The Business Research Company’s Petrochemicals Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 19, 2020 /EINPresswire.com/ — Petrochemicals companies are adopting on-purpose propylene production technologies to produce propylene as a sole product but not as an alternate or co-product. On-purpose propylene technology refers to a modified version of traditional fluid catalytic cracking unit which increases propylene yield to 20% more than the actual output. Traditional sources for propylene which include steam crackers and oil refineries yield less propylene as a derivative or co-product due to the shift in feedstocks from naphtha to ethane. To meet the increased demand for propylene, petrochemical companies are investing to develop on-purpose technologies to accelerate the shortfall of propylene production. Major on-purpose technologies include propane dehydrogenation, methanol-to-olefins/methanol-to-propylene (MTO/MTP), high-severity fluidized catalytic cracking (HS-FCC), coal-to-olefins/coal-to-propylene (CTO/CTP) and gas-to-olefins (GTO). Major companies adopting this technology include, BASF, Dow Chemical, ExxonMobil Chemical and Sidi Kerir Petrochemicals Co. (SIDPEC).
The global petrochemicals market size reached a value of nearly $456.5 billion in 2019, and is expected to decline to $434.1 billion in 2020 at a compound annual growth rate (CAGR) of –4.9%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The global petrochemicals market size is expected to grow to $431.01 billion in 2023 at a CAGR of 0.01%.
Rising demand for polypropylene is expected to contribute to the petrochemicals market growth in the forecast period. Polypropylene is used in a wide range of applications including household products, automotive, and medical devices, among others. Superior mechanical properties and moldability make polypropylene a preferred material in manufacturing several products including automotive parts. Polypropylene is being increasingly used in electric vehicles to neutralize battery weight. It is also used as an insulating material for high voltage carrying cables, and in the interior of the vehicles. It is estimated that by 2025, electric vehicles and hybrid electric vehicles will account for 30% of all vehicle sales. Rising demand for e-vehicles is expected to boost the demand for polypropylene, which in turn will drive the market for petrochemicals in the forecast period.
The petrochemicals manufacturing 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.
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