The global basic petrochemical market is predicted to reach $ 603.2bn by 2021 , according to market research firm Lucintel . The market has been forecast to grow at a 4.9 % compound annual growth rate between 2016 and 2021 , propelled by increasing demand for basic chemicals in mixed - use sectors . The development of innovative technology to improve the manufacturing process for higher yields and better quality products will also have a positive effect on the industry .
The global basic petrochemical market is predicted to reach $603.2bn by 2021, according to market research firm Lucintel. The market has been forecast to grow at a 4.9% compound annual growth rate between 2016 and 2021, propelled by increased demand for basic petrochemicals in end-use sectors. The development of innovative technology to improve the manufacturing process for increased yields and better quality products will also have a positive effect on the industry.