The global basic petrochemical industry is expected to reach an estimated $603.2 billion by 2021 and is forecast to grow at a CAGR of 4.9% from 2016 to 2021.
The future of the global basic petrochemical market looks good with opportunities in construction, transportation, agriculture, textile, industrial, electronics, healthcare and consumer goods industries. The major growth drivers for this market are growing demand for basic petrochemicals in end use industries. Technological innovations aimed at improving manufacturing processes to increase product yield with higher quality are expected to have a positive impact on the petrochemical industry.
Emerging trends, which have a direct impact on the dynamics of the market, include capacity migration to low cost locations and US shale gas boom has renewed competitive advantage to the sector.
Basic petrochemical companies profiled in this market report include Saudi Basic Industry Corporation, LyondellBasell, Exxon Mobil, and Royal Dutch Shell.
The author predicts that the demand for ethylene is likely to experience the highest growth over the forecast period due to the growth in the polyethylene film for the food and non-food packaging applications.
Ethylene is expected to remain the largest segment due to increasing demand from various end use applications such as packaging and construction.
Asia Pacific is expected to remain the largest region and is expected to witness above average growth over the forecast period due to economic expansion in India and China and increasing usage of chemicals in different sectors, such as healthcare, automotive, construction, and others.
The study includes a forecast for the global basic petrochemical industry by chemical type, application type, and region, as follows:
Basic petrochemical market by chemical type [Volume (Million Tons) and $ Billion Shipment from 2010 to 2021]:
Basic petrochemical market by application type [Volume (Million Tons) 2015]: