Many North American and European petrochemicals
companies are moving their manufacturing facilities to low-cost countries in
the Middle East and Asia such as China and India to reduce operational costs
and increase margins. The recent slowdown in the North American petrochemicals
industry has been brought about by the increase in competition from
price-competitive producers in the Middle East and Asia. The opportunities for
US commodity plastics exports, for instance, have reduced. Another major reason
is the resource constraints and relatively high feedstock prices in North
America. Rising feedstock prices are forcing many North American petrochemicals
producers to shift their production facilities to low-cost countries in the
Middle East and Asia.
THE BUSINESS RESEARCH COMPANY EXPECTS THE PETROCHEMICALS MARKET TO
GROW TO $570 BILLION BY 2021
Western Europe was the largest region in the
petrochemicals market in 2017, accounting for more than half the market share.
Read report: https://www.thebusinessresearchcompany.com/report/petrochemicals-market-global-briefing-2018
According to The
Business Research Company’s Consultant, Nitin Gianchandani, coal gasification
as feedstock is being widely used to increase petrochemicals production.
Petrochemical companies in China developed coal-based liquid fuels as a raw
material to reduce its dependency on imported oil. The Chinese government is
also encouraging petrochemical companies to use coal as feedstock to reduce oil
and gas imports.
Saudi Basic Industries Corporation (SABIC) was the
largest competitor with 7.4% of the market. Its growth strategy aims at
diversifying its product portfolio, increasing focus on R&D and creating
joint ventures with major industry players.
Petrochemicals are chemical products derived from
petroleum. They are also called petroleum distillates. Some of the same
chemical compounds as petrochemicals are also obtained from other fossil fuels,
such as coal or natural gas, or renewable sources such as corn or sugar cane
but these are not included in the petrochemicals industry.
Petrochemicals Market Global Briefing 2018 is a detailed report giving a unique insight into this market. The
report is priced at $1000 for an individual user. To use across your office,
the price is $1500 and $2000 if you wish to use across a multinational company.
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