Over the forecast period of 2019 to 2027, the global petrochemicals market will grow at a moderate but steady rate of about 4% in terms of value. This will translate to a higher market worth and emergence of lucrative opportunities, ready to be tapped into.
As per Transparency Market Research, “China and Middle East will play a key role in shaping the market’s growth trajectory over the stated forecast period. Another factor that will contribute significantly, impacting the economics of the market is integration of fuels and chemicals production. In fact, it is quite interesting to note that as far as investments in Chinese projects are concerned – about 60% is in integrated capacity.”
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Over the forecast period mentioned earlier, the global petrochemicals market will grow at a steady pace owing to numerous trends and drivers marking it landscape, influencing growth in a positive manner. These have been identified by Transparency Market Research and enumerated in the market report prepared by it. A glimpse into these growth factors is provided below:
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Global petrochemicals market is highly fragmented and prominent players in the market are BASF SE, Shell Chemical Company, DuPont, Total S.A., ExxonMobil, Sinopec Limited, Saudi Arabian Oil Co., Sumitomo Chemical Co. Ltd., Dow Inc., Chevron Phillips Chemical Company LLC, and LyondellBasell Industries, among others.
Transparency Market Research has covered these players comprehensively in its market report. It notes that players will enter into partnerships with other players to improve reach and to claim larger market share over the forecast period. Such measures will increase the degree of competitiveness in the market.
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