The global petrochemicals market is set to reach $791bn in 2018, with China and Asia-Pacific contributing most of the growth.
According to Transparency Market Research, a data firm, global petrochemicals consumption will grow at a calculated annual growth rate (CAGR) of 6.7% from $472bn in 2012 to $791bn in 2018. China and the Asia-Pacific region are expected to contribute most of the growth, with Chinese consumption growing at a rate of 6.7%.
Largely due to its massive downstream processing capability, in 2011 China was the world’s largest consumer of petrochemicals, accounting for over 25% of global consumption. The Asia-Pacific region, including China, accounted for over 45% of the total demand in 2011, the report claims, as the shale gas revolution sapped demand in the US.
The top ten major petrochemical players, including BASF, Sinopec and ExxonMobil, accounted for nearly 20% of total market share in 2011 and are expected to retain and grow market share over the next half decade.