Published on : Nov 01, 2016
ALBANY, NY, Nov 01, 2016: The Report Says, the global capacity of petrochemicals production is likely to experience a substantial expansion from 1.4 billion MTPA in 2015 to 1.7 billion MTPA by the end of 2020. The research report, titled “Global Petrochemicals Capacity and Capital Expenditure Outlook - Asia and North America Continue to Add to Petrochemicals Expansion,” further states that the global market for petrochemicals is projected to spend nearly US$201.3 bn on upcoming capacity expansion projects by 2020. Russia, the US, and China are anticipated to emerge as the leading spenders on these projects in the coming years. Predominantly, around 700 large capacity addition projects are projected to commence in China, the U.S., and Iran in the near future, notes the market study.
Not only in petrochemical production, but China has also acquired the dominance in this market in terms of consumption. The export/import scenario points towards a considerable rise in the usage of petrochemicals in this country.
The massive increase in investments in downstream petrochemical production and refining has given the nation the flexibility to export petrochemical products while meeting the domestic demand for petrochemicals and customized chemical products, states the research report.
A number of international petrochemicals producers are looking to venture into the petrochemicals market in China. In a bid to expand their businesses in China, they have begun to engage in acquisitions and strategic collaborations with local players.
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This 92-page market study takes a closer look at the overall petrochemicals scenario, globally, and analyze the dynamics of this market with an unbiased perspective. It delves deep into this market, categorizing it on various stages and offering key insights at macro as well as micro levels. The increasing need for petrochemicals is encouraging market players for capacity expansion.
It also offers an all-inclusive analysis of the latest retail trends in the global market for petrochemicals and provides a deep insight into this market, which makes this report a valuable source of guidance for the key players.
Researchers have based their analysis on various factors such as the product available in the worldwide market for petrochemicals. Ethylene, butadiene, propylene, toluene, xylene, butadiene, methanol, styrene, and vinyl are the key petrochemical products. They have also examined the competitive landscape of the global petrochemicals market in view of the capacity and capital expenditure in this report. As per the study, Janus Methanol AG, China Petroleum & Chemical Corp., and Petroliam Nasional Berhad are the key companies, which are aggressively concentrating on capacity expansion in the forthcoming years.
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