Albany, NY -- (SBWIRE) -- 06/21/2017 -- The business environment in the global petrochemicals market is highly competitive. Considering the presence of several players, the market's vendor landscape has remained fragmented. While companies may try various tactics of consolidating market share, overall the competition in the global petrochemicals market will remain intense even in the coming years, as per a new study by Transparency Market Research (TMR). Also to gain competitive strength, the leading market players are looking to gain traction by product-diversification.

Some of the leading players operating in the global petrochemicals market are Shell Chemical Company, BASF SE, Total S.A., Sumitomo Chemical Co. Ltd., E. I. du Pont de Nemours and Company, Sinopec Ltd., ExxonMobil, The Dow Chemical Company, and Chevron Phillips Chemical Company LLC. These companies have a strong distribution network, which has helped them gain competitive edge in the past. Moreover, the expansion strategies adopted by the leading players have strong influence on the overall market.

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According to TMR, the global petrochemicals market will exhibit a CAGR of 6.8% between 2014 and 2020. At this pace, the market will reach US$885.1 bn by the end of 2020. Among the key regional segments, Asia Pacific has remained the dominant market for petrochemicals over the last few years. Based on product segment, the demand for ethylene is considerably high.

Shale Gas Boon in North America to Have Positive Influence on Market

The market is increasingly benefiting from the shale gas boon in North America. In addition, the rising demand from the U.S. and Canada is complimenting growth witnessed by the petrochemicals market in the region. For companies gearing to invest in the petrochemicals industry, the availability of feedstock, besides domestic environment becomes a key factor influencing their business decisions. For instance, companies operating in North America mostly leverage natural gas boon witnessed in the region, rather than focusing on crude oil as a resource. In comparison, enterprises in Saudi Arabia petrochemicals market witness capital influx in downstream sector development.

It is important to note here that insulation and tire manufacturing units across the world exhibit increasing application of derivatives such as polyethylene, polyurethane, and synthetic rubber on a large scale. The rising demand for these derived products, which also exhibit superior characteristics such as robustness, nimble weight, strength, and tractability, will have a positive impact on the overall petrochemicals market. Meanwhile, government support and the rising demand from key end-use industries will enable the market gain traction in emerging nations.

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Volatility in Prices of Raw Materials Can Hamper Growth

On the downside, soaring environmental concerns and paradigm shift toward bio-based chemicals can hamper the market's trajectory to an extent. Also volatility in raw material prices, as the market continues depending crude oil, will threaten its growth in the coming years. Nevertheless, the rising use of shale gas as the key feedstock in petrochemicals production will fuel the market prospects. This factor will also prove key to the market's expansion, especially in developed nations. On the other hand, the expansion of automotive and construction industries will boost the demand for petrochemicals in emerging nations such as India and China.

This review is based on a TMR report, titled "Petrochemicals Market (Product - Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Vinyls, Styrene, and Methanol) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020."

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