Petrochemicals Market Overview:
A large amount of primary and secondary research was done for the Petrochemicals market analysis by a research team. Secondary research was carried out to supplement the available data, segment the market, estimate the total market size, and project market size and growth rate.
The market for Petrochemicals is discussed, along with the various players that make up the market. Market participants, geographic areas, and specific requirements all contribute data. This market-ready study proposal provides a comprehensive overview of all significant innovations currently being used across all market segments. It is recommended to use statistics, infographics, and presentations to present key data analysis.
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Petrochemicals Market Scope:
During the third and fourth quarters of 2020, the chemical industry’s revenues and earnings returned to pre-COVID-19 levels. Petrochemical businesses, for their part, continued to produce despite the economic crisis. For example, in 2020, one multinational chemical company with total assets of US $26 billion claimed a 1% increase in output volume over the previous year.
Brent crude prices fell from US $50 per barrel in the first quarter to US $30 per barrel in the second quarter, resulting in a significant drop in petrochemicals market revenue. As a result, petrochemical businesses’ revenue fell sharply in the second quarter, before rebounding in the third and fourth quarters. In the second quarter, earnings before interest, taxes, depreciation, and amortization (EBITDA) fell across the board, owing to pandemic-related margin contraction and weaker demand.
Petrochemicals Market Segmentation:
Since 2005, the price of crude oil, which is refined to generate benzene, ethylene, propylene, and other compounds, has risen steadily, peaking in 2008 at almost US $140 per barrel. Though, by 2014, prices had fallen from about USD 108 per barrel to under US $34 per barrel by January 2015, as non-OPEC oil production (especially in the United States) increased and global demand slowed. Also, the US Crude Oil First Purchase Price was $36.86 per barrel in January 2021, according to the US Energy Information Administration (EIA), compared to US $62.64 in August 2018 and US $55.65 in November 2018.
Based on Type: In 2020, the Aromatics segment was dominant of the global petrochemicals market in terms of revenue. In Aromatics, ethylene was dominant. This can be related to its dominant consumption and an important source for plastics and industrial chemicals production globally.
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Petrochemicals Market Key players:
- China Petrochemical Corporation (SINOPEC) (China)
- Exxon Mobil Corporation (United States)
- INEOS Group Ltd. (United Kingdom)
- Royal Dutch Shell (Netherlands)
- BP PLC (United Kingdom)
- Reliance Industries (India)
- Gazprom (Russia)
- Phillips 66 (United States)
- Rosneft (Russia)
- Equinor ASA (Norway)
COVID-19 Impact on Petrochemicals market:
The outbreak of COVID-19 has had a significant impact on the Petrochemicals market. The development of Petrochemicals production facilities has been halted due to the global economic downturn and a labour shortage. COVID-19 pandemic has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered employee visits, limiting the Petrochemicals market’s growth in 2020. However, given the high demand for Petrochemicals, COVID-19’s market effects are expected to be transitory. The industry is expected to recover completely by early 2021.
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