The petrochemicals market consists of the sales of petrochemicals by entities (organizations, sole traders or partnerships) that produce acyclic (i.e., aliphatic) hydrocarbons such as ethylene, propylene, and butylene made from refined petroleum or liquid hydrocarbons and/or produce cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene made from refined petroleum or liquid hydrocarbons.
The Global Petrochemicals Market is poised to mature at a CAGR of 8.06% to reach around USD 943.5 Billion by the end of 2023. The petrochemical market's growth will be driven by the demand from the end-use industries for downstream products and by capacity additions in the base chemical industry.
The petrochemical industry is a vital component of numerous industrial processes as it provides raw materials for a wide array of products that find application in automotive, construction, and manufacturing. Some of the products derived from petrochemicals are tires, detergents, industrial oil, fertilizers, plastics, medical devices. The basic chemicals and plastic derived from the petrochemicals act as a building block for numerous non-durable and durable consumer goods.
• Plastic packaging for food and other commercial products can be made from a range of petrochemical products, including polyethylene and polystyrene
• Globally, more than half of ammonia is converted to urea, which is in turn mainly used as a fertilizer used to increase crop yields and boost food production
• Synthetic rubber is a major component of tires for cars, trucks and bicycles, and is mainly derived from the petrochemical butadiene
• Many of the laundry detergents and items of clothing in our washing machines are derived from petrochemicals, such as surfactants and polyester fiber
Key players in the market include BASF SE, Sinopec Limited, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, LyondellBasell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and SNPC, INEOS, and Reliance Industries.
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