Published on June 27, 2017

Growing demand of petrochemicals from key industries including construction, transportation, packaging, textile, transportation, plastics, healthcare coupled with favorable operating conditions anticipated to drive global market growth for petroleum market. The Global Petrochemicals Market is expected to witness significant growth with a CAGR of approximately 6.7% over the forecast period of 2017-2023 and reach US$1075.19 bln by 2023, as per Market Research Future. Asia Pacific is the dominating market for petrochemicals, and accounted for over 50% of market shares in terms of volume followed by North America and Europe in 2015. China and India collectively led the APAC petrochemical market and will contribute majorly in the dominance of this region throughout forecast period. Europe is the third largest petrochemicals market including countries such as Germany, France, UK, Italy, and rest of the Europe. Easy availability of petroleum has made this region most emerging and have rapid gains over forecast period.

Europe is the third largest petrochemicals market including countries such as Germany, France, UK, Italy, and rest of the Europe. The region anticipated to witness moderate growth over the forecast period of 2017 to 203. This is because of market drivers are constantly changing in European market owing to high importance given to green economy. Middle East and Africa is an emerging region for petrochemical market. Easy availability of petroleum has made this region most emerging and have rapid gains over forecast period.