PETROCHEMICALS MARKET ANALYSIS

Petrochemicals MarketSize and Trends

Global Petrochemicals Market Outlook – Oversupply of Crude and Subsequent Decline in Prices Creates Favorable Environment for Market Growth

Large volume of feedstock or raw materials available in the Organization of Petroleum Exporting Countries (OPEC), and rapid development of shale gas exploration in the North American region, primarily in the U.S. and Canada, is expected to create a highly conducive environment for growth of the global petrochemicals market. China is one of the largest consumers of petrochemical products. Rampant growth of various end-use industries is expected to fuel demand for petroleum products, especially in emerging economies of Asia Pacific, such as India and China. As per data released by the U.S. Energy Information Administration (EIA), in 2017, total liquid fuel consumption in Asia Pacific reached 33.3 million barrels per day (bpd), with China accounting for 80% of the consumption in the region. Moreover, rapid advancement in the shale gas technology such as the hydro fracturing technology is being explored in the U.S. and Canada to extract petroleum. These factors, in turn, are projected to provide high growth traction to the global petrochemicals market.