According to a new market report published by Lucintel, the global basic petrochemical market is expected to reach an estimated US$603.2 billion by 2021 and is forecast to grow at a CAGR of 4.9% from 2016 – 2021. The major growth drivers for this market are growing demand for basic petrochemicals in end use industries. Technological innovations aimed at improving manufacturing processes to increase product yield with higher quality are expected to have a positive impact on the petrochemical industry.
Emerging trends, which have a direct impact on the dynamics of the market, include capacity migration to low cost locations and US shale gas boom has renewed competitive advantage to the sector. Saudi Basic Industry Corporation, LyondellBasell, Exxon Mobil, and Royal Dutch Shell are among the major suppliers of basic petrochemicals.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/14032017/global-basic-petrochemical-market/