Global Top 15 Petrochemicals Market is Gaining Rapid Traction with Chevron Phillips Chemical Company LLC Signing an Agreement with Qatar Petroleum to develop new Petrochemical Plant

 

The petrochemicals that fall in the lower segment of the Top 15 are mainly used in the production of plastic and thermal goods. Among these polyethylene has the highest growth rate. Another major finding of the research is that the petrochemicals that come after polyethylene are largely derived from China. China is the main provider of raw materials for polyethylene.

Rapid shale gas exploration activities worldwide are expected to drive growth of the global top 15 petrochemicals market. Shale gas exploration activities have increased massively over the years, with China being one of the largest consumers of petrochemical products. Similar growth is witnessed in emerging economies of the Asia Pacific such as India and Japan due to high demand from end-use industries. Major gas exploration companies across the globe are ramping up their exploration activities, in order to cater to demand petrochemical products. For instance, in April 2019, ExxonMobil, a U.S.-based oil & gas company, won three exploration blocks offshore Argentina of 2.6 million net acres with Qatar Petroleum. Furthermore, in January 2021, China Petrochemical Corporation (Sinopec) announced that it has completed phase 1 development of the Weirong shale gas field in southwestern Sichuan province in China. Hence, such factors are expected to drive growth of the global top 15 petrochemicals market. Furthermore, the presence of a large volume of feedstock in the Organization of Petroleum Exporting Countries (OPEC) is expected to propel the global top 15 petrochemicals market growth in the near future.

However, fluctuations in raw material prices and growing preference for green energy are expected to restrain growth of the global top 15 petrochemicals market. Besides, the availability of new substitutes such as bio-fuels is expected to hinder the market growth in the near future. Among regions, Asia Pacific is expected to witness significant growth in the global top 15 petrochemicals market. This is owing to the rise in consumption of petrochemical products due to the large population in the region. Furthermore, North America is expected to witness a significant growth rate, owing to the presence of key oil & gas players such as ExxonMobil in the region.

Key companies operating in the global top 15 petrochemicals market are E. I. du Pont de Nemours and Company, BASF SE, Chevron Phillips Chemical Company LLC, ExxonMobil, Sumitomo Chemical Co. Ltd., Shell Chemical Company, Total S.A., SABIC, Lyondell Basell Industries, and Sinopec Limited.

For instance, in July 2019, Chevron Phillips Chemical Company LLC entered into an agreement with Qatar Petroleum to pursue the development of a new petrochemical plant in the Gulf Coast region of the U.S.