According to a new report published by Report Ocean Market Research the petrochemicals market is anticipated to reach over USD 1,203.2 billion by 2026. In 2017, the ethylene segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
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A significant growth in industries such as healthcare, automobile, construction, food and beverages, along with government initiatives and funding is expected to support the growth of this market. Other driving factors include abundance of raw materials in Middle East and favorable regulatory policies in Asia-Pacific. However, increasing environmental concerns, growing demand for bio-based chemicals, and price volatility of crude oil and natural gas are expected to restrict the growth of the market. Increasing demand from developing nations, and technological advancements are expected provide numerous growth opportunities to the market players during the forecast period.
Petrochemicals are used in a wide range of applications in medical and healthcare sector. Phenol and Cumene are used for creation of a substance used for manufacturing of penicillin and aspirin. Petrochemical resins are used in drug purification, drug manufacturing for treatment of AIDS, cancer, and arthritis, development of artificial skin and limbs, and manufacturing of medical equipment such as bottles, and disposable syringes among others. In the food industry petrochemicals are used in manufacturing of food preservatives, chocolates and candies, and food coloring among others.
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Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The high economic growth in the region, growth in automotive and construction industries, and rising standards of living are expected to drive the market growth. Increasing disposable incomes in developing countries of this region, increasing applications of petrochemicals, and competitive manufacturing costs are further expected to support market growth. Rapid urbanization, and rising shale gas explorations in the region are expected to further provide growth opportunities during the forecast period.
The different types of petrochemicals include propylene, benzene, ethylene, butadiene, xylene, styrene, toluene, vinyls, methanol, and others. In 2017, ethylene accounted for the highest market share. However, adoption of methanol is expected to grow at the highest CAGR during the forecast period. The increasing demand of methanol for gasoline blending, and MTO (methanol to olefins) processes is expected to support its adoption in the coming years.
The well-known companies profiled in the report include include Royal Dutch Shell PLC, BASF SE, British Petroleum, The DOW Chemical Company, China National Petroluem Corporation, Chevron Corporation, ExxonMobil Corporation, LyondellBasell Industries Inc., INEOS Group Ltd., E. I. Dupont De Nemours & Company, Sabic, and Sinopec Ltd among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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The report aims to provide answers to the following key questions:
Target Market:
Who is your target audience?
What are their demographic characteristics (age, gender, location, income, etc.)?
What are their needs and preferences?
Are there any emerging trends or changes in their behavior?
Competitors:
Who are your main competitors?
What products or services do they offer?
What are their strengths and weaknesses?
How do you differentiate yourself from them?
Product/Service:
What are the features and benefits of your product/service?
How does it meet the needs of your target market?
What is the unique selling proposition (USP) of your offering?
What improvements or modifications would customers like to see?
Distribution Channels:
How do customers prefer to purchase similar products/services?
What distribution channels are most effective for reaching your target market?
Are there any untapped distribution channels that could be explored?
How do customers feel about online purchasing and delivery options?
Marketing and Advertising:
What are the most effective marketing channels to reach your target audience?
What messages and visuals resonate with your target market?
Are there any specific marketing campaigns or strategies that have been successful in your industry?
How do customers perceive your brand and its reputation?
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Customer Satisfaction:
How satisfied are your current customers with your product/service?
What are the factors that drive customer satisfaction or dissatisfaction?
Are there any unmet needs or pain points that your offering could address?
How likely are customers to recommend your product/service to others?
Market Size and Growth:
How large is your target market and what is its growth potential?
Are there any market segments that are underserved or have significant growth opportunities?
What are the barriers to entry for new competitors in the market?
Are there any external factors that could impact the market in the future (regulations, technology advancements, economic changes, etc.)?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Petrochemicals market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Petrochemicals market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Petrochemicals market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Petrochemicals business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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