobil Corporation
• Chevron Phillips Chemical Company
• China National Petroleum Corporation (CNPC)
• Royal Dutch Shell
• BP plc (British Petroleum)
• Sinopec (China Petroleum & Chemical Corporation)
• TotalEnergies SE
• Lukoil
• Eni S.p.A.
• ConocoPhillips
• Marathon Petroleum Corporation
• Valero Energy Corporation
• Repsol S.A.
• Petróleo Brasileiro S.A. (Petrobras)
• Phillips 66
• HollyFrontier Corporation
• Indian Oil Corporation Limited
• PetroChina Company Limited
• EOG Resources, Inc.
• Occidental Petroleum Corporation