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Petrochemical industry: indispensable

Petrochemical industry: indispensable



Global petchem to see increase in demand

September 2017

Asia remained the largest and dominant region in the global petrochemicals market in 2016 due to the presence of a robust manufacturing industry in China and South East Asia, said a report.

Europe and America were the second and third largest markets for petrochemicals, said the report titled, “Petrochemicals Market Global Report 2017” by Ken Research.

The main products involved in the petrochemical industry are benzene, propylene, ethylene, toluene, xylene, styrene, and cumene and the various dominant regions are Asia, Europe, Middle East, Oceania, Africa etc.

One of the key drivers for the petrochemicals industry in the period 2016-2020 is the expected increase in demand of the products by the packaging industry. This is mainly due to the growth in those industries which consume products of plastic packaging.

Due to the increasing keenness to have an enhanced packaging of their products, the packaging industry is growing considerably, both in terms of revenue and in product innovation, the report said. Also, Asia is a leading end-user market for many products of petrochemicals industry, which is resulting in the growth of the industry significantly.

Today, the petrochemical industry has become indispensable owing to the role it plays in the manufacturing and various consumption sectors which roll out products like plastics, paint, dyes, rubber, fertilisers, detergents, textiles and solvents.

In the beginning of the 21st century, Middle East has emerged as a production hub for petrochemical products due to availability of the low cost feedstock for the industry and due to the rapid growth in demand in China for petrochemical products, the major consumption centres are shifting from Europe and America to Asia, the report said.

 




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