The global petrochemical market is projected to grow by as much as 5% a year until 2030 from $435 billion to $729 billion, according to Precedence Research, a Canadian marketing research organization.
The increase in petrochemical consumption will be driven by the increasing use of petrochemicals in industrial applications such as construction, automotive, aviation, food, electrical, paint, paper, and pulp.
The Asia-Pacific region dominated the global petrochemical market in 2020 with a 50% market share, fueled by industrialization in China.
Petrochemicals are chemical byproducts obtained from refining crude oil and natural gas. Ethylene, propylene, toluene, methanol, benzene and other chemicals are considered petrochemicals.
Learn more: mrt > Petrochemical market expected to grow by $276 billion this decade
This post appeared first on Shale Gas Reporter.